Attending AGMs might feel as a waste of time. By October, when the AGM season kicks in, the focus is already on the new financial year and beyond. Nevertheless, there’s a lot to learn from how directors and managers address shareholders, especially smaller ones. The ability to break down complexity can demonstrate a deep understanding of the business and what’s required for it to prosper. Clear, concise presentations show commitment and care. The way directors answer shareholders’ questions is also worth paying attention to. The best AGM we have attended this year was that of Cardno (CDD). If Crescent’s efforts to ensure that this AGM was of the highest standards are of any guide, the private equity firm has every chance of turning around this struggling business. (VIEW LINK)
Starting Forager Funds in 2009, Steve has grown the business to over $370m of funds under management. Offering an Australia and Global equity Fund, Steve focuses on long-term value investing of unloved and undervalued companies.