Reported Hanover breach - stirs investors

Media Release 15 October 2008
EUFA
(Exposing Unacceptable Financial Activities Inc Soc)
www.eufa.co.nz

EUFA members which include Hanover investors are calling for Gray Eatwell, EUFA finance spokesman to be appointed to the Hanover Board as an investor representative should they go into moratorium.

Suzanne Edmonds, Coordinator of EUFA wrote to Mr Bryan Connor of Guardian Trust today stating.

“EUFA believe the moratorium will ensure an independent director will be appointed BUT investors have made a very valid point that Greg Muir was already an independent Director and this has not been of any advantage to the investors.

In the wake of the Governments deposit Guarantee scheme which has seen reports that Hanover have breeched the Trustee deed, shows there is a need that investors have a watchful eye over the processes.

While Hanover is being reported as working in the best interests of Investors, investor confidence is down as promises have been broken.

An investor who interrogated Hanover before investing, repeatedly discussing his needs for low risk and was ensured of this, has Zero confidence and like most of the investors wants a trusted independent representative .

Suzanne Edmonds said from Tauranga today “We applaud Hanover Directors for moving in a positive way forward but they have a duty to do so. With low investor Confidence it is time the investors were considered and represented”

ENDS

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