The New Zealand Herald ran a story today titled “Commission silences PropertyFinance“. I recommend you read it.

The story quotes Securities Commission spokesman Roger Marwick as saying:

“The Commission believes that the roadshow presentations were likely to mislead investors because they set out only the positive aspects of the restructure proposal, and only the negative aspects of the receivership option. By omitting the potential disadvantages to investors of the proposal and the potential advantages of receivership they did not provide balanced information.”

PFSL clearly does not have investors’ best interests at heart and VoV believes more strongly than ever that receivership is now the only option that will adequately safeguard our interests.

Lawrence Herzog, the barrister managing the Vestar legal case, has emailed an update on the Vestar proceedings to participants.

If you believe you are part of the Vestar legal action and do not receive the update, please email herzog@xtra.co.nz with details.

27 April 2009 update: We have received the following note from the instructing solicitor Nigel Faigan…

I confirm that Lawrence has advised me that proceedings have now been filed in the High Court at Auckland. Lawrence has sent me a note with the file number allocated by the High Court Registry.

Please update your website to show people that proceedings have been filed. Please remove my name and telephone number from the website.

Please direct any future enquiries direct to Lawrence Herzog.

The previous proposal by PropertyFinance Securities Ltd (PFSL) to swap our secured debentures for shares in the parent company Property Finance Group (PFG) has thankfully been ditched, but their latest proposal is also seriously flawed. (more…)