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Originally Posted by SailorRob
You were onto them early!
I read your whole breakdown of greanfern last night and it's incredible how bad all of this is. I never could have comprehended how bad it actually was.
Well done with all the work that went into that.
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Member
Sharesies and the NZX are as involved as well, they should be held to account
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Originally Posted by shareman
Sharesies and the NZX are as involved as well, they should be held to account
I agree and I want to do something about it but unsure what. Really needs a media story.
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Maybe talk to the FMA? Would this not be the kind of thing they would look into?
Originally Posted by SailorRob
I agree and I want to do something about it but unsure what. Really needs a media story.
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Originally Posted by justakiwi
Maybe talk to the FMA? Would this not be the kind of thing they would look into?
They have already investigated them, perhaps more than once. This was mainly around related party disclosures.
Trouble is that most of the things I have highlighted are not illegal...
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Originally Posted by SailorRob
They have already investigated them, perhaps more than once. This was mainly around related party disclosures.
Trouble is that most of the things I have highlighted are not illegal...
So really it is not a fraud in the strictest sense of the word.
As much as I have sympathy with your position an old phrase from my high school economics teacher comes to mind. Caveat Emptor.
Another phrase is "A fool and his money are easily parted".
I know sharesies et al have been spruiking Greenfern, however it remains the duty of the investor to do their due diligence. If you get talked into investing into something and it goes tits up, fool you once. Hopefully lesson learnt.
(p.s) to add, I am not saying the decisions and methods are in any way ethical or above board or something to be aspired to. Just that people need to do their research. Like you managed to get all the info, it was all there to read and see. Nothing was hidden. Disclosure was good.
The other company I think is in this boat is NZL. Great disclosure, but I feel the company was set up for the benefit of the manager more than the shareholders. Nothing illegal there, in fact, they have pretty good governance. Just need to have done your homework and know what the deal is before getting involved.
Last edited by blackcap; 02-06-2023 at 07:56 AM.
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Member
Originally Posted by SailorRob
I agree and I want to do something about it but unsure what. Really needs a media story.
NZSA I reckon - they should be up for protecting investors from dodgy directors and management. They may also be able to bend the ear of media, FMA, etc.
Last edited by Airw0lf; 02-06-2023 at 12:42 AM.
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Originally Posted by blackcap
So really it is not a fraud in the strictest sense of the word.
As much as I have sympathy with your position an old phrase from my high school economics teacher comes to mind. Caveat Emptor.
Another phrase is "A fool and his money are easily parted".
I know sharesies et al have been spruiking Greenfern, however it remains the duty of the investor to do their due diligence. If you get talked into investing into something and it goes tits up, fool you once. Hopefully lesson learnt.
(p.s) to add, I am not saying the decisions and methods are in any way ethical or above board or something to be aspired to. Just that people need to do their research. Like you managed to get all the info, it was all there to read and see. Nothing was hidden. Disclosure was good.
The other company I think is in this boat is NZL. Great disclosure, but I feel the company was set up for the benefit of the manager more than the shareholders. Nothing illegal there, in fact, they have pretty good governance. Just need to have done your homework and know what the deal is before getting involved.
It's funny you say that, as the title of my report was 'Caveat Emptor' I took it out when I posted here.
Yes you are quite right with what you say, but the non disclosure of the related party transaction was fraudulent and was investigated at the time.
The revenue forecasts were pretty close too but nowhere near as black and white as the non disclosure.
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I appreciate all the time and effort that's gone into this, I really do. It's a great read, and a good piece of work to pull it all together. Well done.
However - and it's a big however, I am disappointed to read it here, and not in the New Zealand business and/or financial media.
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Originally Posted by GTM 3442
I appreciate all the time and effort that's gone into this, I really do. It's a great read, and a good piece of work to pull it all together. Well done.
However - and it's a big however, I am disappointed to read it here, and not in the New Zealand business and/or financial media.
Thanks. To be fair there was a lot of reporting on it, specially by the National Business Review, lots of linked articles there, but the links won't work and some are pay walled.
Also some articles on the whole industry and how shady it is...
But they all pulled their punches and didn't report on the whole affair, just on individual bits as they transpired...
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