OCV octaviar limited

ARL interim accounts, page-7

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seamisty

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17/03/16

14:03

Post #: 17300404
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Originally posted by Camelia ↑

Hi Fred -

I note that you are now saying you have "no idea" how much "(if anything)" we will recover from Octaviar, whereas in May 2015 there seemed a degree of anticipation. Why is that ?

https://www.nsxa.com.au/ftp/news/021730171.PDF
''...4.4.3 Proof of Debt ARL is the beneficiary of the Proofs of Debt in the liquidation of OA in the amount of $137m (or circa 8% of the admitted creditor pool). To date, ARL has received two dividends totalling $2.56m and ARL has recently stated that it expects to receive a further $1.65m on 17 June 2015. ARL anticipates further dividends from OA but is uncertain of timing. The liquidator of OA holds significant cash reserves of $82m as at 8 March 2015 which could arguably be distributed. The liquidator has commenced various legal actions. If these actions are successful they may result in better returns. If they are not successful they may result in lower returns....''

I think that the PIF is the classic example of why unit holders in frozen funds should NEVER lose their rights to redemptions, and I wish that was mandatory.
Despite losses of around 90%, PIF members now find themselves in a situation where they will see potential dividends from our Proof of Debt go to share holders who have come in at a small fraction.

From the May Hamilton's Bidders Statement, dated 11 May 2015
https://www.nsxa.com.au/ftp/news/021730171.PDF
''...Hamilton and Samuel Terry are Associates under the Corporations Act for the purposes of the Offer. Further, Fred Woollard, who is a director of Hamilton, is also a director of Samuel Terry. The STAR Fund owns 18.5 per cent of the issued shares in ARL and directors of Samuel Terry and entities associated with them own a further 1.4 per cent of the issued shares in ARL. The share numbers quoted above are current only as at the date of the Bidder’s Statement. Hamilton may undertake one or more transactions affecting its share capital (such as a buy-back or shares or rights issue) which will result in the STAR Fund increasing its percentage shareholding in Hamilton...''

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OI FREDDY, Will you please respond to Camelias' post as I am interested in what you have to say in relation to some valid points raised

OCV Price at posting: 0.0¢ Sentiment: None Disclosure: Not Held
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ARL interim accounts, page-7

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