Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Mixed reaction to Hanover restructure plan

MEDIA RELEASE - 20 November 2008

(Exposing Unacceptable Financial Activities Inc Soc)

Initial reaction to today's restructure plan from Hanover has been mixed.

While investors want to retrieve their investment funds as soon as possible, investors ongoing concerns relate to the management of the Hanover restructure. In October, Hanover investors who are EUFA members, unanimously supported a request by EUFA executive to have representation on the Hanover board, in a moratorium proposal.

Hanover had an independent Director, Greg Muir, but as a friendly independent director the company still hit troubles including Commerce Commission Investigation. Mr Muir has gone on record constantly defending Hanover which has shown he does not hold a true and honest independent position.

Investors want a representative on a Hanover board to ensure transparency and true independence.
In an email written in mid October to BRYAN CONNOR, General Manager, Corporate Trusts - the following request was made “:EUFA members have requested and support a call on the trustees to appoint an investor representative for independence, to the board, should Hanover go into moratorium”

Mr Connor sent the following response.
“We can confirm that as part of the proposal that we are currently reviewing there is the requirement for an independent director or adviser to be part of the process. We note your request for a representative of your group to be appointed to represent investor interests. There are a number of groups advising us that they represent investor interests and we regret that it is not possible to make appointments to represent such interests.

We are working with the company and our respective advisers to get a proposal to investors as soon as possible which will include details of how the governance will work. Investors will then have the opportunity at the meeting to vote on whether or not to support such a proposal.”.

Coordinator of EUFA Suzanne Edmonds said from Tauranga this afternoon “If the trustees have had a “number of interest groups” claiming to represent investors and the Trustees can not make appointments to represent such interest, one has to wonder if moratorium will be transparent, genuine and full proof”

Mrs Edmonds added “Hanover have been giving individuals very conflicting stories since July and it would seem that inconsistencies are rife in their own camp... I note they even informed investors they knew nothing of the EUFA group albeit we wrote to them in July requesting a meeting.”

Snubbing investors who require a partnership going forward is foolhardy.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>


Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>


By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>


Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>


Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>