Member log in

High Court freezes investment firm's assets, FMA investigates

UPDATE // The Wellington High Court has frozen the assets of Ross Asset Management, which has been under investigation by the Financial Markets Authority for the past five days. 

NBR ONLINE understands Ross Asset Management's offices were raided this morning. 

In the Wellington High Court this afternoon, the FMA applied for a manager to be appointed to the business of Ross Asset Management, but this hearing has been adjourned until Tuesday. 

The High Court has frozen numerous assets of Ross Asset Management's director David Ross, which include:

  • Ross Asset Management Ltd
  • Bevis Marks Corporation Ltd
  • Dagger Nominees Ltd
  • Mercury Asset Management Ltd
  • Ross Investment Management Ltd
  • Ross Unit Trusts Management Ltd
  • United Asset Management Ltd
  • McIntosh Asset Management Ltd
  • Chapman Ross Trust
  • Woburn Ross Trust

 

EARLIER: The Financial Markets Authority is investigating Ross Asset Management, a long-established Wellington-based boutique firm founded in 1989.

It is understood the firm may be managing more than $300 million in funds. 

In a development this afternoon Serious Fraud Office acting chief executive Simon McArley says the agency has received some complaints in relation to director David Ross but at this stage there was no indication of what had taken place.

Mr McArley says it is up to the FMA to do the "initial entry" and work to protect the positions of clients.

"If they find anything untoward then certainly we will assess it. It's in our threshold.

"But we have no idea what it is, Mr Ross could be just sick," Mr McArley says. 

The company's offices in the Morrison Kent Building on The Terrace are locked up, with no sign of activity inside, after reports the FMA shut the office down earlier today.

David Robert Gilmour Ross, and Jillian Ross are Ross Asset Management's only shareholders, each holding 50%.

Mr Ross, who is an authorised financial advisor, is also a director of United Asset Management, Bevis Marks Corporation, Dagger Nominees, Mercury Asset Management, McIntosh Asset Management, Ross Unit Trusts Management, Ross Investment Management, and Hayes Trustees. 

Two of those firms - United Asset Management and Dagger Nominees - have holdings in investment company Trans-Tasman Resources, of which former Prime Minister Dame Jenny Shipley is an executive director. 

Trans-Tasman Resources was set up in 2007 to mine iron ore deposits from New Zealand's west coast beaches. 

United Asset Management is TTR's sixth largest shareholder.

LOCKED UP: Ross Asset Management's office this afternoon.

Mr Ross, understood to have invested in global equities, could not be contacted by telephone.

Neville Goldie, a chartered accountant and former Saatchi & Saatchi director, told NBR ONLINE he knows Mr Ross and is surprised to hear the news. 

However, he says "without knowing what has happened I would not have a view."

In November 1993, NBR reported Ross Asset Management was achieving a 31.3% return on assets under discretionary management.

By February 1994, the return on assets had ballooned to 37.2%.

In a statement to NBR ONLINE this afternoon, the FMA confirms it is "making inquiries into the affairs of David Ross of Ross Asset Management and is actively engaging with a number of related parties".

The FMA is calling for investors with concerns to come forward either through its website or by calling 0800 434 566.

callison@nbr.co.nz

 

More by Caleb Allison

More on:

Comments and questions
108

I know people who have $200k with them / David Ross and he's not been answering the phone since last week.

Look at the 6th largest shareholder of Trans-Tasman Resources Ltd - Jenny Shipley is on the board of TTR

FMA looks like it has done the normal shoot, ready, now aim ! Anyone who knows Rossy knows he is probably on a plane somewhere between two investment conferences. There isn't a more thorough and investigative fund manager in the country. Imagine the damage the FMA will have done if nothing is wrong.

High praise indeed from you for a fund manager whose assets have just been frozen by the High Court. Are you suggesting that the High Court has no just cause to freeze the assets?

If the FMA does nothing, you would be the first person to condemn the lack of action.

It certainly wouldnt be the first time. One can hardly call the judiciary commercially learned !

I suggest that one shouldnt give too much cred to this until facts are known and any wrongdoing is shown or the principal is found guilty of something. Where has the statement innocent until proven guilty gone in the public minds ?

