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Third Irish forestry fund.

  • 20-05-2019 4:31pm
    #1
    Registered Users Posts: 350 ✭✭


    The above was supposed to take 30 years to mature, just got a letter saying they have sold it off without consulting any of the 3 thousand or so share holder's.
    They cited everything from brexit to China to the weather.
    Also if this thread not suitable for here let me know.


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Comments

  • Registered Users Posts: 28,005 ✭✭✭✭AndrewJRenko


    So what return are you getting on your investment?


  • Registered Users Posts: 53 ✭✭iriship


    antietam1 wrote: »
    The above was supposed to take 30 years to mature, just got a letter saying they have sold it off without consulting any of the 3 thousand or so share holder's.
    They cited everything from brexit to China to the weather.
    Also if this thread not suitable for here let me know.

    I got letter today about the fourth Irish forestry fund. is in windup. it was not to finish till 2031=2032

    I think we have no say in this, but I do not feel good about this as most return would have being in the next 10 years . can not say this till we get check in post in July this year 2019

    please let me know if your found out any info on rights in this. even just PM me if you can


  • Registered Users Posts: 107 ✭✭sandman30


    Try finding out who they sold the properties to. If it's a related party or wasn't marketed on the open market, I would be seriously concerned


  • Registered Users Posts: 350 ✭✭antietam1


    So what return are you getting on your investment?

    No idea, will no know more in July.


  • Registered Users Posts: 28,005 ✭✭✭✭AndrewJRenko


    sandman30 wrote: »
    Try finding out who they sold the properties to. If it's a related party or wasn't marketed on the open market, I would be seriously concerned
    When I looked at these funds years back, they were full of links to related parties. The funds contracted maintenance to a separate company owned by the fund promoters, which didn't seem like a great idea to me.


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  • Registered Users Posts: 715 ✭✭✭$kilkenny




  • Registered Users Posts: 350 ✭✭antietam1


    $kilkenny wrote: »

    Thanks for that, I had no idea 70% of our timber typically goes to England.


  • Closed Accounts Posts: 40,061 ✭✭✭✭Harry Palmr


    So far I've got notification for shares in 4 plans which have been sold with July cheque dates, hopefully the indo's description of substantial returns is accurate :)


  • Registered Users Posts: 350 ✭✭antietam1


    A few lines in the Sunday times to say it's Axa investment what has bought my tree.


  • Closed Accounts Posts: 40,061 ✭✭✭✭Harry Palmr


    Just read that, I had assumed it was a standard clearance to the saw mill job. The tone of the three articles I've read is very bullish though talk of a "summer bonanza" may be over-egging things a bit.


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  • Registered Users Posts: 350 ✭✭antietam1


    I worked for a company that sold woodworking machinery and at the time there seemed to be a lot of grants available to process raw timber, doesn't seemed to have worked.
    We export most of it.


  • Registered Users Posts: 816 ✭✭✭Boardnashea


    $kilkenny wrote: »
    This paper looks more like a company press release than a piece of journalism.


  • Registered Users Posts: 53 ✭✭iriship


    Just read that, I had assumed it was a standard clearance to the saw mill job. The tone of the three articles I've read is very bullish though talk of a "summer bonanza" may be over-egging things a bit.

    My maths on this relates to what we were promised.
    €500 per share 12.5 percent = €17500 after 30years
    At this stage that's app 6000 can you see us getting that? Per share not me


  • Registered Users Posts: 350 ✭✭antietam1


    iriship wrote: »
    My maths on this relates to what we were promised.
    €500 per share 12.5 percent = €17500 after 30years
    At this stage that's app 6000 can you see us getting that? Per share not me

    We are 23 years into it, how many for you may I ask?
    My wife turned turned down 6k years ago for 4 shares.


  • Closed Accounts Posts: 40,061 ✭✭✭✭Harry Palmr


    iriship wrote: »
    My maths on this relates to what we were promised.
    €500 per share 12.5 percent = €17500 after 30years
    At this stage that's app 6000 can you see us getting that? Per share not me

    Using an online calculator I got £4,810 after 19 years (which is mine) 20 years is £5,513 obviously you need to add the 500 of the invested sum. So yep that's right.
    antietam1 wrote: »
    We are 23 years into it, how many for you may I ask?
    My wife turned turned down 6k years ago for 4 shares.

    23 years is £8,232 interest per share.

    I doubt we'll be seeing that kind of return.

