Media Release: 21 November 2012

Ross Asset Management Investors Group

Palmerston North, New Zealand; Tel 06 357 1901

Mobile 027 437 9050, e-mail: bruce.tichbon@gmail.com

 

21 November 2012: For immediate release.

MEDIA RELEASE

The Ross Asset Management Investors Group will meet with the Financial Markets Authority (FMA) tomorrow (Thursday) to discuss issues of urgent concern relating to the collapse of Ross Asset Management Ltd.

The Investors Group is concerned that there has been talk in the media of rapid liquidation of Ross Asset Management.  We are concerned that there is a lack of hard information to support such an action.  We will voice our concerns to the FMA on behalf of our members.

Although much has been leaned from the release of the first report by the receivers, Price Waterhouse Coopers (PWC) on 13 November, this report has raised more questions than it answers.

The Investors Group asks why the liquidation is being progressed so quickly, why is it being done, and will it limit investor’s future options?

Other outstanding questions include: where did the investors’ money go, and has there been any tracking to prove its movements?

We need to know if RAM was a legitimate business or some other form.  Did it transition from one form to another and can it be identified when this transition occured?

We need to know if all the assets have been identified, and if David Ross has contributed to the receivership process?

Further, we need to know what options for the redistribution of investors’ funds have been considered, and what measures and are in place to protect the interests of investors?

In conclusion, the objectives of the Investors Group are to ensure everything is done with full knowledge and in a sensible manner, for the best interests of investors in Ross Asset Management Ltd.

Ends

Enquiries – Bruce Tichbon Mobile 027 437 9050, e-mail: bruce.tichbon@gmail.com

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