Apparently diplomacy is not a key part of the job description for Chairman of the New Zealand Shareholders Association.
Upset that investors in NZ’s Hanover Finance approved a company moratorium that will return just 55 per cent of the net present value of their investment (by giving up on $200 million in interest payments and forgoing the chance to recover $86 million in dividend payments), NZ Shareholders Association chairman Bruce Sheppard did not hold back his displeasure.
The Dominion Post reports that Sheppard called the investors “dumb wits” after his efforts to lead them through complicated restructuring proposals were thrown back in his face and said he was sick to death of “idiots who wouldn’t recognize intelligent questions if they bit them on the ass.” He added that the New Zealand Shareholders Association will now focus on “smarter” shareholders who appreciated what it brings to the table.
“I really despair at the base level of intellect of these old dumb wits.
“My new rule is, I’m not going to spend any time with anyone aged over 60 because, frankly, their residual economic value to the rest of the country is so low they should be put through euthanasia programmes right now.”
Sheppard’s outburst reportedly came a day after Hanover Finance investors shouted down his request at Tuesday’s vote to quiz directors and administrator PricewaterhouseCoopers further on the company’s controversial rescue package.
“I’m not going to put myself or any of my executive board through the idiocy of that sort of a meeting again,” Sheppard said. “It’s just a waste of time they deserve all they get. If anyone asks me for advice, I’ll tell them to get lost.”
