Irish Forestry Funds Sale

nerine wrote: »

John, I received cheque for shares in Sixth Forestry Growth Plan Plc, not sure if that it same one you are talking about

FFruits wrote: »

What does anyone think of just sending an email explaining what happened to the news? I’m sorta drafting one up if anyone is interested I can paste here ?? For a crit!😬

FFruits wrote: »

Feel free to add to or comment...be nice I’m broke😢. I think as many shareholders as possible need to make this public via social media for not other reason than to make people aware of the pitfalls involved with dodgy financial institutions. I was thinking for starters sending to the Irish Times and Financial Times and anybody else you can think of.
finance@irishtimes.com, comment@ft.com etc - please suggest. I am willing to email it.

Example email for starters:
Subject: Dismayed and Baffled Shareholders receive delayed payout today for the Irish Forestry Fund Sale

Dear Sir/ Madame
12,400 Dismayed Shareholders today received a (%)(*need to work this out)payout after their 22 year investment. Baffled and confused by the hugely exaggerated returns (14.6% tax free compounded annually) promised when they invested their money into this fund as far back as 1997. Media coverage and public statements of the sale by the directors Trevor Mc Hugh and Paul Brosnan suggested that this premature sale was hugely in the interest of the shareholders.
https://www.agriland.ie/farming-news...ory-completed/
https://www.google.ie/amp/s/amp.inde...-38124848.html

See below* which is currently published on the https://www.irish-forestry.ie

Preference Shareholders were kept completely in the dark regarding all transactions with AXA Investments and Veon, independently advised by Deloitte, solicitors involved were Lacy Walsh solicitors and Eversheds Sutherland.

I think it is reasonable to say Shareholders are angry and have a lot of unanswered questions. People were duped into thinking this would help with college funds for their children, contribute to future pensions and be a windfall return on €30,000* odd euro on a €650* investment after 30 years.( *approximate rounded figures)

The misinformation surrounding this transaction are to say the least dubious. Taking into account the large reputable companies involved I expect at least a public response to shareholders explaining where the money went and why so little. If you would be so kind and look into this and publicise on our behalf and on behalf of a country that has been badly damaged by dishonest banking institutions we would be incredibly grateful.
Yours Sincerely
Xxxxx

*quoted from https://www.irish-forestry.ie/
“This is a very positive development for our shareholders, with the portfolio’s value and returns serving as a strong endorsement of the Irish forestry and timber sector. Veon looks forward to playing our part in continuing to grow the national forest estate and helping to further develop the forest industry, which is of critical importance in combatting the effects of climate change.”

Tow wrote: »

It is not just unable to 'double our money', there was also government grant money added into the mix.

Davo222 wrote: »

Did anyone notice in later with cheque it says members voluntarily liquidation.

A quick guide to Members' Voluntary Liquidations
Nov 02, 2018
By Sarah-Jane O'Keeffe

With the 2019 budget recently announced, and the income tax deadline fast approaching, clients (or yourself) may be considering retiring from the company they started many years ago and asking themselves how they do it.

There are a number of ways to effectively wind down a business that can be done in a tax-efficient manner. One of these is through the process of a Members' Voluntary Liquidation (MVL). This process, compared to the Creditors' Voluntary Liquidation, is for solvent companies. The MVL process can take between four to twelve months to file the final paperwork at the Companies Registration Office (CRO), depending on the complexity of the case.

The process can be mildly complicated for clients, so there are a few things you should advise them to do:
They should have a meeting with the directors and shareholders to pass a resolution to place the company into liquidation and appoint a liquidator;
The value of the assets and liabilities for the company must be brought up to within three months of the date of liquidation;
A form, known as an E1-SAP (Declaration of Solvency), needs to be approved at the meeting of the directors and will summarise the assets and liabilities. This must be accompanied by an independent accountant’s report confirming the company’s assets and liabilities, and the opinion of the directors of the company that the company will be able to pay its debts in full;
The nominated liquidator will issue the directors with a letter of consent to act;
Once appointed, the liquidator will file the E1-SAP, shareholder resolution and notice of his/her appointment with the CRO;
The liquidator will then take control of the assets of the company and write to all parties affected by the liquidation;
The liquidator will ensure that all tax returns are brought up to the date of liquidation;
Once confirmation that all returns are in order and clearance is issued from the Revenue Commissioners, distribution can be made to the shareholders;
A final meeting is then called and the final returns are made to the CRO;
Finally, independent tax advice by the shareholder on the distribution received is highly recommended.
If the company is not being passed to the next generation, the MVL process is the simplest way to extract value from the company’s assets you have been accumulating for some years.

Tow wrote: »

Yes. Below is an guide to a Members' Voluntary Liquidation. Note the requirements for share holders meetings etc.

From https://www.charteredaccountants.ie/Accountancy-Ireland/Articles2/News/Latest-News/a-quick-guide-to-mvls?AspxAutoDetectCookieSupport=1