Background information on Ashtead Group plc and ShareSoc's AGM vote guidance, ahead of the AGM on 4th September.    

This resource is only available to Full ShareSoc and Premium (ShareSoc & SIGnet) members.   

Shareholders in Ashtead have been urged to vote against plans for ‘excessive’ new American-style executive pay at next month’s annual meeting, amid a review by the FTSE 100 company on switching its listing to New York. (Times subscription required) 

The FCA fines PWC £15m for its failure to report fraud concerns at London Capital & Finance, a scandal that left investors out of pocket to the tune of £237m. Sadly this sum won't be compensating investors and the FCA has closed its investigations of LCF, with only £170m compensation secured, and that thanks to a Judicial review forcing the government to cough up. 

FCA fires a warning shot across the bows of auditors by fining PwC over its audit of LC&F. PwC was sanctioned for not reporting audit concerns to the FCA. It's usually the FRC (soon to become ARGA) that regulates auditors but in this instance the audit had implications for the regulation of LC&F. ShareSoc is pleased with this action. We hope that it will encourage audit firms to ensure that any concerns about financial firms that they audit are reported to the FCA. This should enable earlier intervention by the FCA, helping to limit client harm (and also helping to deter misconduct). 

The property dealer, Christoper Downton, who supplied many of the properties that sank scandal ridden HOME REIT, has been ordered to pay compensation to another intermediary. With the judge scathing about both his credibility and reliability as a witness. 

The only thing stopping investors from running from the high charges at St  James's Place is the effort and complexity of doing so. 

High fees and poor performance, say the Telegraph, is reason to finally leave St. James's Place. 

And also why open ended funds are unsuitable for property funds and how many of these were suspended recently due to high redemptions and illiquidity. The only OEIC property fund still gated is from St. James's Place (whilst others reopened or are converting to 'hybrid' funds investing in liquid and listed REITS). So the many investors looking to leave St. James's Place are struggling to fully exit. 

City AM highlights that St. James's Place fees for some funds are 'incredibly expensive' vs. The competition, like Vanguards equally huge but much cheaper Lifestrategy funds. 

Are Vanguard's giant Lifestrategy funds any good? Asks the Telegraph. 

The FT takes a look at the backgrounds and motives of the consortium of 3 companies buying HL. 

If Hargreaves Lansdown is heading for the exit doors of the stock market and into the arms of private equity, some might reasonably ask the question... "is my money safe with them?". The answer is probably, unless you invested in Woodford funds.  

Lord Lee, ShareSoc Patron, is interviewed in ThisisMoney proposing that part of the state's stake in NatWest is given to schools to encourage both entrepreneurship and also educate many more pupils on how financial markets work. For only c.£20m all state secondary schools could receive £5,000 worth of shares. And the annual c.£350 dividend could be used to fund more investments, school trips etc. As Lord Lee says, the state of financial education in schools is lamentable. 
 

NOTE. Rachel Reeves, recently canned the proposed sale of the government's stake in Natwest to retail investors. A decision ShareSoc criticised as a missed opportunity to re-engage the wider public with the wealth creating benefits of investing.

JUNIOR ISA bonanza, at least for a lucky few rich kids with £0.75m in their pot. But even for the rest of us, it's a timely reminder that the best financial education is gained by actually managing your own finances, even for teenagers. Exposing your kids and grandkids to a Junior ISA portfolio selection teaches valuable lessons, they would truly benefit by also twinning real world experience with ShareSoc's own Investing Basics videos to teach investing fundamentals. 

Is relief on the horizon for beleaguered investors in AIM companies? 

The 'rope-a-dope' strategy?? Is Value Investing about to hit the comeback trail? Asks the FT. 

Dozens of financial groups to pay nearly $400mn in SEC probe into unauthorised texting between traders and others. To date we are not aware of any similar investigation by the Financial Conduct Authority. Though it seems unlikely that this conduct, which appears to be endemic in the US, has not spread to the UK and elsewhere. The rules for capturing all communications are there to prevent insider trading etc... 

The US Venture Capital boom of 2021-22 turns to bust with a sharp rise in bankruptcies (FT subscription required). 

Goldman Sachs strategists predict a potential rally in US equities over the next 4 weeks, driven by positive technical dynamics and corporate buybacks. Their analysis suggests that around $27 billion could flow into US stocks in a stable or rising market, while a declining market could still see about $22.9 billion in inflows. 
 
JPMorgan shares a similar optimistic outlook, predicting the S&P 500 could reach 6000, bolstered by recent economic data and earnings reports. 

Fallout from the failed attempt by the Australian Stock Exchange (ASX) to move to a blockchain-based clearing and settlement system. (FT subscription required) 

Bernstein analysts project that Taiwan Semiconductor Manufacturing Company (TSMC) will experience significant growth, with expected revenue increasing by 26% and earnings per share (EPS) by 29% in 2023, driven by strong demand from AI data centers and advanced smartphones. This is thanks to its industry-leading, chip fabrication technology. 
 
Looking ahead, Bernstein forecasts continued growth into 2025 and 2026, with EPS expected to rise by 30% and 19%, respectively. 

UK Individual Shareholders Society Ltd is a company limited by guarantee. Registered in England & Wales No. 7503076.
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