Irish Forestry Funds Sale

Davo222

For all the reasons the directors have given for selling up early for pittance.
We need to ask if this investment was going so bad WHY WOULD AXA PURCHASE IT, AND KEEP THE TWO DONKEYS ON TO RUN IT?

coolshannagh28

This is a great purchase for AXA , the asset is only coming into its maximum performance for the next 10 years and there is also the possibility that the carbon credits will add value as the green agenda gains traction.

Orderofchaos

Hugely disappointed with this return and very dissatisfied with whole thing was handled. Are AXA not worried about how their assets will be managed? I'm concerned for them. I'll never buy/use an AXA product again if I can help it. The whole thing stinks imo.

nerine

Another article in todays Sunday Independent, business section

Treesacrowd

There were 12,400 investors in all the funds sold by Irish Forestry Funds. There is a very strong case for challenging the directors of these funds as not acting in the best interest of the shareholders. We can talk all we want about how disgraceful it is that the funds were sold short, or we can decide to do something about it. For starters a public meeting should be held. We should invite a senior counsel who specialises in corporate governance and contract law and we should invite responsible people from the media to work with us on unearthing the facts on all the people involved in managing these companies. We should also invite the Minister for Forestry Andrew Doyle to attend on the basis that significant Tax Payers' money has been invested in these funds in the form of annual grants.
Because there are 12,400 of us who probably all feel we were short changed by the directors of Irish Forestry Funds we should all chip in a nominal amount of money to build up a war chest to go after these director to hold them accountable for their actions. We should also include all associated companies involved in cutting us out of reaping the rightful returns for the full period of the investment that we had committed to. We have the power if we act together.

Spain Calling

Agree totally with Treesacrowd above. Lar Sheeran and Aisling Murphy are moving forward with this so get involved and email them

Aisling Murphy

Treesacrowd wrote: »

There were 12,400 investors in all the funds sold by Irish Forestry Funds. There is a very strong case for challenging the directors of these funds as not acting in the best interest of the shareholders. We can talk all we want about how disgraceful it is that the funds were sold short, or we can decide to do something about it. For starters a public meeting should be held. We should invite a senior counsel who specialises in corporate governance and contract law and we should invite responsible people from the media to work with us on unearthing the facts on all the people involved in managing these companies. We should also invite the Minister for Forestry Andrew Doyle to attend on the basis that significant Tax Payers' money has been invested in these funds in the form of annual grants.
Because there are 12,400 of us who probably all feel we were short changed by the directors of Irish Forestry Funds we should all chip in a nominal amount of money to build up a war chest to go after these director to hold them accountable for their actions. We should also include all associated companies involved in cutting us out of reaping the rightful returns for the full period of the investment that we had committed to. We have the power if we act together.

I totally agree treesacrowd. If you e mail me at
aislingmurphy1@gmail.com i’ll add you to our e mail message stream and you can see what we have achieved to date

iriship

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?!

Did you get any reply?

iriship

okidoki987 wrote: »

https://www.irishtimes.com/business/cantillon/investors-in-irish-forestry-learn-money-doesn-t-grow-on-trees-1.3993293

Let's hope this is the start of it.

This was the start of it in the "irish times" 1999 some differences in there story today.

https://www.irishtimes.com/business/two-new-forestry-funds-promise-high-return-1.212048

birdhouse

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.

Happy to add my voice .I had 1 measly share in 3rd F.Fund...This fund was grossly & recklessly 'oversold' initially and Directors did not act in best interests of shareholders in liquidating fund. Forensic accountancy job required to follow the money trail in what is a big smoke and mirrors exercise by company...feeling a bit hopeless about it and expect little to change but kinda need a hobby for the winter months and happy to do my bit !

TreeFellers

FYI from askaboutmoney:

Irishforestryactionclaim.com
We are growing faster than the trees!!!
Lar Sheeran

cushion2

Hi all,

I'm totally new to boards.ie (actually only joined because I am so disgusted with the miserable return on my forestry fund shares).
Not a happy bunny here at all
I would like to join any petition, legal action or other action being taken by other investors.
Please send me details and I will happily join

Regards

gordongekko

cushion2 wrote: »

Hi all,

I'm totally new to boards.ie (actually only joined because I am so disgusted with the miserable return on my forestry fund shares).
Not a happy bunny here at all
I would like to join any petition, legal action or other action being taken by other investors.
Please send me details and I will happily join

Regards

The details are literally in the post above your post

Count Hairyfoot

So this morning, myself and my dead father (thanks lads my mother was delighted) got a letter from the Irish Forestry Action group about the case they're bring against Veon. I'd love to know where they got our details from.

Aisling Murphy

Count Hairyfoot wrote: »

So this morning, myself and my dead father (thanks lads my mother was delighted) got a letter from the Irish Forestry Action group about the case they're bring against Veon. I'd love to know where they got our details from.

Hi,
I’m sorry if our mailshot caused any upset for you and your mother. My sincere apologies. The names and addresses are publicly available information on the CRO.ie website. It is provided by the company secretary regarding all shareholders and submitted under what is called the B5 form and annually under the B1 annual return that all limited (public or private) companies must submit to the CRO. Myself and a few other investors have gone to a lot of trouble and expense over the past few months to try and get some answers for many disappointed investors whose forestry were sold at a very low price before the forests had matured. We have engaged legal firm Mathesons and other senior counsels to represent us, and are simply trying to reach out to all of the investors in the various funds, to see if they want to join our legal action. Unfortunately the CRO did not provide many e mail addresses so we had to send letters out to the shareholders. Again, our apologies if our letter caused any upset to you and your family. We are only trying to help the many investors who feel short changed and want to join our action group.
Yours Sincerely
Aisling Murphy

Count Hairyfoot

Apology accepted - don't worry about it. Good luck with the case.

combat14

amazing how irish timber prices are soaring now... and certain advisors rewarded and "retained" ... ...

It is estimated that the since Q1 of this year, the price of timber has increased by an unprecedented 35%.


https://www.google.com/amp/s/constructionnews.ie/timber-price-increases/amp/

Jim2007

combat14 wrote: »

amazing how irish timber prices are soaring now... and certain advisors rewarded and "retained" ... ...

It is estimated that the since Q1 of this year, the price of timber has increased by an unprecedented 35%.


https://www.google.com/amp/s/constructionnews.ie/timber-price-increases/amp/

It's the nature of the commodity business, you'll see the same thing in in for example base chemicals and so on.


And now you'll lots of people pile in for the next ride, only to loose money and be disappointed. And so the game goes no.