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UKSA's Latest Advice to Bradford & Bingley Shareholders. (11/7/2008).
With a third rights issue now proposed by B&B, UKSA issued the following
press release: Press066 .
Meetings for Northern Rock Shareholders Announced.
(3/7/2008). The following announcement was issued to the press concerning
meetings for Northern Rock Shareholders we have organised in London and
Newcastle: Press065 . These
meetings are open to anyone with an interest in Northern Rock.
Should Bradford & Bingley Shareholders Vote for the Rights Issue?
(30/6/2008). UKSA issued the following press release in response to that
question on the 16th June: Press063
and subsequently issued this release on the 30th June:
Press064
UKSA
Requests Investigation into Bradford & Bingley.
(4/6/2008). The UK Shareholders Association has asked
the Financial Services Authority (FSA) to undertake an investigation in the
affairs of Bradford & Bingley Plc. See
Bradford&Bingley for more information.
UKSA
Pursues Legal Action for Fair Compensation for Northern Rock Shareholders.
(8/5/2008). The following press release was issued
when the application for a judicial review of the nationalisation of
Northern Rock, and the compensation terms, was filed:
Press062 . More
information on our Northern Rock campaign is present on this page:
Northern_Rock .
UKSA
Announces Details of InvestFest Annual Conference. (14/4/2008). Full
details of UKSA's Annual Conference in May are now available on this web
page: InvestFest.
UKSA
Demands Reintroduction of Indexation for CGT. (28/2/2008). UKSA is
concerned about the impact of the proposed changes to Capital Gains Tax and
has issued the following press release and associated note:
Press057_CGT and
Press057_CGT_Note.
UKSA
Deplores Nationalisation of Northern Rock. (17/2/2008). UKSA has issued
the following press release following the announcement by the Government
that Northern Rock is to be nationalised:
Press058_NRK_Nationalisation
New Editor Appointed for Private Investor Newsletter.
(18/01/2008). Bill Johnston has been appointed as the new Editor of UKSA's
Private Investor Newsletter. Bill has previous experience of writing and
publishing financial newsletters. His contact details are on the Contact
page of this web site and he would no doubt welcome any material you may
care to submit for publication in the newsletter.
Shareholders Show their Power at Northern Rock EGM.
(17/01/2008). The following press release was issued by UKSA about voting at
the Extraordinary General Meeting of the company:
Press054_Northern_Rock_EGM. A report on the meeting is present in:
EGM_Report. In addition the following press
release on possible nationalisation was issued soon afterwards:
Press055_Northern_Rock_Nationalisation.
UKSA Supports NetB2B2 Shareholder Action Group.
(13/12/2007). The UK Shareholders Association has expressed support for the
NetB2B2 Shareholders Action Group in the following press release:
Press053. The main concern is the
proposal to give effective control of this company to the current Chairman
by issuing new shares to him. A report on the subsequent EGM meeting, which
the Chairman did not even bother to attend, is present in the Members Only
section of this web site at:
NetB2B2_Report.
UKSA Rejects Conclusions of the Retail Distribution Review.
(10/12/2007). The Financial Services Authority (FSA) has published a
discussion paper on "Retail Distribution". UKSA has attacked this document
for its failure to tackle the problem of apparently "independent advice"
when it is not, and the general approach taken by the Working Groups set up
by this review - see our press release for more details:
Press 051.
UKSA Supports Olivant Proposal for Northern Rock.
(10/12/2007). Following the announcements of the Virgin Group and Olivant
proposals to resolve the problems of Northern Rock, UKSA issued the
following press release: Press052
Northern Rock: UKSA Supports EGM Requisition.
(23/11/2007). UKSA has issued this press release supporting the move to
requisition an EGM at Notherhn Rock:
Press050
UKSA Submits Response to the Banking Reform Consultation.
(21/11/2007). Following the debacle at Northern Rock, the Government has
undertaken a consultation on reform of the bank regulatory regime. UKSA's
comments are in the following note:
Banking_Reform_Response
UKSA Supports Call for HSBC to Respond to Criticism. (17/10/2007).
