Key Post Investment in Irish Forestry Funds

What I got today from them:

"The Forestry Investment Plan Plc was successfully finalised in 2011, the Second Forestry Investment Plan Plc in early 2012 and the Third Forestry Investment Plan Plc in late 2012.

The potential purchasers involved in the current negotiations are looking to purchase the lands owned by each of the matured funds from The Fourth Forestry Investment Plan Plc onwards."
 
The point that I'm interested in now is whether two parties are still interested, or if we are down to one. If its the latter why is it taking so long to close the deal.
 
I for one will never touch a ponzi scheme like this one ever again. I'd have been better off putting my share money under the mattress. If I wasn't tempted to dip in during the years or a cat burglar didn't have his merry way with it, at least it would be there and I could do as I wish with it. Our Irish Forestry people must have got all their training from former members of the Stasi because they are experts in secrecy. I wait with baited breath for the day the postman drops a share refund form in the letterbox, alas I fear I may be looking up or down from hell or heaven by the time that day arrives................................
 
I e-mailed the no doubt tireless Ms McCarthy and got this back

"Yes both parties are still actively involved in negotiations with the directors but neither are yet in a position to finalise and agree a sale. Unfortunately at this time I cannot estimate when the sales process will reach a conclusion, although one of the parties involved has expressed a desire to reach a sale agreed point no later than June if possible and the directors would be eager to see this happen.

Until one or both parties concludes their technical due diligence and contract query stages and advises that they wish to proceed to agreeing a sale, we are not in a position to advise of a likely closing date"
 
An update from the hard working and tireless Ms McCarthy

"Both parties have advanced significantly with one moving through due diligence, technical due diligence and now into contract queries. The second party were slower to begin but are working hard to move through the same stages as quickly as possible. A sale has not been agreed as of yet and as it stands neither party are obligated to do so, but both have invested a great deal of time and money to date in order to get to this point, so the directors are optimistic that they can move forward in the negotiations to agreeing a sale and signing contracts with one of the two parties very soon.

With regards to timeframe, one of the interested parties has expressed a preference to reach a sale agreed point by late June/early July if possible and whilst we cannot say yet if this will be achieved, the directors are hopeful of reaching this outcome, which would see distributions issuing to shareholders most likely over the later summer months. A formal 6-monthly update is due during the month of June and the directors will advise a further status update closer to that time.
 
frankde said:
ok thanks for the update, guess will just have to wait
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Below is the feedback I received on the 10th fund
"
Negotiations are continuing but a sale has not been agreed as of yet. I’m afraid due to this I cannot advise a date as to when cheques will be issued.

"
 
jafar said:
I've been waiting since May 2013 when the Sixth plan matured. Getting nothing but six- monthly vague emails about trying hard to sell the portfolio. Anyone think it's time to contact a solicitor?
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did you get anything back on the 6 th plan?
I see the following on the forestry site for a projected return

"
The Sixth Forestry Investment Plan Plc

November
9.2% "

30-Apr-03

"
 
Update from our hardworking and tireless Ms McCarthy -

"Good progress is being made and as previously mentioned, one of the interested parties is working towards reaching a sale agreed point by the end of June, beginning of July at the latest. Unfortunately we will not know until that time if the sale has been secured. Representatives of this interested party travelled here to meet with the directors earlier this week and have advised that they remain keen to secure the sale as soon as possible.

At this time, I’m afraid I have no further updates. The directors will write out to shareholders as soon as they have a firm update to provide regarding whether the sale has been finalised or not.

I trust this information is of assistance to you"

Slowly, slowly, catchy monkey........................................
 
Actually woke up this morning in the hope that a post or two might be on here to say a deal had be done. I'm of the opinion at this stage that if a deal is not struck in the next week or so with this "potential party" then we can kiss goodbye to any hope of ever getting a return on investment. Floating the language of "company are doing what's best for their shareholders" is running thin. Even a return, albeit a moderate one has to be better than zero. I don't know, maybe I'm just not clued in on how this business works.
 
I'm not worried, I was but not now. Too much money and time has been spent by the interested parties to just walk away.
 
"I'm not worried, I was but not now. Too much money and time has been spent by the interested parties to just walk away."

I see no detail on these "interested parties" so am still worried
Would really like to see a sale this month at the latest
 
Another update from Ms. McCarthy -

"The sales process has not yet concluded. As previously mentioned, one of the interested parties had expressed a preference to reach a sale agreed point by late June/early July if possible and while they have not yet achieved this, the directors are working closely with them in an effort to agree the sale as soon as possible.

A formal 6-monthly update was due during the month of June however the directors are awaiting the outcome of the current meetings in order to have reliable information to provide to shareholders. They anticipate having a status update posted out to shareholders in the coming weeks.

I hope this is of assistance. Should you have any further queries, please do not hesitate to contact me"

It really is a slow, slow process, you'd just have to wonder why it's taking so long to get a deal over the line.
 
Lesh37 said:
A formal 6-monthly update was due during the month of June however the directors are awaiting the outcome of the current meetings in order to have reliable information to provide to shareholders
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Was wondering if that update was being delayed for exactly this reason, if so then good.
 
10th Forrest said:
Was wondering if that update was being delayed for exactly this reason, if so then good.
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How is it good? They could have proactively informed shareholders with this news rather than have it dragged out of them by anxious investors. This 'news' of potential buyers of the portfolios has been dragging on for years now, not weeks or months.
 
exactly they should have still sent out the update in June with the current status

I get the feeling this will go on for a long time yet

Has anyone talked to a solicitor?
 
frankde said:
exactly they should have still sent out the update in June with the current status

I get the feeling this will go on for a long time yet

Has anyone talked to a solicitor?
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I invested quite lot of money in the 11th plan which was due to mature this month. Got a letter in June saying the same as everyone else has been told regardless of which plan it is. I can't say I am worried about not getting money back but the whole thing seems to be dragging on and on. I ring on a weekly basis now but get the same "things are progressing but moving at a slower pace than anticipated". Maybe if more investors started phoning the office on a weekly basis it might put pressure on them to get things finalised. I know I may be one of the lucky ones in that hopefully the 11th Plan will pay out reasonably quickly compared to some of you waiting years beyond the maturity date. Not sure contacting a solicitor would make any difference. No doubt there is something in the small print that covers Irish Forestry for this type of delay. I hope this is going to be worth the wait for all of us but it is like pulling teeth to get any kind of hint as to what our return will be.
 
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