    I just did a quick calculation for all my shares to the nearest last full year period. 22k return in theory, if it's half that I'll be shocked :D


  • Registered Users Posts: 30 paris24


    Same boat. Have one share IE£500 / €750 and th ROI projections over 30 term was IE£28,727 / €36,475.

    I have zero knowledge on how these things work, but does the letter and subsequent articles in the papers reek of PR spin, delivering bad news. What should we realistically expect now? Also, are they allowed to just sell up ~9 years ahead of the maturity of term? Was meant to be 1998 - 2028.


  • Registered Users Posts: 350 ✭✭antietam1


    paris24 wrote: »
    Same boat. Have one share IE£500 / €750 and th ROI projections over 30 term was IE£28,727 / €36,475.

    I have zero knowledge on how these things work, but does the letter and subsequent articles in the papers reek of PR spin, delivering bad news. What should we realistically expect now? Also, are they allowed to just sell up ~9 years ahead of the maturity of term? Was meant to be 1998 - 2028.
    Does indeed reek of pr spin, summer bonanza etc.
    My pension crowd thought I should have been delighted to almost get all my money back.


  • Registered Users Posts: 30 paris24


    God that's depressing.... how can they get away with making such huge promises only to sell up 10 years early and pay out SFA... seems so unfair! :( I had that money earmarked for kids college fund in 2028


  • Registered Users Posts: 252 ✭✭hgfj


    I have 2 shares in the fifth fund. I also had shares in one of the ten year funds. The ten year fund wasn't sold for thirteen years. Reason being the returns were so bad they had to keep it running for another 3 years. Then within that 3 year period the government reneged on the tax free status of the funds. I cant recall the return on the fund but it wasn't much. These 30 year funds were supposed to be tax free as well. I'm expecting just a small profit.


  • Registered Users Posts: 30 paris24


    hgfj wrote: »
    I have 2 shares in the fifth fund. I also had shares in one of the ten year funds. The ten year fund wasn't sold for thirteen years. Reason being the returns were so bad they had to keep it running for another 3 years. Then within that 3 year period the government reneged on the tax free status of the funds. I cant recall the return on the fund but it wasn't much. These 30 year funds were supposed to be tax free as well. I'm expecting just a small profit.

    Are they not tax exempt? I thought they were?


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  • Closed Accounts Posts: 40,061 ✭✭✭✭Harry Palmr


    They are, not sure why hgfi thinks otherwise.


  • Registered Users Posts: 30 paris24


    Using an online calculator I got £4,810 after 19 years (which is mine) 20 years is £5,513 obviously you need to add the 500 of the invested sum. So yep that's right.



    23 years is £8,232 interest per share.

    I doubt we'll be seeing that kind of return.

    I just did a quick calculation for all my shares to the nearest last full year period. 22k return in theory, if it's half that I'll be shocked :D

    What sort of return should I realistically expect on my €750 share then after 21 years (9 years shy full term) :(


  • Closed Accounts Posts: 40,061 ✭✭✭✭Harry Palmr


    £10,214.


  • Registered Users Posts: 30 paris24


    £10,214.

    How do you work out your figures?


  • Closed Accounts Posts: 40,061 ✭✭✭✭Harry Palmr


    A calculator - capital sum x 12.5% compound interest x years.


  • Registered Users Posts: 252 ✭✭hgfj


    They are, not sure why hgfi thinks otherwise.


    Maybe I'm wrong but I seem to recall getting a letter some years back with regard to the tax exemption status for these funds. The ten year fund I was in didn't finish after ten years. It went on for another three years i think. Reason being markets were so bad at the ten year point the funds weren't worth selling. A year or two into the extension there was a letter saying the revenue changed the status of these funds so they were now taxable. Unless I'm befuddled and confused. I just went to the forestry sites faq and they seem to be still tax free. I also just rang the Irish forestry funds number and the woman said they were still tax exempt. She said it was possible they were changed to taxable and then changed back again but that was very unlikely. So hopefully I am wrong and they are still tax exempt.


  • Closed Accounts Posts: 40,061 ✭✭✭✭Harry Palmr


    I think you have your answer! :)


  • Registered Users Posts: 350 ✭✭antietam1


    Well it is July.


  • Registered Users Posts: 259 ✭✭lcwill


    antietam1 wrote: »
    Well it is July.

    I think we have to wait until late July for our massive cheques.....


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  • Registered Users Posts: 161 ✭✭AhrSkidar




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