While more appropriate for another forum the continued appointment of litigators to the judiciary, many of whom have no or very limited commercial experience, has thrown up bizarre rulings. I personally believe that before an appointment to the bench in a position that is likely to hear or preside over commercial cases the intended appointee should have been required to have to attend the directors meetings and audit meetings ofat least three different listed company boards , including some smaller comapnies, (as observers for a period of 12 months) so they can see and understand the bloody hard process of being a director, the risks (both reputational and financial that they take on for doing so) and the very limited rewards that most directors get for that risk. They need to get some appreciation of the
commercial challenges that most companies face REAL TIME, rather than sitting at the bench and making clown comments on what directors should have done with the benefit of hindsight, and should look at what they did do around the time and whether they took reasonable actions and caution.

There wouldnt be more than a couple of High Court judges who have shown any commercial pragmatism in recent rulings. Most of them dont appreciate the magnitude (and in some cases the existence) of the GFC and have some "fairy land" view on life as a director.

I agree! I would go a step further and suggest that there should be a separate commercial list/court where matters are heard by relevantly commercially experienced judges. They obviously have the option of appointing an advisor, but improving the quality of knowledge that can be applied to these matters would increase confidence in the process.

I have been a client of David Ross for 18 years and spent many hours with him discussing investments and find him to be very istute and as honest as the day is long. I just ask people to give him the time to explain the facts of this case.

Fair enough but I read the same sort of comments about Madoff and Allan Hubbard when they were initially raided.

We know now that the authorities had just causes to act and acted decisively.

It is the nature of things that fraud and fraudulent behavior surface after turbulence in the financial markets - just look at what floats to the surface and onto beaches after a huge storm at sea.

Have you tried to get your money out recently? A relative of mine has and funnily enough the money didn't go into their chosen account. Nor could they reach Ross on the phone despite trying multiple times a day for a week.

Yes, this sounds very familiar. It does not give us much hope or confidence. We have tried twice over the last year to get funds out. Initially we were advised to leave the funds as it was not a good time to sell and more recently, (August) we heard nothing at all and contacted RAM several times and we were told he was overseas. I smell a rat.....

Well done to the FMA for taking action. Any hint of wrongdoing must be promptly investigated to protect investors.

Here's hoping the regulators act with more integrity than they did with Allan Hubbard! What a complete stuff up they made with that one! So much for statutory managers protecting investors assets!

Good to see that we at last have a proactive organisation rather than the other which failed too many investors.
liberte

We have been clients of Davids for 10 years ... the results he has achieved over that time have been off the scale ... even during those dark days of 2008 he was astute and got us all through ... we will be mortified if RAM are forced to shut down ...

We and many friends of ours have been investing with David for many years. We're all on tender hooks hoping that our retirement savings isn't gone.

Having said this, we have always trusted David and continue to believe that everything he's done for us has been in all of our best interests. I am increasingly concerned over his health and well-being.

Sending out our best wishes to you David, wherever you are.

I don't think there is not much point in speculating & assuming the worse until after the FMA appointed manager is in place and identifies the scope of the issue at hand.

People having been trying to get money out for months including myself - something is seriously wrong.

Yip, well done FMA, lets hope they've been doing their job around auditing also.

Without wanting to prejudge anything, but my first reaction on reading this is:- Oh no, not another one! What is it with this country???

TTR would like to advise that Right Honourable Dame Jenny Shipley is an Independent Director of TTR, one of 7 directors. The combined holdings of United Asset Management and Dagger Nominees represents 0.7% of voting shares on issue.

My entire family has invested everything with him over the years as he provided great returns. As per the comments above, he was a trusted advisor for over 10 years. However I have seen these stories WW come up like this that don't have a happy ending in the same circumstances. He has been a trusted advisor for our entire family and our future is in his hands......it would be devastating to get confirmation that he has been fraudulent with all of us. I am just hoping that the investigators give insight quickly into what is going on. This affects peoples life savings!!!

Never ever,ever put all your eggs in one basket. If you get a good outcome out of this , spread the risk around...

I can sense something very ugly, unravelling, here.

I trusted David Ross, I have a very bad feeling about trusting anyone now.

Does anyone out there agree we need to start a users group to fight collectively for our money. If anyone has started one please let me know, otherwise contact me on bruce.tichbon@gmail.com

Well I got my usual monthly payment from David Ross on the 31st Oct. Family has nearly $1,000,000 invested so hoping things get sorted. He not a people person but he been good to us otherwise

It would be good if David Ross would make a statement or email clients

I know someone who has been trying for months to get some money out. . It was easy to put in but has proven impossible to get out. I hear he is a honest guy and I just hope it all works out. Do we need someone looking over the shoulder of these guys in ore depth?

