[HAVELOCK] (HIF) Havelock Investments Fund

[Musk]

I think were all getting a little too impatient here. 

Can't wait to see the stats. 

[kuikmaa]

Dividend value is posted (albeit incredibly disappointing), but I have not had received any bitcoin to my account.

Also, there is nothing in the report outlining what the "expenses" are made up of.

[nubbins]

Also, there is nothing in the report outlining what the "expenses" are made up of.

+1. The report is useless. Try harder, please.

[Peter Lambert]

Why is the report in this weird landscape format, like it was made in powerpoint?

P&L is a good start, but why no balance sheet?

[kuikmaa]

Why is the report in this weird landscape format, like it was made in powerpoint?

Haha, it definitely was made in powerpoint. What a joke, an additional 10 day wait for a 6 slide powerpoint full of useless information.

Please also note, theyve given "owner" permission to the document, so only HIF shareholders can view the doc. After I rid myself of the useless shares, I can no longer see it. Hopefully future buyers have enough sense to check out the fund here before buying

[havelock]

It was a very disappointing Quarter. Especially for us. This is only the first quarter in a company that is only starting to grow in an uncertain crypto economy.

We appreciate your support and patience and we hope you understand the growing pains that we must go through being a Bitcoin based business that relies heavily on Bitcoin as a measurement of our success or failure.

Thank you,

Havelock Investments

[nonlinearboy]

It was a very disappointing Quarter. Especially for us. This is only the first quarter in a company that is only starting to grow in an uncertain crypto economy.

We appreciate your support and patience and we hope you understand the growing pains that we must go through being a Bitcoin based business that relies heavily on Bitcoin as a measurement of our success or failure.

Thank you,

Havelock Investments

we really should consider seriously about that.

[Korbman]

Please also note, theyve given "owner" permission to the document, so only HIF shareholders can view the doc. After I rid myself of the useless shares, I can no longer see it. Hopefully future buyers have enough sense to check out the fund here before buying

Oh, I didn't even notice that, and that's also odd (not sure if they did it by accident or if was intentional).

To those wishing to view the report: https://drive.google.com/file/d/0BxnW49twNMNbX0tic1N6VVpaV28/edit?usp=sharing

[Zakryze]

did you buy cocaine and whores with the 180BTC? honestly, how can you pay that much and for what? the lack of transparency is the shit... I recommend everyone to stay away from havelock, even doing faucets (which are for free) yield more + they pay hourly/daily or whatever.

[Auburn]

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. 

[kuikmaa]

I had 3500 HIF units. I was lucky enough to see the posted report before the email, and got out at a measily average of .0003 , didnt even bother waiting for the dividend payout. My 4 months of waiting for dividends gained me an incredible 77 cents Canadian! Bazooka Joe, here I come!

[NotLambchop]

In comparing the actual figures reported for this 4-month period [37 BTC] with those projected in the Prospectus [1,956 BTC]...

The absurdities of Havelock's self-valuation ($60 million at IPO time) and projected earnings -- both were pointed out on the first pages of this thread.

[freedomno1]

Please also note, theyve given "owner" permission to the document, so only HIF shareholders can view the doc. After I rid myself of the useless shares, I can no longer see it. Hopefully future buyers have enough sense to check out the fund here before buying

Oh, I didn't even notice that, and that's also odd (not sure if they did it by accident or if was intentional).

To those wishing to view the report: https://drive.google.com/file/d/0BxnW49twNMNbX0tic1N6VVpaV28/edit?usp=sharing

Thanks should have checked here first bought 1 share to check it out felt like Steve Jobs with his 1 share of apple
And projections were so far off the order of magnitude that it was pretty obvious.

Projected Revenue ฿7,870
 Projected Expenses --฿2,000__
 Net Profits ฿5,870

Estimate likely for year at 128 BTC ish

[havelock]

We do understand that the projection did not meet the actual revenues.

The prospectus was written at the time when BTC was on a 30 days average of ~$100-150 USD. When BTC went to $1,000 that naturally drove the volume and prices of many of our Funds down.

We projected 2500 BTC for the first Quarter @ ~$100/BTC... We had revenues of 216 Bitcoins with BTC ~$1,000

So Dollar to Bitcoin we operated close to projections.

Cheers,

Havelock Investments

[ThunderSheep]

The prospectus was written at the time when BTC was on a 30 days average of ~$100-150 USD. When BTC went to $1,000 that naturally drove the volume and prices of many of our Funds down.

We projected 2500 BTC for the first Quarter @ ~$100/BTC... We had revenues of 216 Bitcoins with BTC ~$1,000

So Dollar to Bitcoin we operated close to projections.

By that same logic, you've projected 2000 BTC, or $200,000 @ ~$100/BTC for the year's expenses.  This quarter's expenses were 179 BTC, or $179,000 @ ~$1000/BTC.  Unless you pay most of your bills once a year and did so in the first quarter, I'd say you're a little off on this projection.

