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  1. #31
    Member Alan3285's Avatar
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    Quote Originally Posted by Roger View Post
    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.

  2. #32
    Legend minimoke's Avatar
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    Quote Originally Posted by Alan3285 View Post
    Further announcement by ANF (not ALF - the subsidiary):

    http://www.nzx.com/markets/NZDX/ANFH...der-Trust-Deed


    Putting pressure on the trustee?

    Alan.
    Any picks on what their announcement later today will be? Trustees phone is probably running hot!

  3. #33
    Member Alan3285's Avatar
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    Quote Originally Posted by minimoke View Post
    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.

  4. #34
    Legend minimoke's Avatar
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    Default ANF Receivership

    Oh well, theres goes some of my tax to depositors in ANF

  5. #35
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    Quote Originally Posted by minimoke View Post
    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.

  6. #36
    Member Alan3285's Avatar
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    Quote Originally Posted by Roger View Post
    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.

  7. #37
    Legend minimoke's Avatar
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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

  8. #38
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by minimoke View Post
    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.

  9. #39
    Member Alan3285's Avatar
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    Quote Originally Posted by minimoke View Post
    I wonder if we should help SCF save some time. They could just edit ANF's statement like this:
    Bit irresponsible posting that?

    Alan.

  10. #40
    Legend minimoke's Avatar
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    Quote Originally Posted by Alan3285 View Post
    Bit irresponsible posting that?

    Alan.
    Did you miss the lowered credit rating today?

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