ITS YOUR JOB WELDON

Apparently there is no love lost between NZX Mark Weldon and the Shareholders crusader Bruce Sheppard.

Anyway Bruce has been on the warpath and has done some analysis of a few companies and worked out about 7 are in deep schtuck.

He suggested that some are " sitting on the edge of a debt precipice. "


NZX says he should reveal who the companies are.

We find that a bit rich. Now we thought that was the job of NZX to monitor the continuous disclosure stuff. Make sure that investors were working with as much info about companies as possible.

So it appears one of the argument is about the disclosure of banking covenants. We think they should be .

Bruce responds here.

Update : Cactus has a bloody good round up of the issue here too...

OLDIES GET A BOLLOCKING

Bruce Sheppard is not a bloke known for his reticence and yesterday in the wake of the Hanover debacle was no exception.

He reckons Hanovers oldies investors should have taken Hanover to the cleaners.

The association has washed its hands of "dumb wit" finance company investors after efforts to lead them through complicated restructuring proposals were thrown back in Mr Sheppard's face.

Sick to death of "idiots who wouldn't recognise intelligent questions if they bit them on the ass", Mr Sheppard said the association would now focus on smarter public company shareholders who appreciate what it brings to the table.

"I really despair at the base level of intellect of these old dumb wits.

"My new rule is, I'm not going to spend any time with anyone aged over 60 because, frankly, their residual economic value to the rest of the country is so low they should be put through euthanasia programmes right now."

Mr Sheppard's outburst came a day after Hanover Finance investors shouted down his request at Tuesday's vote to quiz directors and administrator PricewaterhouseCoopers further on the company's controversial rescue package.

Instead creditors voted overwhelmingly in support of a plan that pledges to pay investors their principal back over five years at the expense of interest a decision Mr Sheppard branded a "shocker".

"I'm not going to put myself or any of my executive board through the idiocy of that sort of a meeting again," he said. "It's just a waste of time they deserve all they get. If anyone asks me for advice, I'll tell them to get lost."

My parents dont have big lots of spare dosh but against all family advice they stuck their wee boodle in bonus bonds. Many of their friends who were better off stuck their money in finance companies and now they are facing lean times. Ma and Pa on the other hand are happy campers.

MA AND PA PRAWN FOLLOWERS - READ THIS

Trolling round the websites trying to make sense of this financial crisis I fell over this at Business Day written by Bruce Sheppard.

Its seems like common sense talk to me. Click here

Print it and read it in bed tonite.