Of course it is very concerning that David is being investigated by the FMA but, as others have testified, he has been a trusted advisor to many of us for years and he will continue to have my support until I know exactly what he has been accused of and whether there is any substance in it.

Just wanted to add my comments. My family and I also have money invested with RAM. David has always been prompt with payments and the one routine monthly payment we received still arrived at the end of October.

However I had noticed my quarterly statement did not appear at the start of last month and I am certainly fearing the worst given the actions of the FMA. I don't know how often they would have stepped in and recovered all investors money.

It would just me nice to know some more details. The comment of the acting CEO of the SFO on Friday to say that "he might just be sick" is particularly confusing, suggesting that they can't find David.

Brace yourself, guys; this ain't gonna be purty. Believe me.

You sound like you know more than you are letting on!! Have you some information that we don't/ Are you prepared to share it?

I have my life savings with this guy against the recommendations of my wife and others. His actions may well have destroyed my life, retirement and marriage. Lesson for me. Trust should be earned. His performance with my funds has not been stellar as with others so it has been quite believable, but once again difficult to withdraw funds. A few years ago he even put a 0.5% premium on fund extraction.
.....should have put it under my pillow......

Should have diversified.

I've see a lot of valuation reports from RAM back to 2006.
I had grave fears.
The FMA have done a good job.
They will have a lot of work cut out unravelling this one.

What do you mean by valuation reports? Quarterly reports always seemed to be in line with listed share prices, can you elaborate?

At this stage I'd prefer not comment having laid the FMA complaint.

I read there were multiple complaints to the SFO as well.
I guess Ross will fall under the watch of the FMA in the first instance? Thoughts?

Interesting you must have done a lot of investigation on this already ?, it surprises me that this guy has gone this long after the GFC !

Join the club we complained to the FMA a week ago and SFO on Wed were the first to call the SFO

One suspects that David Ross would have made a comment and issue a media statement by now if he really wanted to.

Investors in his funds must hope that he does the right thing by co-operating 100% with the FMA and/or SFO so that matters can be brought quickly to a head and a speedy conclusion.

Innocent or guilty, an early resolution will provide relief to all the anxiety now troubling those who invested with David Ross.

So do the right thing, Mr Ross.

What you do next will be the true measure of you as a man.

My extended family has their life savings with David Ross , we can only go by recent past experience i.e Hubbard etc... " if it smells it is rotten" , if it is terminal David Ross should lose everything like the retirees and others that have invested with him along with some time.

Investors: If the pork chop in your fridge has turned a slimy green and is moving on its own accord, there's no need to check the 'Expiry Date' on the packet.

Random

We have been invested with David Ross for the last 15 years. As, the years roll by, I have trusted and really valued him as an investor.
I have felt something has been up for a couple weeks now. I emailed the RAM office 2 weeks ago asking about my late quarterly reports and both Melissa and Helena's emails kicked back out of office and on annual leave. I then called the office and got the answering service. I was alarmed. So, I called the office a day later. To my relief, Melissa answered the phone. I asked where my reports were. She said they have not been sent because they are waiting for David to get back. I didn't ask Melissa if anything was wrong. I thougt to myslelf., man, if they are in t trouble, she sure is doing a great job of hiding it. She sounded happy as always. 2 days later my reports arrived. I have yet to receive my reports from my 2 other accounts. I've noticed that on all of the emails that I have received from Melissa and Helena over the years, they have never attached their last names or their titles. Does anyone know their last names? Surely, they have an idea of what is going on here. Does any one know where David is? I last spoke to him 3 weeks ago. This has been a very dark weekend for many investors and their families. Sitting around waiting for the facts. I am trying to remain optimistic.

Helena's surname was on emails I received from her in 2010 whilst contemplating whether or not to invest with RAM.
(I don't feel it's fair for me to write it here but it had seven letters, the first being L)
I wish you all well.

As a previous employee of David's I don't think the surname's of the staff is relevant at this time, this matter is for David and the FMA to resolve - whatever the outcome.

Unfortunately in these matters surnames of all staff become "very relevant" all past and present employees will be scrutinised

That's in the hands of the FMA....not for everyone on here to do.

And if names are so important how come everyone is only signing as Anonymous!!

Errrmm...because we're not responsible for $300m belonging to other people?

