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Proposed Changes to the Retail/Wholesale Funds

Discussion in 'Managed Funds & Index Funds' started by Alan, 26th Oct, 2005.

  1. Alan

    Alan Well-Known Member

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    :confused:

    NavraInvest recently proposed changes to the operation and administration of the Retail/Wholesale Funds specifically relating to how administration costs would be charged and also proposed changes to the performance fee periods.

    Today in the mail I get a letter now stating that:

    "After further deliberation, the Directors have decided to cancel proposals......

    However, the Directors continue to be committed to the principles of the proposals that were put forward. The details of the proposals are currently being reviewed and the Directors will be issuing a further letter to Unit Holders providing revised details of the proposals including revised notices convening a meeting of Unit Holders. This letter and associated documents will be sent out to Unit Holders in due course."

    Why has the Company issued this proposal a matter of weeks ago and now withdrawn it?

    Are the intended 'revised proposals' essentially the same as these or are additional/different changes envisaged?

    Anyone like to comment on this?

    :confused:
     
  2. Mark

    Mark Member

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    Why delayed?

    From my understanding the directors remain committed to the objectives of the changes however have postponed the meeting to ensure all compliance and legal issues are addressed.
     
  3. Alan

    Alan Well-Known Member

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    Ok.....so we're basically saying that the changes will effectively be the same however there may have been a few legal/compliance details that either got overlooked or things changed during the process? Fair enough.

    Any idea what the approximate timeframe for the proposals to be represented is? eg. in the next couple of months?

    Also, any idea what is happening with the recent Share Offer, US Fund etc and when some announcement may be made?


    :)
     
  4. Rick

    Rick Well-Known Member

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    I don't know how to phrase this correctly but my thoughts are that when you get used to a good flow of information and then it suddenly stops there is cause for concern.

    Maybe we're just too used to being kept in the picture.

    I would like to know

    a. What happened with the share offer? Was it fully subscribed?

    b. When will the company report be coming out for the last financial year?

    c. What happened with these latest changes? Was there too much of a rush to get them through or did someone not do their homework correctly. Seems like a costly little exercise thats come to naught.

    Rick
     
  5. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Can't comment on the others, but we got the annual report a couple of weeks back.
     
  6. BSB

    BSB Well-Known Member

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    Indeed, the annual report is on the NavraInvest website (on the company profile page)in case you haven't received your own copy. Page 19 was interesting and helps explain the extension of the recent share offer: "As at 28 September, 2005 amount of $922,500 was received for application of 369,000 ordinary shares of NavraInvest Ltd."
     
  7. Alan

    Alan Well-Known Member

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    Thanks Sim. I also didn't realise the Report was there. Just read it. Thanks. :)

    It looks like most of the information is there.

    What's not there(obviously), is the question I have asked now a couple of times and that is 'When does NavraInvest expect to be in a position to announce the final outcome of the Share Offer and the likely way forward for the US Fund etc?".

    I don't think this is an unreasonable query and one that is certainly very relevant to those that participated in the last Offer.

    Also, I note in the Report that Steve's Service Agreement was for 3 years from 1st November 2002 and hence would expire early next week?

    Would the Company like to make any comment on whether such a significant Agreement has been renewed?



    :)
     
  8. Rick

    Rick Well-Known Member

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    Thanks BSB I didn't realise it had been put on the website.

    Maybe it's better to stick with paper versions? At least then you will receive them as Sim did. Presuming of course it was a hardcopy?
     
    Last edited by a moderator: 29th Oct, 2005
  9. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Nope - I elected to receive it electronically through the options InvestorServe - I received an email notifying me that it was available.
     
  10. Rick

    Rick Well-Known Member

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    OK, thanks Sim'. I should have known yours would be electronic. I'll check they have my details correct.

    Still nobody out there with any info on how the share offer went?
     
  11. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    I think we'll have to wait for Steve to get time to come and post for that - he's been a bit busy of late.
     
  12. Alan

    Alan Well-Known Member

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    US Fund

    I received a letter today from NavraInvest stating in part:

    "The proposed launch of our new fund, the Navra American Dow Jones Fund, is on track and we hope to launch the Fund early in the new year. Inflows into the existing Navra Blue Chips Australian Funds continue to be strong. Funds under management now exceed A$80 million. We are confident that the new American Share Fund will also result in increased inflows"

    Personally, IMHO I think this is good news! :D

    Based on the information in the Annual Report it would appear the Offer wasn't fully subscribed at that time with somewhere in the vicinity of $900K to $1mil raised. Note: This was prior to the extension though so presumably this figure increased. To what, I have no idea.

    Also, in the recent Issue of New Ordinary Shares Prospectus it stated in part:

    "If the Offer is not fully subscribed the Directors intend to use the proceeds raised to provide working capital for the Company to increase the marketing of the existing Australian Funds first. In the event the Offer is not fully subscribed the Directors will determine whether or not to proceed with the launch of the proposed American Funds."

    Therefore it would appear the Directors have made the decision that they have enough to adequately promote the existing Australian Funds and to launch/promote the new US Fund.

    I wish them all the very best in this next expansion phase. :)

    In the scheme of things, it may be a relatively small matter, but it would be great if since Navra Financial is a major sponsor of this Site, it, in conjunction with NavraInvest, could make a concerted effort to try and issue as much information here as possible too so members got the maximum benefit from the Site?

    I amongst others have been asking what was happening with the US Fund for a while and even though the letter I received was dated last Thursday, no feedback has been made here from NavraInvest. I'm not having a go at Steve here as obviously he would have been run off his feet of late, but from a hopefully improved procedure point of view, I'm wondering if it would be possible for some other staff to be tasked with monitoring requests and sourcing feedback when Steve is too busy?

    In this instance, since a letter was being issued in part giving an update on this, perhaps the information could also be issued here? Or if specific Company queries are made, perhaps a couple of lines could be released by Bill etc stating something along the lines of, for example "The American Fund is on track and we hope to launch it early in the new year. More details should be available by the end of November and we will issue this information to Unitholders by mail at this time and simultaneously provide an update on InvestEd'.

    Anyway, great news about the prospective new Fund and hopefully the above suggestion will be seen as a way of 'value adding' member benefit of this Site by obtaining quick and reliable information from the company's mouth.




    :)
     
  13. BSB

    BSB Well-Known Member

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    Nicely worded Alan! I echo your sentiments.
     
  14. perky

    perky Well-Known Member

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    Yep, nicely worded Alan.
    I for one would love to see the US fund operating by (at latest) end of January.
    With the probability that the new US Federal Reserve Bank governor will lift rates in March (this is quite likely) - the Oz dollar will most likely weaken against the US dollar as long as our rates remain on hold. I would like to have some money in the US fund before this happens !!
     
  15. TryHard

    TryHard Well-Known Member

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    Great point Alan. I am a total convert to the Navra way and becoming involved with the group has been a shot in the arm I needed, but I do find the communication lacking in comparison to the performance, which might be a symptom of the rapid growth. This forum is an excellent initiative, and an ideal place to keep us all up to date, or even a regular (and very short) email broadcast to existing NI fund members would help. The recent letter re. fees and subsequent retraction just left me scratching my head. (and no I don't have lice) :)
    Cheers
    Carl
     
  16. Alan

    Alan Well-Known Member

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    I received notification today from Registries Limited that the above changes are back on again now and will be effective from 1/3/06.