Managed Funds NavraInvest 2006 Annual Report

For anyone else who is interested, I phoned NavraInvest to find out when the annual company (not funds) report will be released and was told that it would be in about a weeks time.

Should make interesting reading!

 

Any mention of when the AGM will be on?

 

Just received notice but they forgot to update the notice. Date still reflects 2005.

Cheers

 

But read further down, it shows Wednesday 29th November 2006 - 930am.
I will prob be there. Anyone else going ?

 

Kinda wish they would consider holding the AGM on a Friday afternoon to make it a bit more feasible for interstate shareholders to attend and perhaps take in a Sydney weekend whilst in the process.

 

Also the 9:30 AM is a killer. What do they think everybody gets up to go to an office by 9am or something.
Cheers

 

Hmm, maybe that's why it is at that time....

 

I'd sure love to know what this meant!

"The directors have excluded from this report any further information on the likely developments in the operations of the Company and the expected results of those operations in future financial years, as the directors believe that it would be likely to result in unreasonable prejudice to the Company."

 

So at what point do shareholders (whose money helped form the company) have a right to know the likely direction of the company and what returns (if any) they can expect on their investment!!! I think it is morally wrong that directors of companies can get away with these kind of statements and not be held accountable by shareholders for their actions or lack thereof!! What is NavraInvest's modis operandi going forward or is everybody just supposed to wait around in the dark to see what directors feel like doing on the day! Rant and rave

 

Hi Gad

Where did this quote come from? Which report was that?

Cheers

Please disregard as I have found it in the Navrainvest annual report. Thanks for highlighting this.

 

And those shareholders who still have to work for a living and are unable to attend, perhaps someone may care to post the response to the question on this forum. I feel the response will not be published anywhere else.

 

The same "message" was included in the notice of AGM by another guru relating to investments in his property enterprises!!. Needlesstosay shareholders are still waiting several years later to get their money back from that venture but directors were similarly reluctant to commit themselves?? Suggested a second board listing on the N'cle Ex. to give some liquidity to their shares!?!?!? I had hoped that by investing with Steve and Navra not to see this kind of thing appearing!

I think most people invested with Steve after knowing him personally for several years and it is disappointing to see how he has distanced himself from the company and no longer contributes to the forum.

 

Hi Red

Whilst it's disappointing for all of us that Steve hasn't had time to be more active here, I think that's an entirely different issue to how involved he is with NI.

Whilst I can't speak for him, remember he's by far the largest shareholder in the Company (and I suspect also the largest unitholder in the three funds).

So I would have thought there's a complete alignment of his interests with the interests of the Company.

On a day-to-day basis there's a great team of people at NI who deal with the day-to-day issues. You wouldn't expect the chairman of BHP to get involved with everything the big Australian is doing would you?

Anyway that's my 2.2 cents worth.

Cheers
N.