Look on the bright side, I suspect that you lost a lot less than Sam Morgan. :)
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I strongly think Milford has inside knowlege and the selling may can be classified as inside trading. My assumption is as below:
The fund is a main supporter/participant for precious capital raising and an important shareholder for the company. Before the company collapses, the WYN management, with no doubt, will approach the fund for another potential capital raising, as this is the only fund supporting them last time, which the management should but did not release the potential fund raising action to the market.
As the WYN management cannot convince the fund manager for another capital raising, the fund manager knows the company will collapse and then sells down as many shares as they can. This explains why the selling is close to the company collapse date. The selling also makes the WYN management panic as they know why the fund is selling, thus a quick decision is made to make it as voluntary administration.
I am fine to make loss due to my poor judgement, but I am not ok to be cheated by WYN management's cheating announcement, comments on NBR, etc. If you are business leader and you make people invest in your business by providing wrong information deliberately or hide negative information that should be released. That is illegal.
I think WYN management should be suieted for cheating behaviour and Milford fund be suited for inside trading.
I understand your frustration - and you might have a point re WYN board and management.
However - if a share holder sells because they know that they do not intend to support a current CR (which they naturally would know), this is NOT insider trading, even if they are a big shareholder ... unless they do have information about the company other shareholders have not.
I also felt like Milford were privy to more information about the state of the company than us smaller share holders given they sold down massively just prior to the company going into voluntary administration. However it has been pointed out it should have been very obvious to everyone they were in big trouble and the selling down by Milford was actually the prudent thing to do and something we all should have done with the benefit of hindsight. Even if they did have information other shareholders were not privy to it would be very hard if not impossible to prove I suspect.
So what's the next few steps in this saga? Are we going to see any form of return back ... even if its peanuts?
Don't get your hopes up for any sort of return.
The last announcement by the administrators after the sale of Cognevo said "...it is already apparent that there will not be any returns for shareholders arising from the administration."
https://www.nzx.com/companies/WYN/announcements/293069
Also, as someone mentioned here, administrators will keep working until all the funds have been spent.
One of the headfake's here (and i'll use what could be described as polite terminology) was that the company announced a credit facility from the majority shareholder that would tide the company over for a "12 month period" (their words) till the "$27M contract" previously announced became a reality. (among others) The announcement of this facility even came with the rider of "should it be required".
Only a few weeks later the Board decided not to take up the facility and tipped it into VA instead.
Even a reasonably diligent shareholder carefully reviewing the company's announcements would be hard pressed to deduce from the information provided that their investment was going to go to zero......8 weeks later!!!!!