UKSA has supported the concerns expressed by Knight Vinke about HSBC's
recent performance, their strategy and the role of the Chairman. See the
press release issued on this subject:
Press048_HSBC
Capital Gains Tax Revised to 18%. (10/10/2007). The Chancellor of the
Exchequer has announced that the UK Capital Gains Tax regime is to be
simplified and the tax rate set to 18% in the new financial year. There are
also changes to the Inheritance Tax regime. See the following for a brief
note on this:
Capital_Gains_Tax
Formation of Northern Rock Shareholder Action Group. (25/09/2007). UKSA
has formed a Shareholder Action Group to protect the interests of
shareholders in Northern Rock with the intention of opposing any disposal of
the business at an unfair value. See the following press release for more
information
Press046_Northern_Rock_Action We previously issued this press release on
how
shareholders have lost a substantial proportion of their investment value
within a few weeks:
Press045_Northern_Rock . Go to the following page of our web site for
more information on the Shareholders Action Group.
Dangers of Holding Shares in Nominee Accounts Highlighted.
(11/09/2007). UKSA issued the following press release when the problems of
shareholders who purchased shares from Pacific Continental Securities (UK)
Ltd came to light, following that company going into Administration:
Press044_Nominee_Problems
Proposal to Restructure Templeton Emerging Markets Defeated.
(30/7/2007). At the EGM of Templeton Emerging Markets Investment Trust on
the 27th July, the resolution to enable market share buy backs to reduce the
discount at which the trust trades was passed, but the proposals to
restructure the trust were defeated as the required 75% majority was not
achieved. More information is available in the members-only section of the
UKSA web site at:
Temit.
Private Investor Holdings Continue to Decline. (23/07/2007). The
proportion of the UK stock market held by private investors declined yet
again to 13% in the last two years according to the recent survey by the
office of National Statistics, while foreign investor holdings rose to 40%.
For more details, read this article:
UK_Market_Statistics_2007.
Pacific Continental Securities goes into Administration. (06/07/2007).
Stockbroker Pacific Continental was barred from taking on new business by
the FSA, and soon after went into Administration. See
Pacific Continental for more
information.
AIC
Wins Case on VAT Liability on Expenses of Investment Trusts.
(29/06/2007). The Association of Investment Companies (AIC) has won a case
at the European Court of Justice, in conjunction with JPMorgan Claverhouse.
Their claim was that VAT on management expenses of investment companies
should not be charged, in the same way as it is not on unit trusts and OEICs.
This should save investment companies, and hence their shareholders, about
£40m per year.
New
UKSA Regional Chairmen Appointed. (29/06/2007). Stan Grierson has been
elected Chairman of the South-East Region of UKSA. Stan has been active in
the Euroshareholders Group and the South East Region of UKSA for some years.
Peter Raynes has also taken over as Chairman of the North-West Region.
UKSA
Comments on Torex Debacle. (20/06/2007). The following press release was
issued following the announcement by Torex that the assets had been sold for
£205 million, leaving nothing for ordinary shareholders, and the company
then placed into Administration:
Press043_Torex. A previous press release on
our requisition of an
Extraordinary General Meeting is at:
Press042_Torex
Dutch Shareholder Association Blocks ABN Amro Sale. (04/05/2007). The
Dutch Shareholders Association, VEB, won their court case yesterday to halt
the sale of LaSalle Bank without shareholders consent. VEB had objected to
this disposal as they believed it was a way to ensure that the ABN directors
preference to merge with Barclays was consummated rather than consider a
joint bid from Royal Bank of Scotland and others. See
www.veb.net/overveb/english.php
Eurotunnel Shareholders Protest About Withdrawal of Travel Perk.
(24/04/2007). Founder shareholders in Eurotunnel are to have their travel
privileges substantially reduced under proposals by the company as part of
the restructuring of the group. They are threatening legal action on the
basis that it is a breach of contract and a breach of the Takeover Code.
UKSA supports opposition to retrospective changes to the terms on which
shareholders subscribed. More information is present at:
www.grand-uk.com/eurotunnel.html
Shell
Announces Compensation to Shareholders for Reserve Errors.
(11/04/2007). Shell has announced a compensation settlement for European
investors who purchased shares in Royal Dutch Shell or Shell Transport &
Trading between 1999 and 2004 - a period when the company may have
overstated its reserves. See
Shell_Compensation_Settlement for more information.
UKSA
Announces Formation of Shareholder Group for Torex Shareholders.
