NZF Group (NZF and NZF010)

[Tony Two Gloves]

And that would appear to be that, took a long time but looks like our opinions were vindicated - or does Invessi still see a light at the end of the tunnel??

[minimoke]

Hey Mini is it just me and you in here, all the positive (blinded / stupid) people seem to have disappeared.....

I remain saddened by the lack of insight investors show in their decision making. Often we don't need protecting from rogues in the market - we need protecting from ourselves. So often we see, not rational investment decisions but gambling. In itself I have no problem with this - people are free to loose their own money as they see fit. But I despair when it is dressed up as "investment". And what really gets to me is that we won't learn from our past mistakes. We'll continue to get taken in by those who are able to spin a semi credible yarn. I just can't figure out why people insist on throwing good money after bad when the warning signs seem so self evident to me. At least with NZF I'm not having to pick the pieces up for others like I've had to do with Hanover, ALF and SCF.

[Xerof]

Hey Mini is it just me and you in here, all the positive (blinded / stupid) people seem to have disappeared

Hey TTG, give me some credit - I've been smeared for my negativity and crystal clear insight too you know

FMA is performing well so far.....lots more ground to cover but a good start

[Tony Two Gloves]

I agree, people tend to be unable to distinguish between fact and fiction. The facts with NZF are consistent chunky losses, broken business models & liquidity issues - all these were summed up by S&P a few months back but still people kept insisting this was an over reaction and the company itself stated this. I tend to rely on the financial results which with NZF speak for themselves over the last few years and pay very little attention to the comments of directors, as they are the major shareholders of course they do want to see this thing fail. We have all seen the spectacular share price colapses and very few come back from that (exception Diligent) a $1.60 odd to 0.035 cents is a SPECTACULAR loss of value and if you purchased shares after the S&P downgrade Mini is right - there are much better odds at the casino!!

[Tony Two Gloves]

Sorry Xerof - you were on the money with that Trustee call. Again I like the way NZF said it had contacted it's Trustee....I think the Trustee (if awake) would have been pounding on NZF's door for the last few days. The NZF spin doctors could make Osama look like a well balanced chap who is mostly mis understood....

[minimoke]

.... pay very little attention to the comments of directors, as they are the major shareholders of course they do want to see this thing fail.

Of course they don't want their company to fail - but we should also look at director remuneration. Callaghan got paid around $200k, Thornton $184k and Croad $134k. Generally I don't have too much of a problem with Director remuneration - providing they are adding value to the strategic direction of their company and looking after the governance issues. So often I can't help but feel Directors are directors because of the cash flow from wages. And that's putting aside issues like related part lending

[minimoke]

...there are much better odds at the casino!!

There sure are. Looking back on this thread I'm still astounded by posts like this at #2 "I own some but admit I didn't really do my homework on them."

[Enumerate]

The fact that the new "partner" in Home Loans probably understood how critical the situation in NZF Money was and still reneged on the "done deal" is the seat of the problem.

The fact that a "partner" does this probably foreshadows further negative impacts.

[Tony Two Gloves]

What a bizarre thing to say, surely they must have received some advice / recomendation for presumably those horrible notes? I remember seeing a comment from Callaghan in one of the Sunday papers saying he couldn't understand why the notes where trading at such a discount and he would be as many as he could if he was allowed to. Well maybe the question has now been answered. I don't think Croad was ever a directof of NZF - just that brilliant investment Finance Direct.

[minimoke]

The fact that the new "partner" in Home Loans probably understood how critical the situation in NZF Money was and still reneged on the "done deal" is the seat of the problem.

The fact that a "partner" does this probably foreshadows further negative impacts.

What new partner, what doen deal.?

I read teh following

NZF
03/06/2011 13:37
GENERAL

REL: 1337 HRS NZF Group Limited

GENERAL: NZF: NZF Group Limited (NZF) - Continuous Disclosure

The Directors of NZF Group Limited are pleased to announce that the due
diligence process with potential business partners has reached a stage where
we are now confident of a successful outcome. As a consequence, the Home
Loans Division will resume origination activities under its committed Westpac
Warehouse Facility. Origination activities were suspended earlier this year
when negotiations with new business partners commenced. Westpac has been
privy to these negotiations and have agreed to renew the current Warehouse
Facility of $225 million until 18 October 2012 on similar terms and
conditions.

ENDS
End CA:00209873 For:NZF Type:GENERAL Time:2011-06-03 13:37:51

and the key bits for me were "potential business partners" and "confident of a successful outcome" Have I missed the announcement of the new partner and the announcement that the outcome was actually successful?