[Korbman]

The prospectus was written at the time when BTC was on a 30 days average of ~$100-150 USD. When BTC went to $1,000 that naturally drove the volume and prices of many of our Funds down.

Whoooaa, whoa, whoa. Wait a minute.

If I'm reading this correctly, then you're saying that the BTC/USD price has a substantial impact on how your overall revenue and expenses play out (which is understandable). However, this fund started late November, after the price was already spiking well past $500 per coin.

At no point did you think it may be wise to revise projections based on the new prices? At no point did you think it may be in the investors best interest to advise them of such variables, or at least mention that a rising BTC price can lead to lower predicted revenue?
Now the question becomes, did the Panama Fund know how the impact of a rising BTC/USD price (and subsequent stabilization) would effect their business, but withheld that information from the public anyway, ultimately preventing them from any true due diligence when purchasing shares?

I'm no expert in securities law, but I reckon this is a dangerous game you're playing, even in Panama.

We projected 2500 BTC for the first Quarter @ ~$100/BTC... We had revenues of 216 Bitcoins with BTC ~$1,000

So Dollar to Bitcoin we operated close to projections.

BTC was over $1000 for all of 3 weeks or so, and since then the 6 month weighted average has been ~$587. So, your 216BTC in actual revenue is somehow equal to 1267.92BTC...but still half of your projection (granted there haven't been weekly IPOs and the trading volume has been lower).

If Bitcoin spikes up to $10,000 per coin, then that would mean earning 25BTC in revenue is the same as 2500BTC @ $100, right?


To the Havelock Team - Sorry to be harsh, but these are some serious concerns, especially since you're supposed to be the leading Bitcoin-based securities exchange. 

[NotoriousBIT]

I made a more impressive slideshow on Prezi for a 5-minute speech on Paypal.


I kinda feel like biting my tongue but this is just not a good sign for the fund or the website. 

[Auburn]

Again, whoever is writing the Havelock response to these legitimate and IMPORTANT concerns is more than a little tone-deaf, and in my estimation you are proving that every time you ignore, duck, try to rationalize, and in some cases just fabricate a non-answer you show that Havelock either doesn't KNOW how to communicate honestly and effectively with its investor base or, worse, you just don't CARE.  But I do--it's my cash on the line with this investment!  We are not nearly as dumb as you seem to think we are--we follow the Bitcoin markets too.

The relationship between Havelock's revenue and expense streams and the US dollar is NOT mentioned in your Prospectus, either as a risk factor or anywhere else.  If you think it is please cite the page and paragraph in your Prospectus where you discuss this connection, because I can't find it.  The only factor which is relevant is that you state that your growth and investor demand for your services is important.  I have absolutely no way of knowing from your first quarterly report how, or even if, HIF is seeing any real growth.  It seems not.  Investor demand for your services (funds) is going to dry up real quick if you don't do a much better job communicating openly and honestly with us.  Immediately.

I compared Havelock's daily total 24-hour volume in BTC for the past six weeks (February 22 to April 10) to the US$ price of Bitcoin.  The correlation coefficient is 0.13 and insignificant, which means that there IS no demonstrated relationship between these two data series.  Your last lame explanation is simply wrong--whatever problems HIF is having with sales or expenses has nothing to do with the US$ price.  You have failed to answer every one of the "trend" questions I posed earlier, but they won't go away just because Havelock is choosing to ignore them.

I know that startups are very risky, and I expected this investment to have some unanticipated problems.  But I never thought that the sponsor--Havelock--would itself become one of the worst risk factors by deliberately failing to supply important information and in some cases actually obfuscating its own message.  I actually believed that you would follow   the communication model set by your sister fund, HMF,  with monthly reporting.  Any way to get the manager for HMF to assume responsibility for communicating with HIF investors???  We would all be better off. 

[Peter Lambert]

Lots of good questions in this thread, I hope Havelock answers them, else the share price will continue to tank. But what do they care, they already got the investor money? However, if the questions are not addressed, people will remove their capital from the platform and all funds listed there will suffer.

Any way to get the manager for HMF to assume responsibility for communicating with HIF investors???  We would all be better off.  

I hear MPOE-PR is out a job, she has experience communicating with investors   

[sporket]

...if the questions are not addressed, people will remove their capital from the platform and all funds listed there will suffer.
...

Havelock has been operating at a loss for the last two months, kindly consult our financial statement.
If participating fund issuers wish Havelock to continue offering its services, said issuers should spring for expenses.  Themselves.  Havelock's tired of supporting freeloaders.

Enough of this entitled bullshit.  One more finicky complaint and Havelock *will* pull the server plug.
Panama's not Communist Russia, we ain't running no charity