Bernard Hickey at the meeting.
At every turn the financially illiterate Hanover dupes have been cajoled by the same shysters into more hopes and promises. It's so pathetic. They were given a clear option last year of going into receivership and getting up to 85 cents in the dollar, or continuing on with the same mismanagement (representing the looting owners) who told them a great story about how they would supposedly get their money back in 12 months. And surprise, surprise, it's pay day and there is no pot 'o gold at the end of this warped rainbow.
A year on - now - they are looking at getting maybe 72 cents back if they let the owners get into bed with some failing NZX listing. Only a Hanover depositor would be so blind as to mistake a black vulture for a white knight. The circling vulture has had a year in which to observe how the dupes can be manipulated and must have been in cahoots with the management and shareholders of Hanover for some time to jack this up.
A year from now the investors (who will be shareholders at this stage) will probably be looking at less than 50c from their original dollar. They should have taken the first option to exit; but the investors never learn and the promoters never stop trying to rip them off. It is amazing to see this in action.