Divesting

by admin on March 12, 2009

in General

It is clear that my shareholding in FreeAgentCentral is becoming an impediment to my ability to continue providing opinion about the world of saas/on-demand applications and in particular accounting apps. One thing I have always valued is my ability to distance myself from any vendor but it is clear that others do not find that something they can understand or accept while I retain a holding in any of the companies about which I might comment. While that is not a difficulty for me, I understand that perceptions matter.

I have therefore agreed with the other shareholders of FreeAgent that with immediate effect, I am divested of my holding in that company. Neither I nor my family have made any financial gain as a result of holding shares in FreeAgent.

For the sake of clarity and full disclosure, I have no shareholdings either directly or indirectly (via trusts etc) nor management positions in any of the companies that I either write about or which sponsor this website. I own no shares in any public or privately held company.

Now back to normal programming and thanks – as always – for your attention.

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I saw this post because it was used against you. It's disappointing to see that despite taking the moral high road (which I would argue would have been unnecessary with your usual disclosures) you are still having this disingenuously used against you with a view to harming your reputation.

Sam

I echo David.

A brave and honest decision - and disclosure.

M

I think this says shed loads for your integrity, alkthough I think it is a real shame that you have been put in to this position, where you feel it is the only right thing to do. I know, because I have a some inside knowledge of FreeAgent, what the shareholding is worth now, and I have a pretty good idea what they will be worth in a year's time. You've given up a lot of real potential earnings for something which you feel is worth more. The person who put you in this position should be ashamed of himself.

Thanks for your kind words David. At the end of the day it was a decision with which I am happy. There was no pressure per se except that which is self inflicted. the good news is it's one more thing I don't have to worry about in my relationship with vendors.

I stumbled across bits and bobs of your exchange with Duane from Kashflow from here and there!

Selling your shareholding in FreeAgent made me think either and all
- incredibly professionally independent
- other ways of being remunerated shares aside... consultancy contract / revenue share?
- you see no big future in FreeAgent
- Duane now owns 10% of FreeAgent

:-)

Very funny:

I did not sell, I divested, there's a difference.
I do consult with vendors but that's on an ad hoc basis and is always disclosed. In similar manner, I disclose whenever writing about sponsors. However, sponsors have no influence over my writing.
FreeAgent has a huge future. As do many vendors in this space provided they play their cards carefully.
Duane definitely does not own 10% of FreeAgent -and neither did I.

I never had a problem with your FreeAgent shareholding but then I'm a chartered accountant as well.

P.S. At least you didn't lose money on the shares. There aren't many who can say that!

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