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Distribution from transferring to warrants

Discussion in 'Managed Funds & Index Funds' started by moonbeamzz, 18th Apr, 2008.

  1. moonbeamzz

    moonbeamzz Member

    Joined:
    8th Aug, 2006
    Posts:
    23
    Location:
    Melbourne, Vic
    Hi all

    Just have a general query for those who ( like Myself) have moved all with Steve's fund over to warrants ( as recommended)..........has anyone received their distribution for this quarter ???? I'm still waiting for $$$ to hit the bank account and have been informed the $ go to ABN Amro first but am unsure why. So far have been very patient but have repayments for loans due early next week and unsure as to why the delay.

    This didn't appear to be a problem when dealing with LEs as ML.

    Have been a somewhat trusting of 'the system' but that's about to change.

    Cheers to all
     
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Location:
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    Have you actually contacted NFS and asked them for an ETA on the distribution payment ?
     
  3. moonbeamzz

    moonbeamzz Member

    Joined:
    8th Aug, 2006
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    Location:
    Melbourne, Vic
    Certainly have and was told today but on last check ( after 5pm) no deposit into account. Needs to be followed up first thing Monday.

    Still wondering whether others are in the same boat or if dividends ( after transfer to warrants ) have already been paid.

    I understand that some sorting out may still need to be done as far as a systems process:rolleyes: and am merely clarifying if it's only me or a general thing which has occured for all warrant holders.
     
  4. Redwing

    Redwing Well-Known Member

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    Location:
    PERTH..WA
    Not good news :(

    I'm looking to go to these Warrants with the SMSF and read with interest any thoughts on these on the forum, I can see benefits for the SMSF

    Things must be busy at Navra HQ :confused:

    I'm still waiting for news on my Direct Debit/Savings Pan..Money didn't come out this Month so I've made the obligatory phone calls but still no news/feedback, I can only assume its busy times

    I've tipped some cash into the Fund in an effort to lower the Margin Lenders LVR and have set up the DD/Savings plan and Dollar cost average into the fund (lower the LVR) as well
     
  5. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    Location:
    Brisbane
    To those that are wondering, I've been given notice this morning that ABN are paying the March distribution to clients with warrants today, so it should be in accounts tomorrow morning.

    That's all I know, so please don't ask questions!

    Mark
     
  6. Steve Navra

    Steve Navra Well-Known Member

    Joined:
    7th Aug, 2005
    Posts:
    195
    Yes confirmed, the money will be in accounts tomorrow morning.

    Explanation:
    Whenever a 'new lender'; in this case ABN Amro comes into the fold, a new registry needs to be set up and this entails extra work.
    (So just a one off delay and on time from the following quarters)

    The hold up in the process was mainly about clients not providing TFN's on their application forms; in which case the tax would be deducted before payment which would be unsatisfactory. (As you would only get the benefit on tax return)

    We have managed to get all (except 4 investors) TFN's in to registry's and so payment can go ahead.

    The four clients whose TFN's were not in, in time will have the tax portion withheld. :(
    (Ahem, please phone me individually and I will personally help out with your cash flow over the next few months. :))

    Regards,
    Steve
     
  7. Here_To_Learn

    Here_To_Learn Well-Known Member

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    Location:
    Sydney
    Funds have hit my bank account this morning as per Steve's post ... :D
     
  8. moonbeamzz

    moonbeamzz Member

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    Location:
    Melbourne, Vic
    Distribution has also hit my account this morning (Tue 22 Apr). Thanks Steve for the clarification in your post above.
    Cheers :)