Genesis

I know one or 2 of us have an interest in this one. The offer should be on the table VERY shortly. Its hoped that all being well the investors will go for the restructure rather than the receivership route..the latter will see a fire sale and a VERY poor return I am lead to believe. IF the restructure is accepted we COULD see a first installment (around January 2009) of our money.

No one knows what the amount will be % wise..I am hoping for 10% which will get me out of the fiscal shite I presently reside.

The 2 owners have stumped up $100 million or thereabouts in cash and assest to help the programme along. They are still very hopeful to return all our money or most of it via the restructure route.

I may well again be niave having confidence in the owners comments but what ever return we see will be better than nought.

BEVS

Fingers crossed then.

cally49

Yeah fingers crossed for you and my father in law oh and anyone else caught up in this......
Cally

southerner

Dom,

100% pf principal is the proposal, over 5 years, with no interest. Here is the independent report which is probably the best one to go through when you have a few spare hours.

Breakdown of payments is:
2009 8%
2010 10%
2011 12%
2012 35%
2013 35%
(with payments being spread evenly throughout each year, paid at the end of each quarter).

PWC say it is unlikely that Hanover will be accepted into the Crown Retail Deposit Guarantee scheme.

So, pretty good news compared to your worst case thinking

Genesis

Cheers mate, yes it is good news if you thought you would get nought back aye? But I can see many being really pissed off with the bulk of the payments being back loaded rather than front loaded. I don't see many going for it personally and I wonder if the receivers will be called in. I am VERY surprised they are not paying 25% of the capital each april over the next 4-5 years,,folk might have gone for that. But this offer is NOT guaranteed and IF the housing market does not do what they hope it will they have said it may take even longer. One fiscal analyst has already given it the thumbs down, Mr B Hickey I think. Time will tell. Tahnks again for taking all the effort with the details. Warm regards, Dom.

squeaky

Hi genesis,

I have just subscribed to the EUFA NZ who are hoping to get a court injunction on Monday to prevent/delay the proposed moratorium.

Myself, after initially thinking it would be good to get my money back, albeit several years, sounded good, but after reading other stuff and looking into it further - it is not as good as it sounds.

I have not much clue on the best option - so would like the government to help and support investers/debenture holders like us - who have savings/pensions riding on this.

It is like salt in a wound seeing that the Hanover bosses are still lording it large in Fiji and such like.......fiddling while Rome burns.......literally fiddling...

Genesis

Vote for receivership..if you do we get a chance to get back the $158 million in dividends they took in the last 2 years..its a legal right..also we get the chance that a full investigation could uncover all the alleged wrong doings and get some sense of justice to prevail over what appears to be a very shonky run on OUR money..not theirs..but strangely they appear to have turned ours into 'theirs' and then ended with a vanishing act..of all of our wedge!!!

squeaky

Well I have ticked the 'no thanks' box - on my form - but have not posted it -as I was waiting to hear about the court injunction today - do you know what happened ?
Do you know what happens if my vote is late or if some people don't vote at all ?? As you can tell I am clueless it really.

Scouse Dave

I know almost nothing about this situation, but (and I have a reason for asking this) what is everyone's view of Greg Muir's role in this?

squeaky

Not sure about Greg Muir - but I just got an email from EUFA to say that the case was dismissed

Genesis

Greg Muir like our cash has sodded off down the swanee. There's a new chap called Fredricson who has taken his place. Saw him at the road show..neither him or Hotchin..or the general manager inspired my confidence. The whole debacle stinks in my opinion and I know the vote will go in favour of the moratorium..in my opinion just gives them another 5 years 'looking after' our money..yeah right.

Excuse my cynicism but I have had a belly full of this crap. Like 17000 others I am losing my meagre income from the loss of interest that I relied upon to pay bills. Now have a huge over draft thanks to all the suits who squandered our cash. And don't call us greedy..we only got 2% over the bank..others were offering up to 13-14%..way too risky in my opinion..but you know what? It turns out that the risk we were allegedly being exposed to was worth about 13% per annum!!

Mr Angry over, out and skint!!

southerner

Whichever way the vote goes - I hope it works out well for you guys.

Whether or not a receivership or restructuring is chosen the much bigger factor affecting the eventual payout will be the health of the property development market.

southerner

His reputation has taken a real battering. I was disappointed in him not front footing the announcements when the s**t first hit the fan.

southerner

Your vote won't count either way.