After the share price fiasco, Someone obviously has NO faith in the deal!.
For Allied shareholders it is a lifeline, their company had little future.For Hanover investors the deal is nuts.They are swapping one bunch of incompetent ratbags for another lot who aren't much better.At least at present they have a little control over the eventual process of the selldown of assets, if they vote for this they will have none.The share price for Allied will be little or nothing for years and years.It is a desperate bid for Hotchin to get out and for Allieds main shareholder to rescue a bad investment.I can understand why the investors may grasp at straws hoping for a better outcome than the 80 cents promised over many years but the reality is the investors are in denial.They were only ever going to be lucky to see 30 cents in the dollar and it would have better from day one to have allowed Hanover to go into receivership with an orderly sell down of assets over time run by people with no vested interest.All that has happened is the self interested foxes were left in charge of the hen house spinning the bull they have for years looking after themselves only.
As a invester with Hanover,the deal stink to high heaven,The way they have done the deal,if you got 10.000 or 200.000 invested,you still get only 1 VOTE.It is the biggest con for 2009, the meeting yesterday at Kapiti,we have never seen so many con artist sitting at one table.They should have give us a deal,were we get half the money,and some share,and Hotchin & CO can buy the rest of the share.But ofcourse that is silly of me,to suggest that. If that was the army,HOTCHIN % CO would get shot for DESERTION, so much for standing by us,VOTE A BIG NO
no no no what more need i say
Hotchin & Watson have never put their own interests behind those of their debenture holders. Given that and their stong recommendation that investors accept the Allied deal then we can assume it a good deal for them and bad for investors.As an aside. Hanover owned FAI Finance that has now been sold to you guessed it Hotchin & Watson. It even has a government guarantee. Talk about rubbing salt into the wounds.If the Allied deal goes ahead expect to see the Allied share price a 5c within a month. Vote NO.