Campbell Live treats investors to Full Scale Hanover advertisement

Campbell Live delivered an infomercial tonight for the Hanover Finance debt restructure proposal.

Mr Campbell sedately interviewed Mr Greg Muir, Independent Director of Hanover Finance, allowing him free rein to sell the Hanover restructure proposal to viewers. The “Mum and Dad” investors may have been wooed by Mr Muir’s eloquence. However, alarm bells may surface over the proposal when it is seen as actually being in the best interest of Hanover Directors and Shareholders only.

Until investors are given the opportunity to have the proposal professionally assessed there are no guarantees. The blatant public relations exercise on TV 3 can only breed suspicion as Hanover has not yet taken the proposal to the investors, making the interview premature.

The show failed to have an independent professional to analyse the proposal thus failing dismally to show balance and objectivity.

Coordinator of EUFA, Suzanne Edmonds said from Tauranga tonight “I wish Mr Campbell had done his research on the proposal. Today I spoke to many investors and not one supported the proposal at this stage because it is too complex and they want it properly and independently examined - that is their right”

EUFA is calling on the trustees to appoint an investor advocate, nominated by the investors and appointed to the Hanover board, to ensure investors’ rights are overseen.

The relevance’s of the Commerce Commission seems to have been overlooked. Hanover directors have mismanaged the company and are under investigation by the Commerce Commission.

Mrs Edmonds added, “We certainly won’t let Hanover white wash this by using prime time TV like they achieved tonight, when in fact they’re actually holding investors over a barrel”