Skip to main content

EcoCrops International Reports

EcoCrops International reports that The High Court in New Zealand has approved an application by the Financial Markets Authority to put 18 Forest lands companies into liquidation, a necessary step towards distributing $16 million to shareholders.
Neale Jackson and Grant Graham of KordaMentha have been appointed by the Courts as liquidators of the companies.
"The liquidations will allow us to commence the process that will result in the funds being distributed to the investors," Mr Jackson said. "We appreciate investors have waited a considerable time for their money."
He said shareholders would be contacted by October on how the liquidations would be managed, and what investors might receive.
A shareholder who has been running a Facebook page for investors, Des Howard, said the liquidation order was "the beginning of the end".
"They  have already done some work, but the size of the task is not small, let's give them a chance," he said in a posting.
The Motueka-based Forestlands group has been at the centre of a long-running dispute relating to the 2016 sale of its forestry assets.
The FMA became involved from 2017 after shareholders complained about the lack of information about the proceeds of the sale and the return to investors.
As a result $18 million from the sales were put into trust to protect shareholders' interests. However, the amount available has already been reduced by a $1.56m payout to settle a claim from Inland Revenue.
The Forestlands group had a complicated structure in which individual companies owned separate forests at various stages of growth and harvesting. The investments were managed by companies associated with the group's sole director, Rowan Kearns.
The FMA said the company has been slow to tell shareholders what was happening, had not maintained a share register nor accounting records, and consistently failed to meet reporting requirements.
There was no comment from Mr Kearns on the liquidation, although he had previously hired KordaMentha to complete preparatory work on his own plan to wind up the group.
The court said there were no doubts about the independence of KordaMentha, nor the competence and integrity of Mr Jackson and Mr Graham.
For more information on Forestry Investments contact EcoCrops International
Labels:

Comments

Post a Comment

Popular posts from this blog

Trumps biomass policy

In 2007 the USA Federal Government passed the US Renewable Fuel Standard which required ethanol blending with domestic oil in large quantities with frequent increases in amounts of ethanol being used.  The bill was passed to reduce the USA carbon footprint and increase the amount of renewable biofuel being used in the USA. Under the Trump administrations, they have been far less supportive of the biomass blending mandate, granting biofuel waivers to major industry players and allowing the trading of biomass credits to develop. Despite the less than active support for biofuel domestically Trump has been pushing his trade negotiators to get big concessions from his Chinese counterparts by asking them to lower their tariffs on biomass in particular biofuel. China's ethanol demand is expected to grow nearly sevenfold as the country prepares to introduce E10 fuel throughout the country next year. E10 fuel is a fuel using 10% ethanol and 90% petrol. U.S. trade negotiato...
Post a Comment
Read more

China preparing solar farms in Space

Ecocrops internationa l reports that the Stations would orbit 22,000 miles from Earth and would weigh over 1,000 tons, that is 600 tons more than the International Space Station.  They plan to deploy small and medium stations between 2021 and 2025 and a megawatt level satellite in 2030. Space-based solar power has two major advantages over Earth-based solar power:  due to the orbit they can collect energy 24 hours a day, and they collect more energy as the sunlight is not filtered by the Earth’s atmosphere. Under the plans, huge satellites would be put into orbit to collect the sunlight with huge solar rays.  Once the energy is collected it would be sent back to receiving stations on earth as microwaves.  On Earth, these microwaves would be converted to electricity and fed into the grid. Due to the huge size of the satellites, the Chinese are proposing to fabricate with 3D printer technology and then assemble in the Earth orbit with robots. Pang Zhihao, a re...
1 comment
Read more

Markets just saw the best earnings season since the financial crisis, and nobody cares

Even mildly pessimistic guidance has investors spooked amid macro headwinds Earnings for S&P 500 companies grew by 25.8% in the third quarter, the strongest performance since the third quarter of 2010, when companies benefited from very attractive, recession-era comparable earnings. Nevertheless, from the start of earnings season to the close of trade Friday, the S&P 500 index SPX, +0.22% has fallen 2.7%, the Dow Jones Industrial Average DJIA, +0.49% 1.1%, and the Nasdaq Composite Index COMP, -0.15% 5.5%. “Third quarter earnings were outstanding both on earnings and revenue growth, the percentage of companies beating expectations, and the magnitude of those beats,” Michael Arone, chief investment strategist at State Street Global Advisors. But the selloff that accompanied these announcements is a testament to the fact that “Wall Street doesn’t care what you’ve done in the past. It’s all about what you’re going to do next quarter,” Arone said. The pairing of r...
1 comment
Read more