Motion for AGM resolutions to be proposed!

[Zappa 0]

Ross McAdam · @rossmcadam

 

In order to have a resolution proposed at the upcoming AGM, 100 shareholders are required to sign a motion. It is suggested that the following 3 resolution are proposed.

 

Ordinary Resolution

1. To remove James Easdale as a Director with immediate effect.

2. To remove David Somers as a Director with immediate effect.

 

Special Resolution

1. The company shall not transfer any of its assets other than for full consideration.

 

The last resolution puts an asset lock on our assets ensuring they cannot be sold for any less than their market value.

 

Fans with shares, in their own name, not through a broker (i.e purchased at the IPO) are required to sign this motion.

 

If you are interested in signing the motion and have your own shares please can you email rmcadam@thecoplandroad.org

[the gunslinger 3,366]

would be interesting if the last failed.

 

always assuming the assets last till the agm.

[govan_derriere 3]

I emailed Ross a couple of days ago. The info he seeks is as follows:-

 

 

 

In order to support the resolution I require the following information:

 

Name of Shareholder:

 

Number of shares held:

 

Address:

 

Signature:

 

Date:

 

This can be done electronically or filled out manually and scanned back in but it must be your actual signature. Please try & keep it all in the one document.

 

Please can you try and pass on this information ASAP due to time constraints.

[forlanssister 3,050]

Is it known if the required number has been reached?

 

Laxey once set up 100 different companies just so they could use the particular piece of legislation that allows these motions, it was in connection with Alliance Trust.

 

 

Rebel investor Laxey Partners calls for Alliance Trust to buy shares

 

Laxey Partners, the rebel investor in Alliance Trust, has issued the latest salvo in its efforts to get the 123-year-old Scottish investment company to change its ways.

 

The hedge fund has written to fellow shareholders and the board laying out its case for Alliance to ditch what it labels "poison pill" strategies.

Laxey argues that Alliance, which is the UK's largest listed investment trust, should take actions to boost the value of its shares.

 

The hedge fund wants Alliance to buy back shares if their discount to net asset value (NAV) – the gap between what a share sells for and the slice of assets is represents – exceeds 10pc.

 

Laxey's argument is that having a mechanism that automatically kicks in gives shareholders more "certainty" if they want to sell their shares.

Alliance's shares have recently been trading at a discount of 16pc to NAV.

 

A buyback would reduce the number of their shares available and so, it is hoped, shrink the discount.

 

Laxey also wants to change the company's shareholder voting method, because it claims the current system might give Alliance's management unfair weighting.

 

The dispute has already seen Laxey create 100 different subsidiary companies so that it would meet criteria to get the two proposals onto the agenda of Alliance's AGM in May, setting the scene for a showdown.

 

Colin Kingsnorth, Laxey's co-founder, said: "A number of big shareholders have asked them to do this before. This is the first time that someone has insisted a vote takes place."

Laxey is meeting representatives from Alliance next week to discuss the issues, he added. As of the end of December, funds managed by Laxey - which is based in the Isle of Man - held around 1.5pc of Alliance's shares, worth some £35m.

 

Alliance declined to comment. However, the company is expected to strongly dispute Laxey's arguments when it does present its own case to shareholders.

The investment trust does not believe that having to automatically buy back shares – which would reduce the funds under management and tie its hands somewhat - is geared towards the interests of long-term shareholders.

 

Alliance has previously said it would undertake share buybacks where the "board judged it to be in the interests of all shareholders to do so" but that it did not support a discount control mechanism.

 

Instead, the focus should be on investment performance, the company argued in its 2010 annual report.

 

Laxey's move comes a week after activist investor Edward Bramson ousted the chairman of F&C Asset Management in a rare boardroom coup.

 

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8309382/Rebel-investor-Laxey-Partners-calls-for-Alliance-Trust-to-buy-shares.html

[Frankie 8,146]

RE: The resolutions I think the Trust emailed to this effect over the last week or so...

[govan_derriere 3]

Is it known if the required number has been reached?

 

Laxey once set up 100 different companies just so they could use the particular piece of legislation that allows these motions, it was in connection with Alliance Trust.

 

My details were accepted, but no idea whether the 100 target has yet been achieved.

[Frankie 8,146]

I'd have thought 100 signatories was achievable easily enough.