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Originally Posted by Roger
The deal letting those crooks off wasn't it $20m and the way that Hanover was heavily dividend stripped in its last two years of operation, from memory over $80m in dividends were stripped by the Hanover owners, were major factors why investors should have voted this fiasco down in the first place.
The irony of just squeaking through by the barest of margins just over 75% isn't lost on me. I'm sure Eric Watson and Mark Hotchin will be lauging into their Pina Colada's while they sun themselves in 5 star luxury somewhere in a sunny part of the world.
Don't forget to tell us about your losses when they go under Alan, oh no wait, I suppose your ahead on these as well....
If my ALF010s become worthless, then I would be down about $240 (taking into account brokerage, interest received, and deducting tax effects). In fact, just about half of that loss would actually be brokerage on three trades.
However, for my ALF010s to become worthless, the ex-Hanover and original ALF investors 2,042,294,858 ordinary shares all have to be completely worthless first, so I am hopeful I won't lose out overall, and if I do, the ride was fun!
It was my decision to get into them, and if I am up or down, it is entirely down to me.
They aren't likely to knock SCFHA off my 'top performer' chart!
Alan.
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Originally Posted by Alan3285
Any picks on what their announcement later today will be? Trustees phone is probably running hot!
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Originally Posted by minimoke
Any picks on what their announcement later today will be? Trustees phone is probably running hot!
No idea - I guess it will depend on what ALF are bringing to the table in terms of:
1) Whether ANF has actually breached those trust deed terms
2) What capital raising / funding lines ALF has been able to arrange
3) Whether the trustee wants to take the 'blame' for bringing down ANF when it might have been able to keep going (legitimately)
Of course, the trustee can't lose by digging their heels in at this point, since the debenture holders are currently covered by the Govt Guarantee, so they'll probably look to their own best interest, and pull the plug on ANF.
Does that mean ALF is doomed? Not sure. It might actually mean less cash outflows for ALF (not having to support ANF), but they'd have to write off the value of the investment in ANF and probably some or all of any loans to ANF.
Alan.
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ANF Receivership
Oh well, theres goes some of my tax to depositors in ANF
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Originally Posted by minimoke
Oh well, theres goes some of my tax to depositors in ANF
Cheer up Minimoke, this is just the warm-up for the main event on or before 31 August and is inconsequential compared to the thorough drilling taxpayers will get when SCF goes under.
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Originally Posted by Roger
Cheer up Minimoke, this is just the warm-up for the main event on or before 31 August and is inconsequential compared to the thorough drilling taxpayers will get when SCF goes under.
ANF is 'only' about $135m or so?
Alan.
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I wonder if we should help SCF save some time. They could just edit ANF's statement like this:
SCF
20/08/2010
RA
REL: 1630 HRS SOUTH CANTERBURY FINANCE Limited
RA: SCFHA: SOUTH CANTERBURY Finance Limited - Receivership
20 August 2010
SOUTH CANTERBURY Finance Limited - Receivership
Further to the announcement this morning, SOUTH CANTERBURY Finance Limited
(SCG) advises that its Directors have this afternoon requested that its
Trustee, TRUSTEES EXECUTORS (TE) appoint receivers to the Company.
TE has advised that it will appoint SANDY MAIER as Receivers of ANF. SANDY MAIER has been acting as
independent advisors to TE and prepared a report on TE which resulted in
the alleged breach of its Trust Deed ratio, as advised on 6 August 2010.
SCF has been working diligently on a number of strategic initiatives that it
considered would provide the Company with sufficient short and medium term
liquidity, and position the Company to meet Trust Deed and regulatory capital
requirements. However the notice received from TE of the alleged Trust Deed
ratio breach and the subsequent withdrawal of SCF's prospectus had a
significant and immediate impact on these initiatives, and the ability of SCF
to continue to meet its obligations.
The Board and management of SCF will cooperate fully with the Receiver in the
interests of all stakeholders of the Company, including deposit and bond
investors, staff, customers and AlAN FHUBBARD as shareholder. SCF expects
an acceptable outcome from the receivership on the basis of its current net
asset position and level of shareholder funds.
SCF remains covered under the Crown deposit guarantee scheme in respect of
its secured deposits and further information will be provided by the Receiver
in relation to the process for claims under the guarantee in due course.
ENDS
End CA:00198637 For:SCF Type:RA Time:2010-08-20:16:30:43
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Originally Posted by minimoke
I wonder if we should help SCF save some time. They could just edit ANF's statement like this:
SCF
20/08/2010
RA
REL: 1630 HRS SOUTH CANTERBURY FINANCE Limited
RA: SCFHA: SOUTH CANTERBURY Finance Limited - Receivership
20 August 2010
SOUTH CANTERBURY Finance Limited - Receivership
Further to the announcement this morning, SOUTH CANTERBURY Finance Limited
(SCG) advises that its Directors have this afternoon requested that its
Trustee, TRUSTEES EXECUTORS (TE) appoint receivers to the Company.
TE has advised that it will appoint SANDY MAIER as Receivers of ANF. SANDY MAIER has been acting as
independent advisors to TE and prepared a report on TE which resulted in
the alleged breach of its Trust Deed ratio, as advised on 6 August 2010.
SCF has been working diligently on a number of strategic initiatives that it
considered would provide the Company with sufficient short and medium term
liquidity, and position the Company to meet Trust Deed and regulatory capital
requirements. However the notice received from TE of the alleged Trust Deed
ratio breach and the subsequent withdrawal of SCF's prospectus had a
significant and immediate impact on these initiatives, and the ability of SCF
to continue to meet its obligations.
The Board and management of SCF will cooperate fully with the Receiver in the
interests of all stakeholders of the Company, including deposit and bond
investors, staff, customers and AlAN FHUBBARD as shareholder. SCF expects
an acceptable outcome from the receivership on the basis of its current net
asset position and level of shareholder funds.
SCF remains covered under the Crown deposit guarantee scheme in respect of
its secured deposits and further information will be provided by the Receiver
in relation to the process for claims under the guarantee in due course.
ENDS
End CA:00198637 For:SCF Type:RA Time:2010-08-20:16:30:43
That's pure gold mate, well done.
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Originally Posted by minimoke
I wonder if we should help SCF save some time. They could just edit ANF's statement like this:
Bit irresponsible posting that?
Alan.
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Originally Posted by Alan3285
Bit irresponsible posting that?
Alan.
Did you miss the lowered credit rating today?
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