Vesar investors special meeting

EUFA are holding a special meeting for Vestar investors on Wednesday 12 March 2008 as a result of the number of investors who have used the services of Vestar Financial Advisors.



A number of Vestar investors are reporting conflicting stories that they are getting from their individual advisors ‘on the way forward’ and the ‘offer’ that was made by Vestar.



EUFA were encouraged by Vestars initial stance on wanting to work positively through the crisis with their clients but with the MFS crisis investors are worried and feel a need to now be proactive.



EUFA statistics and information so far collated from Vestar investors, demonstrate many Vestar Advisors have not been caught up in giving bad advice, but it would seem statistically, a select few advisors have put all their clients eggs into non diversified portfolios.



Given Vestars promise to work in the best interests of their clients, EUFA would encourage investors to look at these options rather than getting into costly legal battles. Many Lawyers who are in communication with EUFA agree with this philosophy but caution investors to have legal representation during a negotiation process.



Suzanne Edmonds coordinator of EUFA said from Auckland this morning “Negotiation is a far better option than battle and in previous discussions with Vestar hierarchy it was evident that they wanted to positively resolve the issues if physically possible”.



Mrs Edmonds went on to say “This may seem idealistic but it would be foolhardy to not research this avenue…... however it may be that group action does eventuate out of this and that will depend on the results of the meeting and what the investors want to do”..



The meeting will be held on Wednesday 12 March 2008 at 2.30 pm at the Conference Center Ohinerau Street, Remuera.