QUOTE(The_Truth @ Jul 25 2014, 07:47 AM)
Firstly, I'm not trying to argue with you here, I believe need to be fair to your uncle and the oil company if can clarify the things. You can have your concerns it is fine, but please give others a chance to explain to you before you make a conclusion.
Just like many Journalist, they can write things when they get the information from online and based on their own opinion. (* which I called assumption). For Example, if today you intend to buy a car and you want to know the features and performance of the car, would you go and ask someone has never drive the car before and they get information from online or you will directly go to the showroom and ask the sales coordinator? Who you think has the most product knowledge?
Why the fund not distribute the dividends to German investor is mainly because the fund has got a vote of 86% with over 3,000 investors voting where the investors wanted asset appreciation over the years and therefore in the year 2013 $59million was spent on capital on the assets to increase value. An additional $18million dollar acquisition was made for the fund in 2013 for capital expenditures exceeding $70million in 2013. The investments into the assets is made to grow the asset base and overall return to the investors.
Distributions to German Investors has been consistently made for over 4 years now with some investors having received over 60% of their invested capital returned to date.In the year of 2014 the fund is continuing to focus on asset growth in order to generate the highest possible returns.
The Euro compared to the Canadian Dollar is also at a all time high with $1Euro being equivalent to $1.54CAD/ $1.50 CAD when in the past $1Euro was only $1.34CAD. This also shows that currently it would not be a good time to send Canadian earned cash flow over to Europe as distributions.
Asia structure is a 2 year structure with 24% returns to the Clients. The German investors are wanting a 200% return as per the prospectus over a greater than 4 year time frame.
I understand why German are skeptical recently is because in Germany two of the larger closed end funds just went bankrupt and now the market is just nervous.
GermanInvestor, I understand your feeling because that is your uncle hard earn money, I feel you. I hope that I give you a clearer picture now. If I offend you by my previous statement, I'm here to say sorry to you.
Cheers.
Where do you get the information about the vote??
In 2013 there was a voting for putting every finds together in one large fonds, called "Canadian Oil and Gas International Ltd".
The reason for that was (as Proven Oil told the investors): lower costs and the gas fonds could profit more from the oil funds.
But: they can also aquire 40% loan capital, without a vote from the investors. And: the investment is now totally different in that, which the investors invested in the first place. Since that day, there are less information, no payments and no actual news given to the investors.
Maybe you are right, that the investors get back nearly 60% of their investment till today. But what about the rest of 40%??
You also need to know: if an investor invested 100 TSD Euros, only max of 85% of it where invested. The rest is gone. For costs only (management fee, auditor etc).
So if you want to make it right, just say the investors get back 40-50% till now.
And I am pretty sure, that's it.
But you are right. Most of the investors are afraid of getting linked because of a lot of frauds the last years. There were not only 2 big frauds, there has been a lot more going on.
Since the shipping crisis starts in 2009/2010, more and more not really serious investment firms popped out of nowhere. All of them promise 12% or more cash flow. Of course without any risk ;-)
I told my uncle, that I am not sorry for him, if he looses his money. That construction could not work and with the people behind that company's, everybody should have known about the high risks.
I would never invest in such a company and in such cash flow promises. I work hard for my money and if I want to loose it, I could also burn it. Same result: money is gone!!
Jan 28 2014, 05:10 AM
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Or have you finally realised genneva is in fact a scam ? 
And I have directed him to a thread discussing about genneva 
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