Margin loan renegotiated down to 2.70% with one phone call and they agreed rather than lose the account (they have made heaps over the years and I met all margin calls on time)
No loan insurance required just interest only payments monthly
paper loss some years ago was over $3.5 million but I stayed in even with threats from the wife
Interest per annum $80k or 20.0 cents dividend
not worried about sp unless major event happens an sp crashes
50.0 cent dividend per annum leaves me with $120 k surplus which is more than enough to live on after tax and taking into account franking credits
the parcel of 400k sold at around $9.00 was with hindsight huge mistake but the funds were used to help my three daughters which pleased me greatly
You may remember at the time one daughter was diagnosed with cancer so my mind and investment decisions were not that good at the time
She is Now in remission with a new baby which is more valuable than anything else in this world for me
Good luck to all
Rcman
You once posted that I should hold on until sp reached $13.00, you were right I sold the 400k too soon, but I did not want to make more mistakes with my greediness that cost me dearly in the past
FMG Price at posting:
$20.65 Sentiment: Hold Disclosure: Held
(20min delay)