As a personal shareholder in Traditional Group Ltd, I attended the Annual General Meeting (AGM) on the 24th April 2009. My questions to the Chairman at the meeting elicited the fact that the share options granted to the Chairman and two other directors at the previous AGM, had been exercised but not paid for. This is very unusual and the amount owed to the company for those shares is now a very substantial part of the debtors of the company. 

In addition a dividend had been paid to those directors on those “unpaid” shares and there was no indication of when the shares would be paid for. 

The Chairman also seemed reluctant to answer questions on this matter and explain why this peculiar arrangement had not been revealed to shareholders, either when the share options were put in place or in the recent Annual Report.

For a full report on what happened at the AGM, see this document: Traditional_Group_AGM_Report . The following letter was sent to all shareholders on the 20th May 2009: Traditional_Group_Letter

This note was issued on the 17 July 2009 covering subsequent events: Update_1

This note was issued on the 8 August 2009 concerning the proposed share repurchase and General Meeting: Update_2

This note was issued on the events at the General Meeting of the company on the 7th September: Update_3

For more information please call 020-8467-2686

Roger W. Lawson