Glanmore property fund and FPI

coxwell

Advice over next step to take.
My family invested money into a Friends Provident International mirror fund of the Glanmore
property fund. This proved to be a nightmare but there should be some money to come back to us. I emailed FPI asking what the situation is and received the following response "please be advised that we currently have a final distribution payment to make to policyholders, but this is being held up by technical issues which we are working with our IT provider ASAP . Our sincerest apologies for the delay in resolving this matter, but at present I am afraid I cannot provide a definitive timeline as to when this will be completed"
We have waited a long time for some form of payment and I find it unbelievable that this should now happen. Is it me, am I unreasonable. What can/should I do?

coxwell

Has anyone got an opinion or is this the way we should be treated???

ColdIron

A good friend lost most of his retirement savings with Glanmore and another similar investment. It always seems to be a case of jam tomorrow but if you've hung on this long you might as well stay the course, there is little alternative

Clive_King

Just come across your post of 7 Jan 2018. I have been in a running conflict with FPIL since June last year when they would not confirm to me whether they had received the proceeds from the liquidation of the Glanmore Property Fund. I had to get confirmation from Grant Thorton that they had in fact paid out to FPIL before they started coming up with excuses of Technical issues, changing admin servers etc. This is total drivel and inexcusable. Unless you are doing serious manipulations to this lump sum, you don!!!8217;t need a computer do some simple arithmetic to divide the lump sum payment amongst their clients who hold Glanmore shares. And it took them a year to calculate this !!!8230;..Really!!!
As you may already know, they have finally released a press statement a couple of days ago on the final payout to Glanmore investors. It has been nearly 1 year since they received their portion of the payout from Grant Thorton. It gets even better because it appears that what I bought into wasn!!!8217;t Glanmore Property Fund but their own !!!8220;mirror!!!8221; fund (!!!8220;mickey mouse fund!!!8221;) having the same name as the original or !!!8220;underlying!!!8221; fund. Since this being the case, the initial payout as stated in their April 2017 press release of GBP 2.82 does not apply and that my investment and I guess that of many other investors has been slashed by 98 per cent to GBP0.046 per share. The cherry on top of the pile is that for their delay in processing the proceeds, they will generously include an additional 1.5% of the payout so that you as an investor is !!!8220;not financially disadvantaged by any changes in price since 31 March 2017!!!8221;.
When the fund stopped trading in 2008, FPIL continued to evaluate the value of the fund. How they came up with this figure is anybody!!!8217;s guess. But over the period from 2011 to 2016, FPIL valued the fund at GBP0.044 (coincidentally a similar figure that took them a year to come up with). The problem with this is that how do you calculate a share price when no trading is being done! It appears that FPIL may have spent the year manipulating the payout figures and whether this !!!8220;fake!!!8221; share value of GBP0.044 is included in the mix !!!8211; I don!!!8217;t know. As far as I see it FPIL are not being transparent with the Glanmore shareholders. They need to explain how they calculated/manipulated the payout to get to this abysmal return of GBP 0.046 per share.
I have lodged my complaint with the Financial Ombudsman in the Isle of Man since I believe that FPIL are not being forthright with their investors. The more investors that lodge complaints against FPIL, the better the chance that they can be brought to book and whatever needs to be exposed if anything!!!8211; should be done so sooner rather than later.