Its Valentines Day For Equititrust...
It looks like its
"Valentine’s Day"for Equititrust and
as usual it has taken pressure from the
Media,
ASIC and the unwavering pressure from the
posts on this web site for a public statement as to the true state of affairs to come out...
Update on Equititrust expected to show $35m in impairments
Colin Kruger
Sydney Morning Herald
February 14, 2011
http://www.smh.com.au/business/prop...o-show-35m-in-impairments-20110213-1as0d.html
Thanks firstly needs to go out to
Aussie Stock Forums for providing such an invaluable tool on an already excellent web site allowing Australian Investors to have a voice.
Secondly many thanks to Kostag for starting this thread and his unwavering efforts in bringing the Equititrust saga to the attention of the Australian Public.
To the detractors posting against us and trying to stifle the truth i.e. Equititrust and its many non de plums. You
can’t stop the truth and you have not done the right thing by investors by withholding it...
The company has to be forced dragging to make a public statement to fully inform the investors. Its analogous to the Egyptian saga recently played out when the regime tried to stop the flow of information. Look what happened there...
ASIC was justifiably concerned, they had to reveal the full financial picture to them. Can you imagine this outfit was trying to raise another 50M from the unsuspecting Australian Public not having released the Interim Financials
whilst hiding the 35M of Impairments during that period. It’s incomprehensible and hence the forced ASIC withdrawal of the PDS.
Good work ASIC..
"ASIC also expressed concerns over the company's disclosure related to the Equititrust Income Fund, as well as the fund that was to be used for the $50 million raising". Sydney Morning Herald -
Which in effect means you MUSt disclose the 50M in impairments over the last 6 months.
"For investors the write-downs add to apprehensions about the safety of their money after Equititrust admitted last week that up to 80 per cent of its loan book might be in default by the end of this year". Sydney Morning Herald
After not communicating and not disclosing the full financial status of the fund the investors are now expecting to maintain the faith in these guys whilst they have racked up 35M in impairments in 6 months. That’s almost 6M a month..
Last Thursday Kennedy told the Sydney Morning herald there was zero impact on the investors, yet he did not reveal there were 35M of impairments to December until he was forced to do so most likely by ASIC.
What happened to Landsolve and the extra expenditure spent there, total waste of investors’ money and approximately 6M a month in impairments. Landsolve was meant to add value to the assets. What happened there. The company has clearly steered off its path..
Frankly Kennedy has not even been there for 9 months and I don’t think he really knows Equititrust's business..