EUFA calling to meet Hotchin and Watson

Media Release:
05.08.08

EUFA
(Exposing Unacceptable Financial Activities Inc Soc)
www.eufa.co.nz

As representative for many investors New Zealand-wide, EUFA ( Exposing Unacceptable Financial Activities) are calling for Messrs Watson and Hotchin to make good on their promise to put money towards covering the Hanover Group Losses.

It is very unfair of these people to ask for a moratorium, leaving management of the group in their hands, while holding out a vague promise of covering innocent investors’ losses.

EUFA Coordinator Suzanne Edmonds said this morning “We want to meet urgently with Watson and Hotchin or their representatives to conclude an arrangement which will give some relief to investors, and have today written to the company accordingly”.

There are legal processes, in respect to actions against the company and the directors and management, open to investors now. Investors could be excused for thinking that if those processes were initiated by investors, the offer of cash in to the company would be withdrawn by Messrs Watson and Hotchin and that potential position needs to be clarified urgently.

Investors are urged to work together. Hanover Directors have a huge advantage over investors, for a number of reasons – it is difficult to get the investors working in unison, there are lawyers with varying degrees of skill and experience making a variety of sometimes confusing offers to some investors, and many investors cannot now afford to put money in to chase these people – unlike Messrs Watson and Hotchin, who have the means to resist legal action.

Investors are encouraged to make contact with EUFA urgently to work together to achieve a successful financial outcome, rather than seek revenge and miss out on the money.

ENDS

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