Hi Nikki
The only reason anyone would want their last name is to make contact with them to get an explanation.
It sounds like you really trust David.
I really do hope that this is just a case of David trying to do way more than he should. For the volume of responsibility, he sure does have a small number of people assisting him.

As a previous employee of David's I don't think the surname's of the staff is relevant at this time, this is for David and the FMA to resolve - whatever the outcome.

OK Nikki - if you worked there maybe you can tell us who the fund's trustees, auditors, registrars, accountants and lawyers are? Where/how was the money invested? Who priced the funds and calculated the performance numbers?

If you have funds invested you need to ring the 0800 number as stated in the article.

Too late to try and defend Mr Ross, Nikki.

Better to put the effort into helping get a rapid resolution to the unfolding situation.

A $300m asset/fund operation and the staff don't include their surnames or titles?

Where is the Website also ?

There's no website and internet presence back to 1989!
Try it and google search Ross or RAM - alarm bells should have been ringing

Alarm bells have been ringing long and loud but it seems that investors chose to ignore the loudest, which is that RAM is (was) a one-man band and David appeared to have no succession plan in place.

They have never had a website.

Totally agree. Very unprofessional. The red lights should have flashed and the klaxon horns should've sounded on that. Right up there with using "Ciao", to close any correspondence.

Here we go again. You would really think that people would have learned by now the lesson not to place all your money with one so called financial guru. Your money is far too important to hand over to someone else to manage - you immediately lay yourself open to what is unfolding here.

It's not the delegation that is the issue, it's the lack of basics when investing E.g. Who is the custodian, who prepares the reporting - an independent party?

Diversification I think you mean

Like others we have not received our quarterly reports, and tried contacting the office with no success.On Monday 29 Oct. I phoned David's home and left a message asking him to call me. At 8.45pm he phoned me and said he had one staff member doing exams and another away- he had been in Auck. and forgotten to switch the answer phone on. David assured me everything was fine and he would follow up on our missing reports.They have never arrived.Yes it would be good if we could have a statement from David.

I received my quarterly report, sort of on time - promptness of arrival time of the quarterly report always varies quite a bit. I received the regular monthly payment, paid directly into my bank account, on 1st November, but this was reversed the next day - "dishonoured". I have been with RAM since the late-1990s and have had a good run. David Ross seemed a reliable fellow, straightforward based on the little direct contact I had with him over the years. It's encouraging to hear others attest to his honesty, although troubling to hear that some have had difficulties accessing their funds - this difficulty seemingly going back a while ?

As to the comments here about not 'putting all ones eggs in one basket', I think everyone knows that. It's hardly a helpful remark at this juncture.

Probably nothing to worry about. Just a computer glitch in the program which transfers money from new investors accounts into existing investors quarterly accounts. These sort of minor malfunctions happen all the time, rest easy.

Too many ingrate investors wanting redemption of their investments, have caused the computer glitch.

I Just saw a flock of chickens fly over my house. Must be on their way home, to roost.

I do hope that all is fine on David's end. My biggest question now is: Why is David not making some kind of statement!!

Because his computer and the contents of his office have been seized by the FMA!
I believe him to be a good, honest and clever man.
However, as are we all, he is getting older and is a one-man operation which is always a risk for both the owner/operator and for investors.
One minor slip, unaddressed at the time for whatever reason, has the potential to rapidly snowball into a landslide.

Hmmm ... just like Hubbard?

There is nothing stopping Ross putting out a comment. Having your hardware seized in no way prevents you from putting out a statement on scoop.co.nz et al. The mainstream media will pick it up. The longer he delays, the more likely investors (like my family) will presume the worst. If he's been ill or has another bona fide reason, all he needs is to tell the nearest journalist.

Seriously guys, why would you entrust one man with all your money? Before putting ANY money with a fund manager, at a minimum you needed to ask: did his funds have independent trustees, independent custodians, an independent registry? How were the funds priced and by whom? Were the firm and funds audited by a reputable accounting firm? Were the firm and fund accounts available on the Companies Office website? What was the fund strategy? Were the fund's holdings listed? Were those holdings consistent with the fund strategy?

I fear the worst and inevitably it will just lead to more investors keeping money under the mattress.

Comment 34 is hilarious, brilliantly ironic, LOL.

Except possibly to a lot of the people invested in this

Hey but hese folks were clearly more than happy to take the 'great returns' year after year without becoming even slightly suspicious. You get yourself exposed in this position you have no-one else to blame but yourself.

