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.
Author is long Argo Group
Thank you for the post. I am also a shareholder. Unfortunately I can’t vote with them either due to my broker.
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.
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.
Just wanted to share a great little story with you about an Argo shareholder who wouldn’t take ‘NO’ for an answer from his broker re voting: