Key Post Investment in Irish Forestry Funds

ColinC

New Member
Messages
4
The irish times have written an artical on it. Couldn't figure out how to post the the link on here but i googled 'irish forestry funds sale' and it came up.
I get we have no real say in how the company opperates but to go from their letter in May to what we're all finding out today doesn't seem right to me.

Has anyone contacted to ODCE or the papers yet?
You have to contact the company first (by email/letter) and give them 14 days to respond before you can make a complaint to the ODCE. I've written to them expressing my extreme dissatisfaction, but no response yet.
 

Aisling Murphy

New Member
Messages
2
I invested in the Fifth Irish Forestry Fund in 1998 and my investment has barely doubled. What's more I received no notification of the liquidation of the company, simply a cheque and a fond farewell. The original projection after 30 years was €30,000 for a €500 investment - the €1061 I received after 21 years is pathetic. Have their trees been shrinking? Has their land, unlike land everywhere else, devalued? As they are hiding behind an answering machine, I have emailed them letting them know that I'll be complaining to the Office of the Director of Corporate Enforcement. I am deeply suspicious about all this. Anyone who feels the same should also email them and if you don't receive a satisfactory response, complain to the ODCE, or take legal advice. I smell a big rat here.
I am a shareholder in 6th fund and am outraged my share has been sold without my permission. Also, the return is less than a quarter of what I expected and I never agreed to the sale and never would have done so at the ridiculous rate of €1106.90 on a 500 punt investment over 20 years.
Veon have not been answering their phone or replying to e mails so I went up to their offices and spoke to a guy called Gavin Murray who is defending the miserable returns of €472 on the 6th Irish Forestry Fund and €432.72 on the 7th Irish Forestry Fund. This is a complete rip off. The Managing Director of Veon Trevor McHugh was not there but I spoke to him yesterday and read him the riot act. His phone number is 01 6219406 if any of you feel like letting him know how you feel about this unethical and as far as I’m concerned corrupt process. Paul Brosnan the director of the forestry funds is now the Marketing Director of Veon who have taken over the management of what were our forestry investments, now owned by Axa. This is a clear conflict of interest. We need action. Please comment if you want to join me in protesting this sale of our investments without our consent. My e mail address is aislingmurphy1@gmail.com
Let’s get together and demand some answers. I would like to find out what led to the sale of our investments, did Axa approach the forestry funds or were they approached? When was Veon set up and why? I’d like to see the minutes of every meeting where the sale of our forestry investments was discussed, etc.
 

Macbeth

Registered User
Messages
33
I have also emailed them today, protesting about the paltry return on the sale. I'll await a reply and then try the ODCE. The 12.5% pa envisaged turned out to be nearer 2%! I should have invested in wine!:mad:
 

Marco 1972

New Member
Messages
2
Does each of us individually need to contact Veon and then the ODCE ? if there is a case to answer can the ODCE instigate an investigation based on one conplaint covering all the various funds, l am a complete novice at this so would appreciate a bit of a steer on it. I was a student at the time back in the late 90s when these funds were advertised so at least l have some years to make up the deficit if l can, but am still angry.

I am aware of the headless chicken scenario of this situation and need to distinguish if what has been done is strictly legal but sharp practice/unethical or has breached a particular legal boundary.
 

Mullaghan

New Member
Messages
3
I received an email earlier today. Seems like a blanket response, so i imagine many of you have had the same.
 

Bagehot

New Member
Messages
5
The Board minutes should be requested in addition to a copy of any independent valuations received by the Board. Shareholder consent should have been sought for the sale and voluntary liquidation of the various companies (I think 75% approval is the requirement for a voluntary liquidation) - albeit would need to check what voting rights the preference shareholders were entitled to.
 

extopia

Frequent Poster
Messages
3,109
The Board minutes should be requested in addition to a copy of any independent valuations received by the Board. Shareholder consent should have been sought for the sale and voluntary liquidation of the various companies (I think 75% approval is the requirement for a voluntary liquidation) - albeit would need to check what voting rights the preference shareholders were entitled to.
Preference shareholders had no voting rights. Clearly stated in prospectus.
 
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Bronte

Frequent Poster
Messages
13,599
Preference shareholders had no voting rights. Clearly stated in prospectus.
I’m confused why people are outraged. They invested in shared with projected returns. Not guaranteed returns. The prospectus highlighted an amazing projected return, well it would wouldn’t it! They even took out misleading ads, tell tale signs there. And low and behold the returns weren’t as high as projected.
 