I did not receive "great returns" year after year. I had a couple of good years and in the past 3-4 years have been fairly static or trending down. I did not see anything suspicious in this.

Fear the worst and anything better that that will be a bonus

Whilst I am sure that David is as honest is the day is long, I do think that in some scenarios like this, they feel the need to continue to get good returns for their clients. No one likes giving bad news and sadly it seems as though David may have gotten caught up in this.

There may well be a logical explanation, but I too would like to hear a statement from RAM, times have been tough, but I admit the statements I have received over the years always checked out 100% - so perhaps it's not as bad as it seems. It only takes a few people to complain these days for the SFO and FMA to step in given the lessons of the past few years.

I have dealt with David Ross & Ross Asset Management for 15 years for a client. He has provided amazing returns over that time. On occasion it took a month or so to have requested reductions paid out but they all have been paid. We always considered that this was a good investment option for up to 10% of my client's funds. At this point the original investment plus some profits have been fully repaid but there is still a significant sum owing. The September quarterly report was received on 26th October, in reasonable time in my view.
I have heard that David is not well & this could be at least part of the problem.

If he's not well why hasn't he just sent all his clients an email or letter explaining what's going on? It appears he also has/had a couple of employees (Melissa and Helena). Why aren't they answering calls from concerned clients? Are they sick too?

"He has provided amazing returns over that time."

Whoop! Whoop! Red Alert.

Good returns but no "amazing", and with some negative quarters along the way. In no way "red alert" type consistency of returns.

I'm an investor with RAM. If he is having liquidity issues, as suggested could be the case above, would the shares he has purchased on my behalf be in the name of my account, so if he goes bust, I will still have the shares?? Or am I just being hopeful?

If you invested in a registered, authorised managed fund, the shares would be held by a custodian (not the fund manager) on your behalf and a trustee would oversee the fund's operation on your behalf. However it does not look like RAM's funds were of this type.

If you were investing in a bespoke account, the shares should still have been either in your name or held by a custodian on your behalf, not held in RAM's name. I fear that you will find there either were no shares or that the shares are not in your name, but I hope I'm wrong.

Read your Management Deed.

I doubt very much that this the result of wrong-doing by David Ross or his employees or family.
It's true though that he was too involved in all aspects of the business (including trustee and nominee functions).

What were the custodial arrangements? Did you have an individually managed account with securities registered directly in to your own name? If not, was an independent custodian holding the assets on your behalf? Did you ever receive confirmation from a party other than RAM as to what you owned and what your returns had been?

Depends on how your funds are invested. Are the shares registered in your names? Otherwise, you will go into the big cooking pot.

The disclosure forms say that the shares are held in the name of a nominee on my behalf (dagger) with large independent global custodians and regulated brokers. When shares are registered in the name of a nominee, they areheld by that nominee as bare trustee, for me.

In reply to "Anonymous" above: I presume you researched "Dagger" prior to investing, in which case you will know that David Ross is its sole director.

Comment #32 is one of the more constructive comments. I have been a client for 18years and recently I have been in very regular contact with David and meet him at least monthly or more often. My last email from him was early morning tuesday 30 Oct. It was a routine message relating to a share I bought for a personally managed portfolio with his assistance. He is a very good honest man and I have enormous respect for him. I have 4 portfolios with him and have received the latest reports on 2 of them. They came late in October. The reports are often "late", and that reflects the growing volume he has to produce. The "lateness" is exacerbated by the continual ring of phones and emails from clients who want to know where their reports are. In response RAM regularly stop responding and lock the door so they can simply get the job done. I never hassle him during this period so as to avoid being an added burden to him, Melissa and Helena. Perhaps PR needs to be impoved during the reporting period. I suspect a recent liquidity problem has emerged leading to late payouts. I know David is indisposed and not in a position to make a comment. I have been very pleased with my returns over the years. He is a very clever man. He has never sent out a broadcast email to clients so he won't be able to do that now.

Having known David, and being involved with him all those years, do you have any thoughts on how this might play out?

According to the FMA, RAM has/had around $439m under management. At a 1% fee this suggests RAM had revenue of around $4.5m per year. How on earth does a firm with $4.5m a year in revenue get away with switching off the phones and locking the office door every month to do 'reporting'?? Surely RAM should have either invested in a decent reporting/CRM system, or hired more people to cope.

