Financial Standard Comments - Provident Capital leaves 3500 investors in limbo

Comment by Shirlee Royal (retired)

Shirlee Royal (retired) — Fri, 06 Jul 2012 15:26:54 +1000

I am wondering what is going to happen to debenture holders like myself. Are we going to loose our money which was invested 12 years ago?.

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Comment by John Cameron (Analyst)

John Cameron (Analyst) — Fri, 06 Jul 2012 23:22:50 +1000

Shirlee, it will depend on the recoverable outcome. If you have invested for 12 years you may well have received back more than your original capital in distribution payments over that time. I wouldn't bank on receiving 100 cents in the dollar back. Collapses if this type rarely end well. See what the receiver says.

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Comment by Steve Shields (down and out)

Steve Shields (down and out) — Fri, 27 Jul 2012 18:13:31 +1000

I invested only this year end of Feb and there was nothing to suggest PCL a company of 14 years was in any trouble, in fact the contrary applied with the rating upgrade. Surely an investment product must be presented by the company to potential investors with truthful transparent up to date information. I feel like I was conned or for a better word "scammed" by the whole process from the webpage information to the salesperson I spoke to.

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Comment by bob bradley (n/a)

bob bradley (n/a) — Tue, 31 Jul 2012 15:55:19 +1000

very dissapointed on the feed back coming from the recievers . a lot of investers rely on monthly payments to keep them going.

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Comment by manisha v (student)

manisha v (student) — Wed, 01 Aug 2012 19:32:34 +1000

Hey, i just read the information booklet of PCL and it says something about the security of the investments. I invested back in December seeing the ratings, was everyone sleeping when the company was openly advertising the products, now suddenly in receivership , there is no one we can turn to. what will happen with my hard earned money? Are we living in a third world countries, isn't there any protection provided, who to turn to? Let's form an association of the investors and lets meet regularly and pressurise them to release atleast our principal investment lest the interest, hey respond to this thread, spread the word and lets plan the strategy maybe a facebook page? Is there only 4 of us who is affected, where are the others please respond here and give your ideas

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