Yes fair comment Trackers :)
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It really stinks. I have written my investment off. A lesson learnt. Thanks black Peter for all your advices
Have just joined the class action group. Nothing left to loose so may as well :( Anyone else joined or going to?
RB, I have joined the class action group as well as you say nothing to loose. However I am not to sure if I should have joined.
I traded WYN 3 times, 2 positive trades and 1 loosing trade. Between the 3 trades I have done quite well.
Still I feel if the WYN management would have been more honest in there communication the loosing trade would not have happened.
I despised how WYN directors and management has treated shareholders. A minimum number of participants are needed so by joining the group of shareholders for class action it becomes more likely the class action will go ahead.This is good for keeping all NZX company directors and management on notice to play by the rules.
Sorry to hear this has cost you, however I do not think you should blame yourself to much as I think we share holders have been mis informed by WYN.
This is a risk of investing and we only can try to reduce the risk by studying the announcements compared with the progress the company makes and body language if we take the time to go to AGM's.
Cheers, yes it has made me a bit weary of investing at the moment, I find myself prone to panic when I see prices going down and I find myself jumping ship just in case :scared:. One of my biggest mistakes was feeling reasurred things would turn out ok because the likes of Sam Morgan and Milford were big holders and they are much wiser than a newbie like me. :( Lesson learned.
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.