(10/04/2007). The UK Shareholders' Association has formed a "shareholder
action group" to represent the interests of ordinary shareholders in Torex
Retail Plc. More information is in the following press release:
Press040_Torex
plus go to the following page: Torex.
FSA
Rethinks Listing Rules for Investment Companies. (05/04/2007).
Following a large number of protests about the proposed new Listing Rules
for investment companies, including objections from UKSA, the FSA has agreed
to reconsider the proposals. The opposition was led by the AIC - see
Press038_ListingRules for details.
Dividend Tax Credits and Their Impact on Pensions. (05/04/2007).
The impact of the removal of dividend tax credits from pension funds has
been much in the news lately following the revelation that Gordon Brown
received advice that it could damage company pension schemes. UKSA member
Lesley Reed has set up a petition on the Prime Minister's new electronic
petition web site calling for its reinstatement - see
http://petitions.pm.gov.uk:80/DividendTax/ .
InvestFest 2007 Conference Programme Announced.
(06/03/2007). UKSA has announced an outline programme for its national
conference in May 2007. More information and a booking
form are present in the following document: InvestFest_2007.
UKSA Opposes Changes to the Listing Rules for Investment Companies.
(12/02/2007). UKSA believes that the recent proposals from the FSA on
changes to the Listing Rules for investment companies might expose private
investors to unacceptable risks, and indeed might result in the same kind of
debacle as happened with "split capital" investment trusts. We fully support
the AIC's opposition to these proposals - more details are in the following
press release:
Press038_ListingRules.
ISA Reforms Postponed Until 2008. (11/02/2007). The proposed changes to
the ISA and PEP regimes will take place but have been postponed until April
2008 to allow the industry to adjust. See the following press release from
the Treasury for more details of the proposed changes:
http://www.hm-treasury.gov.uk:80/newsroom_and_speeches/press/2007/press_15_07.cfm
UKSA Comments on Templeton Emerging Markets Investment Trust (TEMIT).
(26/1/2007). TEMIT has been the subject of an attack by City of London
Investment Management (CLIM) for alleged poor investment performance and
unwillingness to tackle the discount to net asset value. But UKSA believes
the former is certainly unjustified. The following press release has been
issued: Press037_TEMIT and this note explains our views
in more detail:
Templeton_Emerging_Markets. The company called a meeting of
shareholders for the 7th February and a report on the meeting is present in
the following note (only available to members):
Company_Report_Templeton
NASDAQ Bid for the LSE - More Examination Required?
(12/01/2007). UKSA has questioned whether the Government should not examine
the NASDAQ bid for the London Stock Exchange (LSE). See the following press
release for more information: Press036_LSE.
Postscript: the NASDAQ bid subsequently lapsed after they failed to gain
support from any more than 0.4% of shareholders.
FSA Reports Leaks are Rampant.
(29/12/2006). The Financial Services Authority (FSA) has commented in their
latest "Market Watch" newsletter on the scale of "suspicion transactions"
and market abuse. See the following document for more information:
FSA_Reports_Leaks_are_Rampant
UKSA Welcomes Special Dividend at Rank Group instead of Share Buy-Backs.
(13/12/2006). Rank Group recently announced the disposal of the Hard Rock
business and the payment of a special dividend to shareholders. Share
buy-backs, which UKSA had criticised, have apparently ceased for the time
being. The following letter was sent to Rank shareholders:
Rank_Response_Letter3
Investors Criticise Rises in Fund Charges.
(4/12/2006). The FSA changed its rules recently on the disclosure of maximum
limits for fund charges - effectively enabling funds to simply vary the
charges at a few weeks notice. And according to Lipper Fitzrovia, who
monitor total expense ratios, the annual impact of fees on fund performance
has moved from a negative 1.42% in 2000 to 1.55% last year, i.e. charges are
rising. UKSA deplores this trend and UKSA Secretary Toby Keynes intends to
vote against a move to remove a limit on one of his holdings in a Smith &
Williamson fund.
Accounting Proposals Attack Shareholders Rights.
(24/10/2006). A joint proposal from the IASB and FASB threatens to weaken
reporting standards and undermine the interests of shareholders. See the
following press release for more information:
Press035_Accounting_and_Stewardship.
"Privatisation" and the Case of Planit Holdings.
(22/10/2006).
