Ouch, thats gotta hurt worse than statutory management.
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Not being into illicit drugs, or consuming alcohol in prohibited areas, I don't know much about that - and I doubt very much if Allan Hubbard does, either!
Thanks for posting those extracts from the statutes. I note the reference to the Order-in-Council, and while this particular extract doesn't specifically state that this is required, I am assuming that other sections of the Act do in fact make it clear that that is so. So, the Governor General, by Order-in-Council, would have signed the death warrant; I suppose, in our constitutional monarchy, you can't get much more authoritative than that. I'm no lawyer (only did Comm Law Stage I for my degree) but, wondering out loud, could such an Order be subjected to judicial review. Probably not.
Not sure about being either 'well bred' or 'finely mannered'!
Not being a current SCF investor, I am just sitting on the sidelines watching in anticipation right now.
Quick and dirty thoughts - Probably missing something, so please pick this apart:
Roger pointed out there are possibly three 'reasonably certain' dividends to come (not to say only three, but I'll go with that for now). I doubt they are paying much tax, but I'll assume for the purposes of this analysis that there will be a top up to make it so that the net cash receipt comes out the same as if they were fully imputed.
Roger worked that out to be about 7.5c.
If I could pick up SCFHA for, say, 10c and I regarded the 7.5c to be an economic 'capital repayment', and taking 0.5c for the time value of money for now, then my net investment would be about 3c per pref share.
If it all falls apart, I'd expect to get none of that back.
If it doesn't then I think that medium term, 50c is not unrealistic (bit like a binary 'all or nothing').
Hence my 'return' looks like about 17-fold if it comes off.
Using the gambling analogy (although this is not just the 'pure chance' of gambling), would you put your cash on SCF at 17-to-1 ($18 I think that means in TAB-speak) to survive?
Alan.
Repeat - save the part about SCF surviving beyond this year. SFO investigation and SM are serious matters - irrespective of rights or wrongs of using SM as an instrument. The smoke screen of outrage at the use of SM does not detract from the fact that what's happening is very very very serious.