Irish Forestry Funds Sale

Sonny noggs

cruizer101 wrote: »

To be fair the original thread was in the farming and forestry forum which whilst there is some connection probably isn't the best place for it, makes far more sense here.

That would be fine if the thread was moved - it wasn’t moved.

Davo222

The investment hasn't even doubled in 20 years ! SUBSTANTIAL RETURNS

Tow

cruizer101 wrote: »

To be fair the original thread was in the farming and forestry forum which whilst there is some connection probably isn't the best place for it, makes far more sense here.

Boards could have moved or merged threads.

It was actually in the "Forestry" sub form. The input from farmers was good, they are on the ground know the prices of land, planting, maintaining, harvesting etc over time.
There are also many farmers considering Forestry as a long term crop, the thread would have been beneficial to them in their decision making.

sue97

Unless the postman is very late no chrque here

cruizer101

Tow wrote: »

Boards could have moved or merged threads.

It was actually in the "Forestry" sub form. The input from farmers was good, they are on the ground know the prices of land, planting, maintaining, harvesting etc over time.
There are also many farmers considering Forestry as a long term crop, the thread would have been beneficial to them in their decision making.

I'd agree for certain aspects Forestry was more appropriate, but when it came to talk of responsibilities to shareholders and more financial issues it is more appropriate here.
But that goes against your point of moving the thread.
Two threads isn't ideal either.
I don't know what the best solution is tbh.

Mr E

Hi folks

We are working with the F&F mods to restore the thread. It was hidden for review due to some reported posts that were received by the mods.

It has not been deleted - It will be restored ASAP.

nerine

John C 1981 wrote: »

I got cheques today in respect of my shares in the Third, Fourth and Fifth funds but nothing for the Sixth. Anyone receive anything for their shares in the sixth fund?

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

antietam1

cruizer101 wrote: »

To be fair the original thread was in the farming and forestry forum which whilst there is some connection probably isn't the best place for it, makes far more sense here.

I asked was it in the right place when I started the thread.

galwaytt

Robodoc wrote: »

Was that for a single share, and in which fund?
There were 26 pages in “third Irish Forestry fund”, all gone this morning, someone high up must have known what the reaction would be and got it removed.

Jeebus. Mrs Gtt will hit the roof when she see that.......

galwaytt

Davo222 wrote: »

No freedom of speech wow!

why would there ? This is a private, commercial site.

John C 1981

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

It is the Sixth Irish Forestry Fund I am missing the cheque for. I would be interested to know if anyone else is missing this one too.

In the meantime, I'm going to take the other cheques down to the bank. May as well bank what I have, paltry though it may be.

FFruits

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!😬

F.Grimes

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!😬

Looking forward to reading it

antietam1

First they came for the trees and I did nothing,

Then they came for my thread and I did nothing.

If they come for me I'm off for a drive in the country to try and cheer up one the big losers on these shares.

FFruits

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.”

Mr E

Thanks for patience, folks. The F&F thread is open again.

F.Grimes

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.”

Great draft.

I don’t know but personally I think the angle of Paul and co. Being retained to manage the fund after the sale of the fund to AXA is a telling point.

I’m sure AXA investors will be happy to see that the people who had failed to even double the ROI over a 20 year period are now in charge of there investment.

But really impressed good job

Tow

F.Grimes wrote: »

I’m sure AXA investors will be happy to see that the people who had failed to even double the ROI over a 20 year period are now in charge of there investment.

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

F.Grimes

Tow wrote: »

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

Oh I stand corrected. Apologies **unable to double our money, whilst also squandering the tax payers money**

Movementarian

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.”

Great email, hope you send it in. As a shareholder also I am willing to tag on to anything we want to do as a group to pursue this.

Robodoc

I had shares in second and fifth funds, returned 2.6%on each fund annualised rate of return, slightly more cash back €2222.56 on second fund, €2123.30 on fifth fund, 2 shares in each fund, so €1269.70 of each payout represents my investment.
Do members have to organise a members voluntary liquidation or can it be organised hy the directors?

FFruits

What do you mean by a voluntary liquidation ? I don’t think preference Shareholders have any say in anything. But I’m not very informed on legal stuff��.

