Hotchin and Watson are common low bred criminals,they intentionally stripped investors of their hard earned savings.They totally neglegted the DUTY OF CARE aspect when financing there shady mates extravegant schemes.Vote NO,vote RECEIVERSHIP, that way statutory management will at least expose the best return that`s possible.I have already writen off any chance of getting any of my $90K back.I was told by their sales people right up to the announced collaps of Hanover ,that all was well,reinvest! you`ll be o/k with us as new credit rating by Fisk! BB+ is a solid rating for the type of exposure to invested money.Within a month Hanover announced their collaps and Fisk withdrew their supposed sound rating.This was obviously a set up from the start,to draw in as much NEW money before the collaps.If this is`nt a breach of investor ethics by these 2 cowards I don`t know what is.Roll on receivership I say and lets see how they stack up under the receivers scrutiny.
I urge all investors in Hanover to vote against the Allied Farmers proposal. Why should Hitchin & Watson get to walk away from their responsibilty and possible unwanted scrutiny from the Receivers. All this proposal is offering us investors are worthless shares in a company that appears to be failing and one that has no experience in dealing with the assets they would aquire. I have $250,000 to lose and would rather take my chances with a professional Receiver than the share market.
Neville is 100%correct ,don't vote to allow these crooks to walk away ,what a couple pricks ,both have a hot place in hell awaiting them
As lay people most Hanover investors do not understand the implications of joining with Allied but it would appear that it will be a foolish move for Hanover investors. We should listen to independent people like Bruce Shepperd and vote no regarding the Allied proposal and demand Statutory Management as requested. Indepentent management from people with no hidden agendas would give honest answers. How do I get this comment out to all Hanover investors?
Out of the frying pan into the fire I say.Why would Hanover investors vote to give up a chance of cash for a bundle of shares in a debt-ridden company ? Allied Farmers are the only winners with this deal.If the offered some cash up-front it might be different.
what a weak minister of commerce we have ,i have waited for some statement from hin or his department over Hanover Finance ,i have written to him ,no reply ,no wonder nz'ers dont buy shares .the laws are so weak what protection do we have from people like Watson and Hotchins very little it appears ,they go on with their extravagant life untouched by the misry left in their wake
if investors vote to allow this scam to go ahead ,well they deserve what they get ,and that be about 10 cent in the dollar when the allied shares bottom out ,perhaps those that voted to allow Watson and Hotchin to continue ,may now understand what a couple of ratbags they really are ,i stand to loose $30,000 ,
EUFA have called for Statutory management for over a year - since July 2008 - lets hope Mr Sheppard has convinced the Minister, because the investors haven't been able to.
It would seem that the timing of their announcement that Hanover's investors would receive only 70c to the dollar is designed to influence the investor's decision on this matter in favour of Allied. However as Allied's shares could become worthless - because when traded who would want them - this would be an extremely risky decision. Recent high value wright-offs and provisions are also further cause for concern and may warrant Serious Fraud Office investigation. Book values are decreased yet securities are still held and enforceable during this 5-year repayment period.
Both Watson and Hotchin were given the opportunity to make good the large mess they in effect created through inadequate directorship and many including my 92 yr old granny have lost their savings . If they are allowed to slink away under this proposal by Allied, while shareholders end up with a flimsy handful of shareholdings, whose value will undoubtedly plummet , a plague on their houses. One of which we know is an as yet uncompletedt 30 million dollar crass palace with a wrapping room..
