Forum Archive Index - November 2001

["Wedde, John" <John.Wedde@weltec.ac.nz>]

Yep, 
Add me to the list of those who got burnt.
Some of my own fault though --- a good stop/loss would have limited the
damage.
One of you have said that some "loosely associated" with the company sold
early on.
It would be interesting to know how "loosely" [or closely] associated these
persons were.
I do seem to recall some discussion at the time of the issue, perhaps even
mentioned in the prospectus,
that the issue was an opportunity for some of the older shareholders to reap
some of the 
rewards of setting up the company, by selling some of their original
shareholding.
If any of those who sold early had knowledge of the inaccuracy of the profit
forecasts
then surely this is a case of out and out fraud! Let's not mince words here.
I'm waiting with baited breath for the Stock Exchange's request for an
explanation.
Cheers,
John  

-----Original Message-----
From: Sproul Family [mailto:sproulfamily@wave.co.nz]
Sent: Wednesday, 21 November 2001 21:21
To: sharechat@sharechat.co.nz
Subject: Re: Re: [sharechat] WFD - Heart Attack Stuff


Government decisions affecting Wakefield or not, I think the valid point
that Gaynor (NZ Herald)  was  trying to make  this morning was that
apparently the shortfall was expected and in the knowledge of  the
hospital's directors BEFORE shares were allotted to the public.
 
And even though the problem was mentioned in the prospectus, it was claimed
that  the shortfall had been allowed for in the forecast for the  year.
But now it seems that a $600,00 profit shortfall  is not going to be made up
by the year end.
 
How  enlightening . 
 
Would it be too much to expect that the NZSE would ask a few questions of
the Wakefield Board?
 
Good point G. Smythe.     ..... And yes it is no wonder that  The ASX
doesn't want  anything to do with its NZ counterpart, unless NZ toe the line
on tougher regulations .
 
I wonder how the directors of THL and Frucor are viewing the Wakefield
episode in view of the hammering they took for missing their forecast profit
figures by  a lot less (percentage wise). 
 
In Wakefield's case the period from date of forecast to actual result was a
mere six weeks.


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