What a shambles ... good luck to anyone game enough to invest!!
http://www.stuff.co.nz/business/2986...-ahead-for-SCF
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What a shambles ... good luck to anyone game enough to invest!!
http://www.stuff.co.nz/business/2986...-ahead-for-SCF
Hardly - the reporting is pretty poor (probably par for the course in NZ unfortunately).
I agree, but presumably that wording ("paid through") is from the ODT?
Perhaps the editor should have sent the journo back with their tail between their legs to re-word and / or clarify.
Alan.
To be honest, I don't know what their obligations, if any, are when uncertainty is created by an article that a private (unrelated) party publishes.
In this case it is the ODT, but they are (legally) no different to you or me or any of the thousands of blogs out there, any of which could publish something similar.
It seems unlikely to me that the issuer of a listed security has an obligation to address each and every article published anywhere, anytime that it is 'uncertain' or creates uncertainty (which is, itself, a subjective thing of course), but perhaps it is a listing rule that I am not aware of (which is quite possible)?
Alan.
.
IMO this type of communication (News Papers) should never be taken
as fact. Always verify their articals. They will never print corrections
unless legalities dictate. TV is worse.
eg. TV1. PR man a few years back after I challenged them. " our bizz is about entertainment, not education, so absolute fact is unnessary".
Some here might remember TV1 quoting NOG as being an Australian Coy,
when challenged,they replyed "you get your facts straight", Geeez
BB
Why beat up on the media? They have at least kept the market informed whilst SCF went about its merry way of using the public's money as its own piggy bank.
30% of SCF's loan book is interest-only and probably, capitalising interest loans. SCF was living in fool's paradise - a micky-mouse Timaru company using investors' money to join the big league of property development lending.
Them, there's the related party lending - a staggering $230m against real shareholders' funds of $110m. So Hubbard puts in $1 and takes out $2.30.
Good one.
SCF has a chance to get itself out of this mess - let's hope it takes it.