| HBOS plc (was Halifax plc) 1999 AGM Report
Hotel
We booked into the Gillmore Hotel at 98 Kings Road, Harrogate (tel:
01423 503699).This was a comfortable hotel and excellent value for money.
The owners were very helpful too, so thank you the Gillmore
Communications Centre
I brought up a laptop and colour inkjet printer. Since my mobile
phone is data-enabled, we were able to connect the mobile to the laptop
and send and receive emails and faxes. In fact, I received a call
from the Daily Express while driving up the M1, so I stopped my car at the
next services stop, turned on the laptop in the car and sent a status
report e-mail to Brian in Brazil from the car!
Preparation
Nick had done a superb job preparing all the documentation for the
press-packs and arranging for all the copying of the handouts.
Nick had also prepared speeches which the UNHAV group would be giving, and
had also helped with my speech.
We conducted a rehearsal that evening with Deirdre and Howard Turnage
as well as Nick giving part of the presentation speeches.
However, after receiving phone calls, faxes and emails on up to the
minute developments, we had to radically revise the UNHAV's speeches to
counter information received from our intelligence network. So all
our UNHAV speeches prepared on Word were redone and Nick agreed to give
the UNHAV speeches to maintain continuity of the theme.
As a result of feedback from the group, I shortened my speech too which
focused on the treatment of minorities and my specific dispute with the
Halifax over the share allocation for my late father's account.
The Day - 27 April 1999 pre-AGM
Nick all prepared
Early breakfast for us all at 7:00am to enable us to have a final
rehearsal of all speeches at 7:45am which went well.
At 8:20, a taxi came to collect Nick and he was whisked away to the BBC
Studios where he took part in a BBC 5 Live Transmission that went out at
8:45 that morning. I have an audio recording of the live interview
which you can download from here.
The Daily Express photographer arrived a little late, though he took
the group's photos but he missed Nick who had to go into the conference.
AGM
Here inside the AGM
The guy on the monitor is Jon Foulds, Halifax plc chairman, who
announced his retirement during the AGM
Nick delivered three superb speeches outlining the UNHAV case, though I
do not have a current electronic version of these.
I also delivered my speech and received an applause from the
shareholders. I have a soft copy of the speech available on request
only.
None of our questions were answered in the AGM, however, Jon Foulds,
the Chairman offered to speak to us off-line after the meeting and we took
him up on this offer.
There were many other speeches and questions mainly critical of the
Halifax and specifically regarding the restructuring. There was
debate on whether this constituted a buyback - the Halifax were adamant it
was not, but some shareholders were equally adamant it was.
Post-AGM
Me outside the Harrogate Conference Centre
The Halifax Directors were all available after the meeting: I noted
that Deirdre and Howard having an extended conversation with Mike
Blackburn. Nick spoke to Lord Chadlington, Jon Foulds, Mike
Blackburn and James Crosby. James Crosby has offered to have another
look at the UNHAV case, but guys don't raise your hopes too high. I
was not with Nick during his discussions, so no doubt he will provide a
fuller report later.
Meanwhile, I had an extended conversation with Jon Foulds about my
case, and he offered to investigate it. Then Simon Varley from
Shareholder Services spoke to me; took more details; and promised to
respond within a week.
Back Home
While driving the 280 miles home I received calls from the Daily
Express, and I promised to email them pictures taken from my digital
camera and provide an update (I have now done this). Also I received
a call from Yorkshire TV and they require an update too.
Back at Redoak the first job was to transfer the images from the
digital camera onto the "camera laptop", and then via the
network onto the main PC. Then a quick ISDN connection to pick up
all 38 items of email (including all email sent/received via the laptop).
David Andrew's status report and pictures were then sent out (2MB of
data), and then this homepage was prepared and uploaded to the server just
after midnight after giving Brian a quick update.
What a day.......... what would we do without technology!
Summary
So, was the trip worth it? I believe a resounding YES.
Principles are at stake here, not the absolute value of monetary
compensation. Sometimes, you just have to stick up for what it right
irrespective of the cost.
Update 29 April 1999
Thanks for all the comments guys sorry I can't reply to you all
individually. Getting the feedback makes it all the more worthwhile
going.
Update 7 May 1999
The Halifax have now confirmed to me that they will not compensate me
for my financial loss resulting from the bad advice I received from
their Bognor Regis Branch. I feel like David fighting the big bully
Halifax Golliath, only even with right on my side, I have no magic golden
shot to slay the beast. |
Redoak
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