In comparing the actual figures reported for this 4-month period with those projected in the Prospectus, the projected profit for the year is 5,870 BTC/year. Dividing by 12 to get a monthly average and then multiplying by 4 for this initial reporting period, the profit was projected to be 1,956 BTC and was actually only 37 BTC. This miss of 1,919 BTC when priced at $425 (US) is about $816,000! Havelock, you simply have to do a much better job reporting and explaining these results. This report won't do. Simply unacceptable. Not gonna happen to me again because I will sell out completely within three months unless you give us the detailed information YOU PROMISED in the November Prospectus. I urge you to rethink this failed communication strategy and do what you should have done in the first place. Specifically, I want you to amend these vague figures so that your MONTHLY income statement looks like this:
Revenues: From Prospectus
>>Listing Fees
>>Maintenance Fees
>>Exchange Fees
>> Total Revenues
Expenses: From Prospectus
>>Office
>>Law
>>Accounting
>>Compliance
>>Miscellaneous
>> Total Expenses
You do report the monthly totals, so we have 8 of the 32 figures we need. That is 25% of the level of detail which I think you should provide. Remember, those categories listed above are taken DIRECTLY FROM YOUR OWN PROSPECTUS!!! I note that today's market price for HIF is .00015, and the estimated figure provided in the prospectus was .00066--23% ratio. Could these two numbers be connected?
You need to also improve management's discussion of these results so you can answer some basic questions like:
Why is Feb revenue less than Jan, and March less than Feb? Is this revenue slide temporary, or is it likely to continue? Which revenue item is so much lower than you expected and why? Monthly expenses for Feb/Mar are more than twice as high as they were for the Dec/Jan period. What expense item is so out-of-control as to cause this trend? Will the trend of increasing expenses continue?
I realize that Havelock management will probably ignore my suggestions. Do so at your peril. I have close to US$10k invested in all HL funds, and I am so disgusted by this pathetic attempt to "communicate" with us I am sorely tempted to just cash out at a huge (US tax deductible) loss and move my funds elsewhere. I'm not angry because the financial results are so much worse than projected in the Prospectus. I'm angry because you have a clear and now articulated policy of WITHHOLDING data from the very people you need most to thrive--your investors.
Revenues: From Prospectus
>>Listing Fees
>>Maintenance Fees
>>Exchange Fees
>> Total Revenues
Expenses: From Prospectus
>>Office
>>Law
>>Accounting
>>Compliance
>>Miscellaneous
>> Total Expenses
You do report the monthly totals, so we have 8 of the 32 figures we need. That is 25% of the level of detail which I think you should provide. Remember, those categories listed above are taken DIRECTLY FROM YOUR OWN PROSPECTUS!!! I note that today's market price for HIF is .00015, and the estimated figure provided in the prospectus was .00066--23% ratio. Could these two numbers be connected?
You need to also improve management's discussion of these results so you can answer some basic questions like:
Why is Feb revenue less than Jan, and March less than Feb? Is this revenue slide temporary, or is it likely to continue? Which revenue item is so much lower than you expected and why? Monthly expenses for Feb/Mar are more than twice as high as they were for the Dec/Jan period. What expense item is so out-of-control as to cause this trend? Will the trend of increasing expenses continue?
I realize that Havelock management will probably ignore my suggestions. Do so at your peril. I have close to US$10k invested in all HL funds, and I am so disgusted by this pathetic attempt to "communicate" with us I am sorely tempted to just cash out at a huge (US tax deductible) loss and move my funds elsewhere. I'm not angry because the financial results are so much worse than projected in the Prospectus. I'm angry because you have a clear and now articulated policy of WITHHOLDING data from the very people you need most to thrive--your investors.