Also if someone can confirm the % payout we did get so I can add it to my letter. I was in the second forestry fund. Haven’t got letter yet but it would be same as you. Is 2.6% defo correct. Thanks

Robodoc

Third irish forestry fund thread active again folks

nerine

F.Grimes wrote: »

Great draft.

I don’t know but personally I think the angle of Paul and co. Being retained to manage the fund after the sale of the fund to AXA is a telling point.

I’m sure AXA investors will be happy to see that the people who had failed to even double the ROI over a 20 year period are now in charge of there investment.

But really impressed good job

Yes it is a good letter but I definitely think the conflict of interest aspect should be highlighted as its key. Personally I would leave out the last line regarding corrupt banking etc as I think your letter is strong enough without that.

nerine

Sorry that was meant for FFruits regarding the letter

3rdIFFvictim

Firstly we need to form a group of former shareholders.
This may require setting up a Facebook page etc to track down other shareholders. Contacting journalists who wrote previous glowing articles about windfalls and bonanzas to get them to set the record straight and to reveal that shareholders are planning action would also help.

Then we need to get some proper legal advice about our options. We need to identify an appropriate legal firm, one with a proven track record in commercial law.

Investments may not return expected yields but given that this was sold early this raises legitimate questions about how much the shareholders have received against how much AXA Investments are expecting.

This is too big for any individual to tackle alone so we are going to need many individuals who are prepared to contribute to any legal costs. The more involved, the more affordable and greater the chances of success. Legal fees divided by 100 should be affordable.


I also suggest complaining to your local TD and whatever Dail committee is in charge of this. Remember this was a Coillte spin off and Coillte are government owned so the buck stops there.

okidoki987

Bought shares (£1,000 Irish or €1,267) for the kids in 1999 for the
5th Forestry Fund.

As per the original prospectus:

https://www.irish-forestry.ie/pdf/prospectus/5iff_Prospectus.pdf

The "projected" return on the prospectus was, after 6 years each share would be worth £1,000 each (€1,267), after 30 years each share would be worth £17,122 (€21,725)!

A letter received from the promoters in December 2011 said the value approx of each share was €1,496 (2010 €1,429).

Nearly 8 years later, received a cheque today for €2123 for 2 shares which is €1,061 each which means each share has fallen by over 30% in 8 years?
WHY/HOW?

ROI of between approx 3-3.5% over 20 years is pretty poor!
Answers are needed!

FFruits

Thanks for feedback. I’m going to send this letter below to the Irish times and Financial Times just to put something out there. They’ll probably ignore�� it not expecting any feedback really + I live in N.Ireland now so it’s highly likely I’ll have to scale a wall to get back home in the next year to spend it ��...p.s.just got my cheque for second Irish forestry fund back in 1997 - €1313.11. Whoopydoo.
I added bits about conflict of interest and government grants. Don’t want to be too detailed initially as I expect more people to write in as well.

—————-


Subject: Dismayed and Baffled Shareholders receive payout today for the Irish Forestry Fund Sale

Dear Sir/ Madame
12,400 Dismayed Shareholders today received approximately 2.6% annualised return over 22 years 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 Irish Government put grants into this to pay for planting on top of shareholders money a payout on one £500 share after 22 years in the second Irish forestry fund in 1997 of €1313.11 is NOT in the interest of shareholders. I think the average tax payer would be very interested in an explanation let alone the shareholders!

To add to this Paul Brosnan and Trevor McHugh the directors of the now sold Irish Forestry Fund have now been retained to manage the fund after the sale to AXA. Why on earth would AXA retain two people who grossly failed shareholders after 22 years? There is a dark undercurrent here which needs to be investigated. Surely Paul Brosnan and Trevor McHugh who are probably weighed down by their very heavy pockets should sink to the bottom of the pond and certainly not float to the top. Does this not ring alarm bells? I’m sure AXA investors will be happy to see that the people who had failed to even double the ROI over a 20 year period are now in charge of there investment.

With 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 we would be incredibly grateful.


*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.”

Davo222

Did

Davo222

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

Tow

Davo222 wrote: »

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

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

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.

