Perpetual challenges FMA raids...with your money

While you read the following article by Niko Kloeten on Good Returns remember that Perpetual/Pyne Gould uses company money and therefore essentially shareholder money to protect that what has now become the farsical behaviour of its directors.

J

Perpetual challenges FMA raids

Perpetual Trust has taken the Financial Markets Authority to court over searches of companies associated with Pyne Gould Corporation, as part of an investigation into related-party loans.

 

Baker Street Capital Management accused of double standards by PGC shareholder

I neglected to blog this contribution I received some weeks back. The author accuses Baker Street Capital of double standards, because Baker Street Capital is doing exactly the same things to Pyne Gould shareholders about which they are complaining about in the letter. It appears that Baker Street Capital do not enjoy being beaten with the same stick which they are using to clobber Pyne Gould shareholders.

I edited some of it and provided links.

J

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Dear John,

Jackie xxx (Edited: name withheld) faxed me this letter that Baker Street (Edit: Baker Street Capital Management LLC) sent to a company called Tix Corporation in which they complain about the way the shareholders are being treated. Jackie is feeling more than a bit crook about this affair and still cannot believe that the family’s investment is worthless after they stuck with the Pynes for generations.

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. 

IMPASSE - I Mogridge PASSE - Time for you to leave, Bryan.

Bryan Mogridge

Bryan Mogridge announced the resignation of PGC's auditor KPMG here https://www.nzx.com/files/attachments/156954.pdf

What readers of this blog find interesting is Bryan Mogridge's choice of words. Apparently PGC arrived at a "technical impasse" on certain matters. You know, those famous words were not "Houston, we have a technical impasse" they were "Houston, we have a problem", a credibility problem. You clearly choose to ignore the history that led to your "technical impasse".

Will the real men in this country please stand up!

I was appropriately moved by the following piece that was brought to my attention today. The piece is copied below; read it first before you continue. My role at this blog is to convey what others think rather to "say" what I think, but I have something to say and I am going to say it.

PGC is such an obvious case of gross mismanagement and total abuse of power and the paralysis by the businessmen in this country perplexing. I absolutely agree with  Chris Lee that George Kerr should not be allowed to run or be the director of a public company and neither should Bryan Mogridge. To allow him to be classified as an independent director is laughable (see this blog for details).

Open letter to the NZX and FMA

The letter below went out to the NZX, the FMA. A reporter and Bryan Mogridge was copied on this letter. I will post any replies.

Cheerio!
jA