Managed Funds NavraInvest AGM - any feedback/information?

Did anyone here attend the NI AGM? IF so, anything startling or of interest to report?

 

Hi BSB.

Yes I attended.

I guess it depends on what you consider to be 'startling or of interest'.

I think Steve said in another post that he would post an AGM Summary here after the meeting so I'll leave it to him in the first instance........

 

Alright, I will have a go at replying to this post but my memory may not be as good as it happened a week ago. If I have got something wrong, I am sure someone (and Steve when he posts) will correct me.

* There were more than a dozen shareholders at the meeting, with Steve, Bill, Bleddyn and Navra staff (Louis and Teresa). Steve is no longer the Chairman, but this job passed to Bill - although Steve is still a director.

* The share offer raised around $1.4m (well short of the $5m target). This meant there would be no tv or newspaper ads, but Steve will continue to market Navra through his workshops. (Steve was talking about selling/licensing his method to other trainers - to give him more time on other things, instead of doing the workshops personally). Steve's shares targeted for the public share offer are returned to him. The money raised will be used to set up the US fund.

* The US fund is scheduled to be up and running by January 2006. However, there will be some (founding) investors who will seed funds to start it as early as December (this month).

* There will be 2 US funds - a hedged and an unhedged, cf 2 Australian funds - wholesale and retail. No tax implications for investing in US funds (can't remember the reasons here!)

* Expected that there would be 20% flows of $ from Australian funds to US funds initially, but over time this may increase to 50%. Not expected any severe impact on Australian funds because investors would do the switch gradually - ie sell out of Australian funds when the unit prices are high.

* The proposed fee structure (quarterly, instead of yearly) was passed (on proxy and at meeting).

I think the above were the main points.

 

Thanks pthm, much appreciated.

 

Yep thanks for that, good to know the US fund will be live soon.

 

Maybe I missed something.......my understanding was that while Bill chaired the meeting, Steve was still Chairman of NavraInvest?

Perhaps that could be clarified.........

 

I'm sure that Steve will be able to answer all questions soon, as he's stated in his TIME post- today was one of his last busiest days, so we're all looking forward to seeing more of him here on the forum

 

I hope Steve will clarify when he posts about the AGM, but on face value I think that is a dreadful idea. Surely NI could employ a presenter / salesperson to be tutored by Steve to take on some of the workload ? The thing that sets NI apart is the logic / commitment / lack of hard sell shown at Steve's presentations. A 'licensee' more interested in the almighty dollar would be a very retrograde step IMHO. Although is Steve is no longer Chairman, maybe he will have some more time ... but I hope that is incorrect !

Deep breaths, awaiting the official AGM minutes or the video

 

EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEK

No one told me I am no longer the chairman!!!

I LOVE doing the Workshops


REST ASSURED . . .

I am STILL the CHAIRMAN and NOBODY else will be presenting the Navra story

At each AGM, I request that the MD (Bill DE Steiger) "chairs" the meeting. In other words he runs the AGM . . . this effectively frees me up to simply be a shareholder like everyone else!!

The Marketing Strategy for 2006 incorporates me running 'educational workshops' for FINANCIAL PLANNERS . . . so that they may help THEIR clients to acquire wealth using a decent structure. (Yes the Optimised Investment Structure that I teach to my clients) I am doing this for two reasons:

1) I physically cannot take on that many new clients . . . so it will be better to teach the teachers!
2) By educating the Financial Planners . . . is a marketing exercise that will encourage them to suggest NI as a great place to invest for INCOME. (Which drives the structure.)

I will be posting a much greater "In Depth" answer about the AGM as requested earlier in this post.

Regards,
Steve

 

Sorry, Steve, I got it wrong! Looking forward to your longer post when you are ready.