The Edge Performance VCT reconvened AGM and General Meetings finally took place today, including the sack-the-board requisitioned meeting. The bottom line is that the Board survived and voting was heavy so it is hard to complain, even if the eventual votes went against the rebels. But…..
Today Edge Performance VCT (EDGH) finally holds its reconvened AGM from last August, and a separate General Meeting to decide whether to sack the Board and replace it with a new one intent on liquidating the portfolio or not. In the rebel corner sits ShareSoc with the strong support of SHareProphets, a former director who stepped down on the announcement that the now defunct I-Class shares would be paid off from the sale of an asset owned by the H-class shareholders whilst the H-shares got nothing, a proposed new director and, of course, a stack of H- and former I-class shareholders who requisitioned the meeting.
Gold ended the week at $1818, nicely up from last week’s drop to below $1790 and the close at $1797. The yellow metal is still not though $1830 resistance but the general direction of travel over the past month and a half has been upwards and the past four and a bit months has seen a steadily rising series of low points – even if of late there seems to be a ceiling at $1830.
Another missive, this time from the Chairman of Edge Performance VCT (EDGH) has found its way to ShareProphets Towers. You would never know there is a sack-the-board EGM called for a week tomorrow! The ShareProphets Translation Service explains…..
Our favourite technical analyst, Jordan Roy-Byrne of TheDailyGold.com, reckons that Gold is in for some slippage – it could slip down to around $1670 or so in the run-up to the Fed’s first interest rate hike, probably in March. If that is not enough, the minutes of the last Fed rate-setting meeting made it clear that it will be tightening policy – and possibly performing quantitative tightening (the opposite of QE) too. Normally that might be seen as a cue for the yellow metal to nose-dive, and although it fell once again below $1800 it closed the week at a resilient $1797 – down just $33 from the close at the end of 2021.
An email from David Glick, the founder of Edge Performance VCT (EDGH) and the founder and CEO of the VCT’s investment manager, noting untrue and deliberate disinformation about Sir Peter Bazalgette, a so-far unelected by the VCT’s shareholders director of Edge Performance VCT and Chairman of FTSE100 stalwart ITV (ITV) has turned up at ShareProphets Towers in the run-up to Edge’s reconvened (from August!) AGM and the sack-the-board EGM to be run the same day, 17th January 2022. He is not pleased!
Gold ended the year at $1830 – up $20 in a shortened week, but down almost $70 on the year. So much for my belief that anything to do with Gold would have a good year - and so much for my $2000 at year-end prediction. But I sense things are swinging back in favour for the yellow metal.
Sub-Standard-Listed Cloudbreak Discovery (CDL) added yet more Red Flags to its profile this morning on the release of an RNS at 7a this morning entitled “Final Results for the Year Ended 30 June 2021”. Just for a start, releasing FY numbers during no-one-is-watching week as investors are away from their desks between Christmas and New Year is an automatic Red Flag. But the RNS did not contain the results – only a management summary, telling the reader that “A full copy of the results is available on the company website”. Except at 7.30am this morning, that was not the case.
Our old friends at Aquis-listed TruSpine (TSP) have been at it again, releasing interims results to September and announcing yet more delays for its Cervi-LOK product during no-one-is-watching week. Oh, and the cash is running out yet again. What’s not to like?
Gold finished for Christmas at just about $1810, up $11 on the week as Gold enjoyed a very minor Santa rally. The view from the Montana log-cabin is that this recovery of $1800 is fragile in the short term, but I expect a much stronger 2022 as the grinding correction fizzles out and the US heads into mid-term elections at the end of the year.
