PropertyFinance Securities will put its revised moratorium proposal to investors at a meeting in Christchurch on Monday 29 June for a vote.

On 11 June 2009 PFS mailed a massive wad of information to investors in an effort to get investors to agree to change the moratorium trust deed.

They want to do this because they have failed to honour the obligations they previously agreed to and are now in breach of their trust deed.

The directors state that they are now unlikely to achieve “repayment (more…)

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.

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…)