FFruits

Quick question. Maybe I’m a biff. But I just got my brother who lives in Dublin to send me a photo of my cheque! So he got 1311.11 and I got 1111.28 for the same 500 share in the same fund! Would anyone be able to shed some light? Also another person got a 7% interest on their shares ( which they are obviously very happy with) on the same fund. Now totally confused now😐

Robodoc

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

Our shares were non voting shares unfortunately, i presume the directors had control of any voting shares and could then organise a members voluntary liquidation.

Davo222

I received 1067.5 for the 7th fund

Davo222

Can anyone post the fund they were in and amount received?

FFruits

2nd 1997 on cert €1111.28

nerine

The following are the share amounts I received for the Forestry Growth Plans
6th growth plan = 1106.35
7th growth plan = 1078.49
8th growth plan = 1090.84
9th growth plan = 1049.15
10th growth plan = 1094.28
11th growth plan = 1078.49
12th growth plan - 1071.26

FishHook

I received € 1313.11. 3rd fund.

Aisling Murphy

I am a shareholder in 6th Irish forestry fund and am outraged my share has been sold without my permission. Also, the return is less than a quarter of what I expected and I never agreed to the sale and never would have done so at the ridiculous rate of €1106.90 on a 500 punt investment over 20 years.
Veon have not been answering their phone or replying to e mails so Ive come up to their offices and am speaking to a guy called Gavin Murray who is defending the miserable returns of €472 on the 6th Irish Forestry Fund and €432.72 on the 7th Irish Forestry Fund. This is a complete rip off. The Managing Director Trevor McHugh is not here. Paul Brosnan the director of the forestry funds is now the Marketing Director of Veon who have taken over our forestry investments. This is a clear conflict of interest. We need action. Please comment if you want to join me in protesting this sale of our investments without our consent.

Robodoc

Aisling Murphy wrote: »

I am a shareholder in 6th Irish forestry fund and am outraged my share has been sold without my permission. Also, the return is less than a quarter of what I expected and I never agreed to the sale and never would have done so at the ridiculous rate of €1106.90 on a 500 punt investment over 20 years.
Veon have not been answering their phone or replying to e mails so Ive come up to their offices and am speaking to a guy called Gavin Murray who is defending the miserable returns of €472 on the 6th Irish Forestry Fund and €432.72 on the 7th Irish Forestry Fund. This is a complete rip off. The Managing Director Trevor McHugh is not here. Paul Brosnan the director of the forestry funds is now the Marketing Director of Veon who have taken over our forestry investments. This is a clear conflict of interest. We need action. Please comment if you want to join me in protesting this sale of our investments without our consent.

Unfortunately we purchased non voting shares, I presume that the directors controlled the voting shares and that we have/ had no say whatsoever over their actions. I fully agree with your anger but I strongly suspect that there is no recourse in law available to us, we signed over our rights when we bought non voting shares.

Aisling Murphy

3rdIFFvictim wrote: »

Firstly we need to form a group of former shareholders.
This may require setting up a Facebook page etc to track down other shareholders. Contacting journalists who wrote previous glowing articles about windfalls and bonanzas to get them to set the record straight and to reveal that shareholders are planning action would also help.

Then we need to get some proper legal advice about our options. We need to identify an appropriate legal firm, one with a proven track record in commercial law.

Investments may not return expected yields but given that this was sold early this raises legitimate questions about how much the shareholders have received against how much AXA Investments are expecting.

This is too big for any individual to tackle alone so we are going to need many individuals who are prepared to contribute to any legal costs. The more involved, the more affordable and greater the chances of success. Legal fees divided by 100 should be affordable.


I also suggest complaining to your local TD and whatever Dail committee is in charge of this. Remember this was a Coillte spin off and Coillte are government owned so the buck stops there.

I absolutely agree:
I am a shareholder in 6th fund and am outraged my share has been sold without my permission. Also, the return is less than a quarter of what I expected and I never agreed to the sale and never would have done so at the ridiculous rate of €1106.90 on a 500 punt investment over 20 years.
Veon have not been answering their phone or replying to e mails so Ive come up to their offices and am speaking to a guy called Gavin Murray who is defending the miserable returns of €472 on the 6th Irish Forestry Fund and €432.72 on the 7th Irish Forestry Fund. This is a complete rip off. The Managing Director Trevor McHugh is not here. Paul Brosnan the director of the forestry funds is now the Marketing Director of Veon who have taken over our forestry investments. This is a clear conflict of interest. We need action. Please comment if you want to join me in protesting this sale of our investments without our consent.

