Thursday 13 September 2007

Endesa: Extraordinary General Meeting

Endesa will be having an EGM in a couple of weeks time. Acciona and Enel Energy Europe have made an offer for Endesa of 40, 16 euros per share, and now the shareholders have to vote on modifications to Endesa’s bylaws.

I absolutely hate meetings like this, or, indeed, meetings of any kind. I remember the last time I attended the annual meeting of the Financial Shamans and Money Mystics Association of Great Britain. What an absolute fucking nightmare that was. You would expect shamans and mystics to be quite refined, gentle, sensitive folk, wouldn’t you? Not a bit of it. When they’ve got a few drinks inside them, these lovely, oh so spiritual types can turn into animals. And I’m not speaking as an outsider. I’m one of them, but I won’t hesitate to criticize bad behaviour wherever I find it.

I remember one money mystic – let’s call him Chris – who got so drunk he could hardly stand. Even though he had only been fully qualified for six months or so, he had the gall to approach me and start berating me for the advice I had given to some fund manager in the City. I wanted to hit him, but I managed to keep control and just let him make a fool of himself. Never again.