Forestry investment -- The Premier Irish Forestry Fund

8till8

Frequent Poster
Messages
312
Mod's note: This thread is about the Premier Irish Forestry Fund only. Do not discuss other forestry funds in this thread. Start your own.
Brendan


I invested in the Premier Irish Forestry Fund II in Oct-2000 when forestry funds were all the rage, does anyone know whatever happened to it?

The website www.piffs.com is still live so someones paying the bill and the accounts on the CRO are up to date, company no 317478 (even though its status is dissolved as of May-12..bit confusing). The other fund, THE PREMIER IRISH FORESTRY FUND PUBLIC LIMITED COMPANY is also still live on the CRO. Both companies are located at Mocklershill, Cashel Co Tipperary.

Any information appreciated.

(mod note; I created a seperate thread as the other forestry thread is related to an entirely different fund)
 
Last edited by a moderator:

Kieran Branagan

New Member
Messages
4
Hi Likewise I invested in the Premier Irish Forestry fund PLC in 1999 and have heard nothing since. Have recently send registered letters to the registered address and their now accountants but again no response. Contacted PWC who are happy to advise they ceased working for them some years ago and have no records. Left messages at the solicitors and await a reply. There is a facebook page of the same name but it is not well run or organised. My next step are to go to the Garda Fraud and the Office of Corporate enforcement. Please let me know if you wish to be involved. Kieran Branagan, Skerries
 

Palerider

Frequent Poster
Messages
1,406
These investments were made twenty years ago, were there no updates in the interim, was this one of the 30 odd collective Irish forestry funds at the time, if so the shares could be valued along that time, twenty years is a lot of growth...for the trees.
 

Kieran Branagan

New Member
Messages
4
As I said not a dickey bird since Oct 1999. I did invest in another fund - the Sixth Irish Forestry Fund at about the same time and received regular annual updates from them. In fact that fund is about to sell the assets and make a significant profit. I am looking for other shareholders in the Premier Irish Forestry Fund to join in class actions to recover our investments.
 

Palerider

Frequent Poster
Messages
1,406
As I said not a dickey bird since Oct 1999. I did invest in another fund - the Sixth Irish Forestry Fund at about the same time and received regular annual updates from them. In fact that fund is about to sell the assets and make a significant profit. I am looking for other shareholders in the Premier Irish Forestry Fund to join in class actions to recover our investments.
I don't think class action suits are recognised here in Ireland, you could pool resources and progress that way but bear in mind even if successful you need to ensure they can pay you and does that sound likely.
 

Kieran Branagan

New Member
Messages
4
Hi 8till8
Solicitors - Oliver Ryan Purcell - reverted by redirecting my email yesterday to Paul Bowes - original director - at paul@piffs.com - no response so far. Do you know of other investors?
 

Cuchulainn

New Member
Messages
4
As I said not a dickey bird since Oct 1999. I did invest in another fund - the Sixth Irish Forestry Fund at about the same time and received regular annual updates from them. In fact that fund is about to sell the assets and make a significant profit. I am looking for other shareholders in the Premier Irish Forestry Fund to join in class actions to recover our investments.
Same here in all regards. I rang Bowes a few months ago ... he had a sob story ... but no feedback from him.
 

Cuchulainn

New Member
Messages
4
Hi Likewise I invested in the Premier Irish Forestry fund PLC in 1999 and have heard nothing since. Have recently send registered letters to the registered address and their now accountants but again no response. Contacted PWC who are happy to advise they ceased working for them some years ago and have no records. Left messages at the solicitors and await a reply. There is a facebook page of the same name but it is not well run or organised. My next step are to go to the Garda Fraud and the Office of Corporate enforcement. Please let me know if you wish to be involved. Kieran Branagan, Skerries
I am interested in getting involved.

Maybe contact Joe Duffy on LiveLine to get the ball rolling?
 
Last edited:

8till8

Frequent Poster
Messages
312
The CRO page for the company has been updated to show the company has been restored by order of the High Court, so thats good news for the investors, since the directors aren't responding it seems time to go legal and take action.
 

Kieran Branagan

New Member
Messages
4
I have lodged a complaint with the Office of the Director of Corporate Enforcement this week. I am advised they are starting an investigation and will advise in due course.
 

AileenWalsh

Registered User
Messages
16
Trees take up to 25 years to grow, how can they be a medium-term investment? Just why anyone believed that Arden could pay dividends on semi-mature forestry is beyond me.
 

William66

New Member
Messages
1
Hi all...I just joined this forum as I also invested in the Premier Irish Forestry Fund. I rang their offices some years ago and they promised to send accounts statement but they never did. I also asked my financial consultant to research and he couldn’t reach anyone at this organisation and never got replies to his letters.
I would like to join any group of investor that can bring these inmoral and unethical directors to justice....will write to your private email Lar.
 

SBarrett

Frequent Poster
Messages
3,129
I'm struggling to see what the issue is here? When you invest, you assume investment risk and that means you may get back less than you invested. The investors here actually made a gain. It is not what what on the glossy brochure but no one should believe a brochure that promises high annualised returns. They are nothing but projections, based on market conditions where bark beetle don't exist.

Besides the lower than average returns, is there any other reason for complaint?

Steven
www.bluewaterfp.ie
 

Sunny

Frequent Poster
Messages
3,540
I don't think anyone can really complain about the investment returns. Those initial promises were rubbish then and rubbish now. Having said that, there is a slight stink to the sale from a corporate governance point of view. If the prognosis for Irish forestry was so poor, why are AXA investing in to for their clients? Why shouldn't investors be told the sale price? It is not commercially sensitive. Secondly a company owned by the directors of the fund will be responsible for managing the forestry on behalf of Axa and so will continue to be paid. I think there are a few questions that need answering but the problem is that I don't know who will ask them. Might just have to be happy to get the money back.
 

8till8

Frequent Poster
Messages
312
40 investors so far are unhappy and joined up to take on the company,
If you are happy to accept zero returns, that's fine
Lar; can you please name the investment you are taking issue with? Its either Irish Forestry Funds or The Premier Irish Forestry Fund Plc, it appears you are an investor in Irish Forestry Funds and your posting in the wrong thread !!!


Mods;
can you please move the posts relating to Irish Forestry Funds to the correct 'Key Post' thread and leave this thread as per the title? The confusion between similiarly named investments is not helping anyone's situation.
 

Brendan Burgess

Founder
Messages
38,131
This thread is about the Premier Irish Forestry Fund plc

All posts about other funds, or posts which were unclear have been deleted.

Feel free to start your own thread if you want to about other funds.

Brendan
 
Top