Rosha1

Am so disappointed and annoyed about my dividend so a measly 436 Euro on a 23 year investment!!! Something not right here! Also when I phoned a few weeks ago to ask about the value of the shares, was told ur lucky that it’s a positive sum look at what happened a few years ago with bank shares so I told her that forestry was a great investment with huge growth and I would expect to receive well over 10,000 for my share in the fifth Irish forestry fund

Count Hairyfoot

You can leave Veon a Google review - might help someone in the future

FFruits

Aisling I’ve sent a letter to the press and awaiting a response. I’ll post if I get any🙄 think a public investigation is necessary as it was linked to a government dept Coillte

Aisling Murphy

FFruits wrote: »

Thanks for feedback. I’m going to send this letter below to the Irish times and Financial Times just to put something out there. They’ll probably ignore�� it not expecting any feedback really + I live in N.Ireland now so it’s highly likely I’ll have to scale a wall to get back home in the next year to spend it ��...p.s.just got my cheque for second Irish forestry fund back in 1997 - €1313.11. Whoopydoo.
I added bits about conflict of interest and government grants. Don’t want to be too detailed initially as I expect more people to write in as well.

—————-


Subject: Dismayed and Baffled Shareholders receive payout today for the Irish Forestry Fund Sale

Dear Sir/ Madame
12,400 Dismayed Shareholders today received approximately 2.6% annualised return over 22 years 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 Irish Government put grants into this to pay for planting on top of shareholders money a payout on one £500 share after 22 years in the second Irish forestry fund in 1997 of €1313.11 is NOT in the interest of shareholders. I think the average tax payer would be very interested in an explanation let alone the shareholders!

To add to this Paul Brosnan and Trevor McHugh the directors of the now sold Irish Forestry Fund have now been retained to manage the fund after the sale to AXA. Why on earth would AXA retain two people who grossly failed shareholders after 22 years? There is a dark undercurrent here which needs to be investigated. Surely Paul Brosnan and Trevor McHugh who are probably weighed down by their very heavy pockets should sink to the bottom of the pond and certainly not float to the top. Does this not ring alarm bells? I’m sure AXA investors will be happy to see that the people who had failed to even double the ROI over a 20 year period are now in charge of there investment.

With 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 we would be incredibly grateful.


*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.”

Great summary of the situation. Can I copy it to Joe Duffy to see if he’ll give it some airtime? Thanks. Aisling Murphy

FFruits

Certainly. But I’ve changed the sum I got as it was incorrect . Mine was 2nd forestry fund taken out 1997 and I got €1111.28 �� so just change that bit if you are copying to anyone

gordongekko

FFruits wrote: »

Aisling I’ve sent a letter to the press and awaiting a response. I’ll post if I get any🙄 think a public investigation is necessary as it was linked to a government dept Coillte

No link to coillte

Aisling Murphy

paris24 wrote: »

Where on earth has that thread gone, why would someone remove it?
Anyone want to call into Paul office this morning demanding answers?!

I just came from their offices.... I wrote a post about it.
Got no satisfactory answers. A lot of smirking and condescending responses to my questions. My post was as follows:

I am a shareholder in 6th fund and am outraged my share has been sold without my permission. Also, the return is less than a quarter of what I expected and I never agreed to the sale and never would have done so at the ridiculous rate of €1106.90 on a 500 punt investment over 20 years.
Veon have not been answering their phone or replying to e mails so Ive come up to their offices and am speaking to a guy called Gavin Murray who is defending the miserable returns of €472 on the 6th Irish Forestry Fund and €432.72 on the 7th Irish Forestry Fund. This is a complete rip off. The Managing Director Trevor McHugh is not here. Paul Brosnan the director of the forestry funds is now the Marketing Director of Veon who have taken over our forestry investments. This is a clear conflict of interest. We need action. Please comment if you want to join me in protesting this sale of our investments without our consent.

Aisling Murphy

Davo222 wrote: »

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

I never consented, and nor would I have done for less than €12000

gordongekko

Aisling Murphy wrote: »

I never consented, and nor would I have done for less than €12000

Your consent wasn't required