Lar Sheeran

New Member
Messages
6
I have engaged a QFA Investment specialist to prepair a report with the intention of issuing proceedings against Veron and Deloitt,
Is anyone interested in joining the case, I will be taking out an advertisement in the Times to gather up investors,
This is not the first time this has happened to me
my e mail address is
larsheeran@gmail.com
 

Sunny

Frequent Poster
Messages
3,538
I’m confused why people are outraged. They invested in shared with projected returns. Not guaranteed returns. The prospectus highlighted an amazing projected return, well it would wouldn’t it! They even took out misleading ads, tell tale signs there. And low and behold the returns weren’t as high as projected.
I agree to an extent but my understanding is that there have been regular updates since the launch where no concerns about increased risks or falling returns were raised. I haven't invested though so nog sure. Never liked the look of it to be honest.
 

Bagehot

New Member
Messages
5
I’m confused why people are outraged. They invested in shared with projected returns. Not guaranteed returns. The prospectus highlighted an amazing projected return, well it would wouldn’t it! They even took out misleading ads, tell tale signs there. And low and behold the returns weren’t as high as projected.
I think it’s more about governance/conflicts of interest than anyone expecting a guaranteed returns
 

Aisling Murphy

New Member
Messages
2
The Board minutes should be requested in addition to a copy of any independent valuations received by the Board. Shareholder consent should have been sought for the sale and voluntary liquidation of the various companies (I think 75% approval is the requirement for a voluntary liquidation) - albeit would need to check what voting rights the preference shareholders were entitled to.
It seems that the 6th Fund was described as having gone into voluntary liquidation, but I was a shareholder in that fund, and despite many requests for information prior to the sale about the expected value of the shares, before I consented to the sale of the fund, my requests for information were ignored. I went to Veon offices in person with another investor on 22 August after receiving my paltry cheque, and made it clear I wasn't happy with the whole process, either the sale of my investment without my consent, the paltry amount they were sold for, Trevor McHugh and Paul Brosnan's poor performance in representing the best interests of their 12,400 investors, and their conflict of interest in acting as forestry managers for the new owners of our forestry investment funds Axa. I am currently in contact with some other investors including Lar Sheeran (post above number 310) and a number of us are willing to put some funds together to investigate this whole process. We need a common platform where we can all communicate and share resources (e.g. political contacts, journalistic contacts, etc.) so if anyone has a suggestion please put it out there. Anyone interested in coming on board please contact me at aislingmurphy1@gmail.com Thanks
 

Bronte

Frequent Poster
Messages
13,599
I think it’s more about governance/conflicts of interest than anyone expecting a guaranteed returns
And for all that none of you have pointed out what was done incorrectly. Also where were you all for the last 20 years. About governance or conflicts of interest.

Why now, when the projected returns didn’t materialise.
 

Bronte

Frequent Poster
Messages
13,599
I have engaged a QFA Investment specialist to prepair a report with the intention of issuing proceedings against Veron and Deloitt,
Is anyone interested in joining the case, I will be taking out an advertisement in the Times to gather up investors,
This is not the first time this has happened to me
my e mail address is
larsheeran@gmail.com
If it’s the second time why did you invest in this? How did it work out the last time. AAM readers might learn from it. I take all this with a large pince of salt after I saw the fiasco with Eircom when the whole country lost the plot.
 

HowyaHorshe

New Member
Messages
2
If it’s the second time why did you invest in this? How did it work out the last time. AAM readers might learn from it. I take all this with a large pince of salt after I saw the fiasco with Eircom when the whole country lost the plot.
One genuflects at the alter of the righteous....from my read of the threads above people are not placing blame but would like some very simple questions answered.....please forgive them!
 

HowyaHorshe

New Member
Messages
2
And for all that none of you have pointed out what was done incorrectly. Also where were you all for the last 20 years. About governance or conflicts of interest.

Why now, when the projected returns didn’t materialise.
No one is pointing any blame (yet). For the last 20 years all the messages were quiet sanguine (amen!)
 

Bronte

Frequent Poster
Messages
13,599
One genuflects at the alter of the righteous....from my read of the threads above people are not placing blame but would like some very simple questions answered.....please forgive them!
I’ve only read page one of this thread, poster Rainyday at post 3 was asking questions back in 2002, he continued in other posts and then another poster at post 12 joined in asking questions. From those posts alone it was raising questions to me about his sound an investment it was. As it happens it was sound. People are getting their money back, plus interest. Not bad in these days of negative interest.

The projected returns were stratesphoric from the get go, the guys running in just happened to place an ad so misleading that a state body got involved.

And at the end of the day we have the guys running the fund sitting pretty, quelled surprise, while the investors are disgruntled.
 
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Lar Sheeran

New Member
Messages
6
Preference shareholders had no voting rights. Clearly stated in prospectus.
Deloitt have a case to answer, They have a responsibility to the SHAREHOLDERS, not the Directors
I have invested in renewable funds for many years, For example, Eddie O'Connors Mainstream windfarms investment has doubled my investment in 10 years,
I also have many sucsscesful investments which are giving me a good return
Lar Sheeran
 
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