As for liquidity problems, if RAM was supposedly investing your money in global equities, there should never have been be a liquidity problem. Pretty much any large/mid cap global equity can be sold instantly if required, with 3 day settlement.

Finally, even if you've never done a broadcast email before, it only takes 5 minutes to do one.

If David had some simple explianation he should have provided that and even placed himself under management for orderly resolution. Investors should have approached him on this basis.

Instead the FMA involvement will be costly toall particularly if counter market selling is required to liquidate. Who bears this cost , RAM or the investsee?

5 years after the finance companies started falling over in sequence, 3 years after Allan Hubbard was placed in statutory management, several years after several financial advisers were convicted of defrauding clients and case after case of finance company directors being convicted and sentenced to jail - we sadly still have posters/investors here telling us that they have placed all their funds and trust with one man.

Will New Zealanders never learn?

Unhelpful!

Seems like my 'dream' of early retirement is on a BIG HOLD!!!!! Just as well I haven't written my letter of resignation...Better get my garden up to scratch...Just hope that David and family are O K ????

Well the safest place for your money is with a reputable bank. Not in the hands of some business shark. I feel sorry for all you poor people involved but you should know, never have all your eggs in one basket. You don't need to pay anyone to get that advice.

I don't understand why, in this day and age, a company would not have a website, let alone a specialist team that put together the reports, etc., (in reading through the postings on here it appears Mr Ross did all this)? As for having to close the door to focus on getting things done ... I'm speechless! I operate a very small business (just me!) and the phone, emails and store are busy non-stop; I use the evenings - when my customers don't need me - to catch up on things I need to get done. I understand he was operating a 'boutique' operation, but still ... there are some funny behaviours going on here. I read in another article that all of his staff have resigned, and he is in hospital. I hope all of the investors get some answers soon.

I reckon it will all pan out. David is a straight up sort & has always been an avid reader and “one man shop”.
Over the years, I have been on international flights (upgraded to the pointy end) and no joke; observed David pouring over newspapers with a huge pile of read newspapers at this feet on his way to investment meetings, conferences etc.
He is not the easiest bloke to converse with; “faltering” until “comfy”. But, he knows his business. Almost 20 years ago, he predicted a few things (e.g. price of gold hitting $2k+). I tell ya, my family & I wouldn’t be as secure in Western Australia today if I ignored his advice.
Everyone, Just keep calm & adopt the “wait & see approach”.

This sounds a bit rich when you might be living it up on other people's money, including mine.

Hi to Sally who worked for RAM?

John Fisk is a accountant who will be set on winding things up , rather than trading and giving David Ross the help he really needs. I suspect that David has been a better investor and a poor book keeper. It’s the accountant at RAM who deserves the sack . I really don’t believe David Ross has a dishonest bone in his body….. I may be wrong .
Those that have been investing with David for years have nothing but praise for his astuteness and his honesty, and I really believe that. Best solution is enabling David to invest….his strength… and the managers to assist in getting the systems straight. This crisis creates a run on capital and I would guess that part of his current problem is that a number of the investments are in speculative areas with relatively large holdings, such that when RAM wants out would create massive drop in the investments. He has tried to manage exits along with incoming and it hasn’t worked ! Probably worked when RAM was small and below the radar.

OK so good news - bad news.

Good news is these guys will get to the bottom of it. They have bought in the big boys.....
Bad news is that these guys charge like frenzied sharks and wounded bulls and are now grazing at the investors table.

The investors group that is being set up is possibly a good thing as they will try to keep pressure on the administrators
to get things done in a timely manner and get their noses out of the trough as soon as possible.
You may consider the merits of joining them, depending on who they are.

No one deserves this cr*p... it is a bit like earthquakes...
only in the case of the EQ you can drive around and see your stuff broken and at least know that the ground it stands on is still there ... well partially there in some cases.

Seems like I may have been one of the v few still investing and large sums lately ,presumably to pay out other investors or their dividends.I never received any dividends either for 20 yrs-alarm bells should be ringing.

I did not think David invested often in companies which paid dividends. Some people received routine payments but these would have come out of (their) capital, not any dividends paid.

I don't think not receiving dividends is suspicious, I would stick by being concerned about the need for receivers.

Has anyone heard anything new?

I called pwc, got a message left on my phone later to say they would e-mail/snail mail more information with 24 hours. That was about 5pm yesterday.