This blog is getting all too serious so a reader suggested we lighten up with some hart warming news.
A new baby, Torchlight Real Estate New Zealand Limited (3892737) was born on 16 July 2012 to the lovely couple Michael Owen TINKLER (director) and George Charles Desmond KERR (director).
When looking at the glowing couple you will think it is their first time, but birth records (Companies Office) show the couple have brought 164 companies (Kerr 114 and Tinkler 50) into this world to date.
Congratulations!
Sidenote: Torchlight Real Estate New Zealand Limited (3892737) is wholly owned by Torchlight LP1 of which Pyne Gould owns only 10%.
Tuesday, July 17, 2012
Friday, July 13, 2012
Ratatat-tat -- Another one
It was pointed out to me that until recent events Heartland New Zealand's largest shareholder was Pyne Gould Corp and the fourth largest shareholder is Pyne Holdings. Focus on the corporate structure below.
1. Pyne Gould shares were held by Torchlight Securities (TS), which is 100% owned by Pyne Gould Corp (PGC).
2. Pyne Gould owns only 10% of Torchlight Fund LP1 (LP1)
3. Pyne Nominees is 100% beneficially owned by George Kerr and owns 9% of LP1 and Mogridge has a direct stake in LP1
It is interesting to note that the money which I assume is being raised to plug the hole in LP1, which was funded by the loan from the cash fund is raised not by selling Kerr's shares in Heartland held through Pyne Nominees, but by selling PGC's Heartland shares held through TS. You would have expected the Heartland shares to at least have been sold down in equal amounts spread between Pyne Nominees and PGC.
Surprised?
Cheerio!
jA
Anderson Cooper once said, I think it's a good thing that there are bloggers out there watching very closely and holding people accountable. Everyone in the news should be able to hold up to that kind of scrutiny. I'm for as much transparency in the newsgathering process as possible.
1. Pyne Gould shares were held by Torchlight Securities (TS), which is 100% owned by Pyne Gould Corp (PGC).
2. Pyne Gould owns only 10% of Torchlight Fund LP1 (LP1)
3. Pyne Nominees is 100% beneficially owned by George Kerr and owns 9% of LP1 and Mogridge has a direct stake in LP1
It is interesting to note that the money which I assume is being raised to plug the hole in LP1, which was funded by the loan from the cash fund is raised not by selling Kerr's shares in Heartland held through Pyne Nominees, but by selling PGC's Heartland shares held through TS. You would have expected the Heartland shares to at least have been sold down in equal amounts spread between Pyne Nominees and PGC.
Surprised?
Cheerio!
jA
Anderson Cooper once said, I think it's a good thing that there are bloggers out there watching very closely and holding people accountable. Everyone in the news should be able to hold up to that kind of scrutiny. I'm for as much transparency in the newsgathering process as possible.
Thursday, July 12, 2012
Torchlight Securities - Rat in me kitchen
The UB40 song goes;
There's a rat in me kitchen what am I gonna do?
There's a rat in me kitchen what am I gonna go?
I'm gonna fix that rat thats what I'm gonna do,
I'm gonna fix that rat.
Speaking about fixing, what exactly is being fixed right under shareholders’ noses?
Think! Thiiiiiiiiiiiiiink about id!
The FMA is kicking up a big fuss about Kerr, Mogridge, et al using a Perpetual Trust vehicle to patch a hole at Torchlight Fund LP 1 and rightfully so.
But what is happeniiiiiiiiiiiing??
IMPASSE - DITTO says New Zealand Shareholder Association
On 4 May we wrote, "IMPASSE - I Mogridge PASSE - Time for you to leave, Bryan."
Today the New Zealand Shareholder association echoed that sentiment.
John Hawkins calls for Bryan Mogridge to step down. "Hawkins said that Mr Mogridge as Chairman of PGC and a director of both Perpetual and Perpetual Asset Management at the time was deeply involved in this debacle. In the Associations opinion, along with the other directors he has seriously compromised his obligations toward investors. The NZSA believes the reputational damage is such that he should step down from his other public positions to avoid any collateral damage by association."
Cheerio!
jA
Anderson Cooper once said, I think it's a good thing that there are bloggers out there watching very closely and holding people accountable. Everyone in the news should be able to hold up to that kind of scrutiny. I'm for as much transparency in the newsgathering process as possible.
Today the New Zealand Shareholder association echoed that sentiment.
John Hawkins calls for Bryan Mogridge to step down. "Hawkins said that Mr Mogridge as Chairman of PGC and a director of both Perpetual and Perpetual Asset Management at the time was deeply involved in this debacle. In the Associations opinion, along with the other directors he has seriously compromised his obligations toward investors. The NZSA believes the reputational damage is such that he should step down from his other public positions to avoid any collateral damage by association."
Cheerio!
jA
Anderson Cooper once said, I think it's a good thing that there are bloggers out there watching very closely and holding people accountable. Everyone in the news should be able to hold up to that kind of scrutiny. I'm for as much transparency in the newsgathering process as possible.
Thursday, July 5, 2012
Court decision-related party
The following items were pointed out by a reader regarding the recent court decision to lift the confidentiality order on the related party transactions between Perpetual Asset Management and Torchlight Fund LP (1).
a. On page 5-6 (section 4) George Kerr disclosed he was an interested director due to the fact that he is an investor in Torchlight and could therefore not participate in the board decision. However, it APPEARS that Bryan Mogridge failed to disclosed his 0.166% in Torchlight Fund LP (1) and declare himself as interested and should NOT have participated in the board decision (24.2 (ii) of Target Company Statement)
b. Furthermore, Henley Downs Village Investment Ltd and Real Estate Southern Holdings Ltd were offered up as security for a loan to Torchlight LP (1) and the court documents seem to indicate that Henley and Southern are owned by Torchlight LP (1), which is contrary to Companies Office filings 1 and 2, which show Torchlight GP (1) as the owner. This is not necessarily a problem, but needs highlighting.
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