The following press release has been issued about the general problem of
takeover bids involving management and financed by private equity:
Press034_Privatisation and Planit. Postscript: although a number of
private shareholders voted against the deal, the takeover went through. See
Planit_EGM for a full
report (in members only section).
LSE Issues Consultation on AIM Rules.
(10/10/2006). The London Stock Exchange (LSE) has issued a consultation
document on changes to the AIM Listing Rules and the Rules for Nominated
Advisers (Nomads) - see
http://www.londonstockexchange.com/NR/rdonlyres/3E04EB09-8032-4B40-8C97-E6E4FE834DE9/0/AIMNotice24Final.pdf
for details. The intention is to improve information to investors and
strengthen the role of Nomads - for example at present it seems that 10% of
AIM companies do not even have a web site. UKSA welcomes these proposed
changes and our response to the consultation can be seen at:
Aim Rules Consultation
InvestFest 2007 Gathering Launched.
(16/9/2006). Following the success of the 2006 UKSA national conference in
Banbury, a similar event has been announced for 2007. Details and a booking
form are present in the following document:
InvestFest_2007.
Members should book as soon as possible to ensure a place.
Share Buy-Backs Hit Record.
(2/9/2006). Morgan Stanley predict that share buy-backs will hit £30bn in
the UK this year, up from £25bn in 2005. They were only around £7bn in 2003
and it is suggested that they have helped to offset the withdrawal of cash
from the stock market by pension funds and other institutional investors.
However, UKSA is sceptical of the benefit of share buy-backs to investors
(increased dividends may have supported the market just as well) and
believes that this shows that they are getting out of hand.
Company Law Reform Bill About to Introduce Bad Law.
(13/8/2006). The UK Shareholders Association has expressed grave concern
about the provisions in the Company Law Reform Bill (now the "Companies"
Bill) in respect of access to share registers. The lack of definition of
"proper purpose" will undermine shareholder democracy and will result in
years of legal uncertainty and a mish-mash of ad-hoc decisions. See the
following press release for more information:
Press033_Share_Register_Access
Nominee Shareholders Enfranchised - At Last!
(7/8/2006). Although the Lord's Amendment to ensure the enfranchisement of
nominee shareholders was removed from the Company Law Reform Bill after
various objections, the Government did introduce another Amendment which
will have the same practical effect - see the following article for the full
story: Nominee Enfranchisement.
Institutional Voting to be Disclosed in Future.
(3/8/2006). The Government has reinstated a clause in the new Company Law
Reform Bill that had previously been removed by the Lords that will require
institutions to disclose the way they vote at company meetings. This change
failed to be debated in the Commons committee because of lack of time.
UKSA's comments on this aspect of the Bill were that we supported disclosure
but suggested that it should only be necessary when an institution held more
than a certain percentage of shares.
UKSA
Criticises Some Aspects of the FSA Proposals on Listing Rules.
(14/7/2006). The Financial Services Authority (FSA) has recently issued a
consultation paper on the implications for the UK of the EU Transparency
Directive and it also proposed changes to the Listing Rules for quoted
companies. The UK Shareholders Association (UKSA) feels that some of the
proposed changes are based on a misunderstanding or the way investors
research new investments, and monitor their existing investments, and
therefore we are opposed to some aspects of the proposals. Particular issues
that we feel are of concern are the dropping of paper interim reports and
reducing the amount of information in Annual Reports. See the following
press release for more information:
Press032_FSA_Consultation.
 Shareholder Rights for Nominees Promised.
(07/07/2006). It seems that the Government is to propose an Amendment to the
Company Law Reform Bill which will ensure rights for shareholders in nominee
accounts. This will extend to more than just rights to information, as
originally proposed, but it will only cover listed companies (that will
at least mean shareholders in ISAs and PEPs will get full rights if they
pick the right broker).
Government Minister Margaret Hodge, who negotiated the final compromise,
hailed it as "good news for both small investors and quoted companies".
This follows a long campaign by UKSA and other parties, including success
with a Lord's Amendment which was vigorously opposed by some registrars and
company secretaries. UKSA members also took part in a public demonstration
outside Parliament yesterday to ensure recognition of this issue (photo
left). Go to this page for more background:
Share
Certificates, Nominees, Crest
Go to the following
page for older news: News Archive
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