Vote AGAINST the Argo Group Share Buyback Proposal

Vote no!Most shareholders in Argo Group must have noticed that the company has launched a proposal to buy back shares that requires shareholder approval because it could increase the stake of insiders to a controlling stake. I think that this would not be a positive development if management is unwilling to cash out minority shareholders at a fair price, among other things. Wexboy makes the case to vote against the proposal in a lot more detail here, and I would urge every Argo shareholder to read it (and vote accordingly)! Unfortunately, I’m not able to vote against the proposal because my broker (Binck) doesn’t support it, but if I could I would certainly vote against the proposal.

Disclosure

Author is long Argo Group

5 thoughts on “Vote AGAINST the Argo Group Share Buyback Proposal

  1. Pietje

    Same situation here. Frankly it is quite ridiculous that for foreign retail owners it is practically impossible to vote – even though we own a significant block of shares.

    Reply
  2. Wexboy

    Hi Folks,

    a) I don’t know of any technical reason your brokers can’t submit your votes – most likely it’s the usual broker stunt of trying to charge as much as possible…for as little service as possible!? Don’t have a definitive solution, as it will depend on your personal circumstances and how lazy & obdurate your broker might be. Frankly, it would take them literally 2-3 minutes to submit this vote (manually, or electronically) – perhaps if you send a copy of the proxy form, and/or escalate the issue, it might help?

    ii) Regardless, your general support is still valuable. If you haven’t already, I’d appreciate if you’d email me (see here: https://wexboy.wordpress.com/contact/ ) to confirm your shareholding & support of this activist campaign.

    Many thanks,

    Wexboy

    Reply

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