PGC - Licenced to Bank

[percy]

http://www.stuff.co.nz/sunday-star-t...-knights-moves

NZ Credit Fund ... Another fund? ..I'm getting confused as to who owns what and more importantly who's liable for what if the proverbial hits the fan.

Do not Know who is liable. but if a fund loses money then those who have invested in that fund lose money.Perpetual as fund manager would most probably still collect management fees.It would appear that Perpetual has part ownership of some funds.I suppose a float to get them going.Whether they will keep part ownership we will either have to waite and see or get Mouse to ask them.

[mouse]

Do not Know who is liable. but if a fund loses money then those who have invested in that fund lose money.Perpetual as fund manager would most probably still collect management fees.It would appear that Perpetual has part ownership of some funds.I suppose a float to get them going.Whether they will keep part ownership we will either have to waite and see or get Mouse to ask them.

An amusing true story is that at the time things were in meltdown, I phoned up PGCorp and spoke to the Accountant. "What about this, what does that mean? I find accounts a bit of a problem, where is the gizmo? What is the actual assett value per share?" Etc. I then said to him, I suppose you have many investors querying accounts. His reply quite astounded me. "In my entire working life as an accountant, I have only had around ten queries in total of accounts." It may of course have been PGGWrightson. They were in meltdown too. The moral is simple, if we have a problem, we should ask the Company.
An exception to this is NZWindfarms. I posted, 'if the turbines refuse to work, can we easily replace them with imported turbines of a similar size and use the existing towers and concrete bases.' Bluntly, I do not know. Nor it seems do other investors in NWF. Disclosure, I do not have any shares in NWF. But if I did I would be asking that question. Since the whole windfarm may have to be demolished and start again!

[percy]

I think it gives a good insite to a company how they treat an inquiry.I have just had a pleasant expirence with an Aussie company.I emailed the MD on Friday with my concern over their current liabilities far exceding their current assets.Looked to me they were shortly going to run out of money and would either have to go to shareholders or go into receivership.Well I received an email from the company secretary this morning which was full and to the point and more than covered the question I had asked.I ordered a parcel of shares straight away.A couple of years ago I was looking at Methven.Cannot remember what I wanted to Know but as MD did not return my call I never brought Methven shares. If MD can not organise his office donot expect him to organise his company.Simple.

[gonzo56]

What a deal, your guaranteed to make money at this cheap price; 45c

[mouse]

A whole lot of light on the Torchlight Fund in The Press, C22 Businessday, May 8th, from Marta Steeman. Could someone please put a link up for the article so we are all as knowledgeable? She is totally in the dark. For almost half a page.

[Anna Naum]

Pyne Gould Corporation Management Appointment

10 May 2010

Pyne Gould Corporation announced today that Mark Mountcastle has been appointed to the position of Chief Risk Officer. Mr Mountcastle replaces Grant Atkinson, who resigned from the Company after an extended period of leave. Mr Mountcastle has held the role of Acting Chief Risk Officer in Mr Atkinson’s absence.

Pyne Gould Corporation’s Managing Director Jeff Greenslade said: “Mark is ideally suited to the role of Chief Risk Officer with his extensive background in risk management from more than 20 years in the finance and banking sector in New Zealand. In this position, he is responsible for managing the business’s credit, market, liquidity and operational risks. Mark’s skills in this area along with his banking experience from working for ASB and Westpac will be invaluable to us as we move towards our goal of applying for a bank licence.”

- Ends -

Hope this guy understands risk a lot better than the last guy!!

[percy]

Pyne Gould Corporation Management Appointment

10 May 2010

-

Hope this guy understands risk a lot better than the last guy!!

Lets hope so!!!!The standard of recent appointments seems to be very good.

[Balance]

A whole lot of light on the Torchlight Fund in The Press, C22 Businessday, May 8th, from Marta Steeman. Could someone please put a link up for the article so we are all as knowledgeable? She is totally in the dark. For almost half a page.

Marta actually believes that the private and wealthy investors who invest via Torchlight want her to know how the fund works and invests in?

She should try asking the Blackrock hedge fund how they operate?

[percy]

The way Marta writes I doubt she has ever owned a share.I rang editor a few years ago on her coverage of an AGM.She certainly did not report what was said.When Neil Berris and Alan Williams wrote articles you learnt something.They covered AGMs well.I read NZ Herald on line before I read the Press newspaper.So being in the dark for half a page comes as no surprise.
Mouse next meeting you go to let us know if you think the Press correctly reports it.

[Logen Ninefingers]

PGC's only trading at 0.44c at the moment....that's the lowest it's gone for a while....it's in the doldrums.