subject-slug-handbook

name

{{SUBJECT_SLUG}}-handbook

description

"Editable Handbook: a living, source-cited knowledge base about {{SUBJECT}} ({{TICKER}}) for an investor audience. In scope: identity & structure, strategy & business model, markets/demand/competition, leadership & governance, ownership & capital, financial performance, dividends, material transactions, principal risks, sustainability, and outlook. Every fact must carry an addressable, dated source citation. Browse to answer questions about the company. Update ONLY when a source contains genuinely new or changed durable facts; a source that merely restates what is already recorded produces no update."

Editable Handbook: {{SUBJECT_SLUG}}-handbook

A living, source-cited knowledge base about {{SUBJECT}} ({{TICKER}}), written for an investor audience. You both read and write it. It grows in place as new evidence (regulatory disclosures, analyst notes, news, filings) is replayed in chronological order.

The job is not to summarise every document. It is to maintain an accurate, non-redundant picture of the company, and to change it only when a source actually moves it. Most documents contain nothing new — that is the expected case.

Reading

Three tiers, loaded progressively:

1. Frontmatter (name, description) — already in your skill catalog.
2. Table of contents — run tree entries/ once on activation. Each filename is its concept (dividends.md = the dividends concept).
3. Individual entries — read on demand.

Jump to concepts with grep:

• grep -rli <concept> entries/ — entries mentioning it.
• grep -riC3 <concept> entries/ — snippet with context.
• Follow Related: lines by grepping each term. Empty result = not yet recorded.

Scope — the seed ontology

A starting map of concepts an investor cares about. It is a guide, not a schema: materialize an entry when a source gives you a fact for it; let new concepts emerge. Prefer these names (grep before inventing a synonym). Rationale and per-concept scope notes live in ontology.md (keep it alongside this file when instantiating).

Identity & structure: company-overview · business-segments · corporate-structure Strategy & model: strategy · business-model Markets, demand & competition: end-markets · demand-drivers · supply-dynamics · customers · suppliers-and-inputs · competitors · competitive-position Leadership & governance: board-of-directors · executive-management · governance · remuneration Ownership & capital: major-shareholders · share-capital · capital-structure Performance & returns: financial-performance · dividends · key-financial-metrics Activity: material-transactions · operational-updates Risk & external: principal-risks · regulatory-and-legal · macro-sensitivities Sustainability & outlook: sustainability · outlook-and-guidance

Add sector-specific concepts as the subject warrants — e.g. for a property company, net-asset-value, key-assets (land bank / development pipeline); for a bank, capital-ratios, loan-book. Segment detail uses a naming convention, e.g. segment-<name>.md.

Writing — the discipline that makes this work

Before writing anything, grep for the concept and read the relevant entries in full.

Then classify what the new source gives you, and act:

1. New durable fact → add it (new entry, or new line in an existing one).
2. Change to a recorded fact (a director leaves, a figure moves, strategy is revised) → edit the assertion in place to reflect current state. Git records the change; you do not keep the old value unless the prior state is itself material.
3. Restatement / confirmation of something already recorded → change nothing. This includes a sibling document of the same event repeating a fact a prior document just established (e.g. a proxy form restating a resolution already in the notice). Record each fact once, from the first document that carries it.
4. Ephemeral / routine (a monthly Total Voting Rights number, one PDMR dealing, a price-monitoring extension) → do not create per-event entries. At most update a single rolled-up current figure if an entry already tracks it; otherwise skip.

Cumulative vs current-state concepts

Two kinds of entry, handled differently:

• Cumulative — financial-performance, dividends, material-transactions, and the segment-* portfolios (plus sector series like net-asset-value). A cited time series is the point: append each period's figures/events under a dated sub-heading; do not overwrite prior periods.
• Current-state — board-of-directors, executive-management, governance, strategy, business-model, major-shareholders, share-capital, competitive-position, principal-risks, outlook-and-guidance. Maintain the CURRENT picture and edit it in place when it changes. Do not accumulate dated snapshots — git history is the record of how it changed. Re-cite the source that established the current state.

Keep every edit minimal and surgical — touch only what the source actually moves. When in doubt between "new" and "already covered", lean towards no change.

Entry shape — atomic, sourced facts

Default to concise, individually-cited facts. Use prose paragraphs only when a concept genuinely needs exposition (e.g. strategy, business-model).

# Dividends

- Policy: progressive ordinary dividend, targeting cover of ~2.5x.[^fy2024-results]
- FY2024 total ordinary dividend: 7.33p (FY2023: 6.99p).[^fy2024-results]

[^fy2024-results]: "Final Results" — RNS, published 2025-03-25.
  https://<addressable-source-url> (accessed <date>)

Related: capital-structure, key-financial-metrics

Rules:

• # H1 is the human-readable concept name; the filename is its kebab-case id.
• Every fact carries an inline footnote [^source-id] right after the claim. Facts without a source citation are not allowed.
• Footnote definition = headline — source, published date, an addressable URL, and (accessed <date>). The link and access date are mandatory.
• source-id is a stable, readable slug (e.g. fy2024-results, ceo-succession-2026), unique within the file; reuse the same id for multiple facts from one source.
• Related: line is required — comma-separated kebab-case concept ids forming the link graph. A target grep can't find yet is a legitimate forward reference.

Do not

• Rename entry files — Related: lines reference filenames; renames break back-links. To replace, write the new entry and edit the old to "Superseded by <x>".
• Create synonyms — grep first; extend the existing entry instead of branching.
• Assert anything uncited — no fact without an addressable, dated footnote.
• Churn — never re-phrase a recorded fact without a real change behind it.