Trades made at 4.06pm today - Report released around 5.00pm. Interest.co.nz has it by 5.18pm and Grant Thornton press release at 5.27pm
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... and it seems these trust were only formed in March ..... won't speculate on the motivation behind this .... I'll leave that to the Stat Man to find outQuote:
There was also those reports of AH transferring cash into the charities he wanted to have his cash when he left this world .... all of sudden a few months ago
Diasappointed that no mention made of the cat .... maybe the cat is a beneficiary of one of those trusts
Have to go and have dinner as otherwise wife will be cross, but it looks like my conspiracy theory on leaking information is on the money.
Maybe the Stock Exchange should be made aware of this apparent insider trade ? What do you guys think ? Is that an over the top reaction or do we collectivly smell a rat ?
Anyone else stunned that they can bumble into a $70m operation (Hubbard Management Fund) they didn't even know about? I am sure if they asked Alan beforehand he would have told them.
The comments about data handling leave an IT guy like me stunned. What if his cashbook got burnt in a fire or simply lost?
Where's the beef?
It took three weeks to create this assessment?!?
Alll the loan balances seem correctly accounted for. There would seem to be $132 million of assets with $106million associated with Hubbard investments - $96 million of public advances. Hence a surplus of $36million.
They "unconvered" the existence of Hubbard Management Funds.
Where is the "smokng gun"?
Are related party loans a crime for a private investment company?
I think whoever sold off their SCFHAs at 15cents - possibly because of this "news" - is a fool.
Okay lets translate and put some beef on the bones....
Its a criminal breech of the Securities Act to operate a finance company without a prospectus and investment statement, up to five yars imprisionment and $300,000 fine, likewise running a funds management business without said docummentation.
It is fraud to take in investment money with promises of first ranking mortatge security when it appears reading between the lines that much of Aorangi's investments are secured by anything but.
Throw in inadequate record keeping, poor and inadequate systems and is it any wonder SM's were appointed ?
As I predicted recently, the guys who initially ran the investigation from the national enforcement unit of the companies office would not have initiated recommendations regarding SFO and SM if there wasn't proper grounds.
I predict there's a lot more skeletons to come out of the closet. Further its my contention that it would take a team of skilled forensic accountants several months, at least three, to conduct thorough due diligence on SCF so even if there is an interested party, how could the transaction be finalised by 31 August ?
Enumerate - I have thought long and hard about investing in the pref shares, like I suspect many others on here I have come through the GFC licking more than the odd wound or two and what really matters most to me now is seeing that Directors have credibility. Ah's is under the microscope and its not looking too good. Where there's smoke there's fire.
I don't agree. It is a very serious matter if there is insider trading, and dismissing it as just being a 'conspiracy theory' is making light of a criminal offence that is akin to stealing from other investors.
If what you allege is true (and I don't doubt it), then the NZX should investigate.
Alan.