(HSBA) HSBC Holdings

I really couldn't care less, mate!
Bit fed up with your advertising, though. Just another chancer having a go at depriving the greedy of their cash?

Dated: January 2012

2012 started with the news that the international solicitors we had been working with had lost their senior BVI partner and most of their staff. This meant some rapid rethinking and the immediate appointment of a new BVI Representative to maintain momentum.

Confidentiality assurances became an important concern after a large number of responses were received from iii HSBA board members. It was important that there was no cross-over of information which could compromise the identities of iii board members. Confidentiality Statements have now been sent to all parties who expressed an interest.

Research into BVI Business Companies Act and advice from the new legal team reveals that special attention has been paid to concerns about complexity, time and cost when small funds are seeking to start up in BVI. The prohibitive costs and delays of establishing a new fund and a new management company have been addressed by providing for start-up funds to be incorporated under law as Segregated Portfolio Companies (SPCs) ensuring complete segregation of investors’ funds and fund assets in law while providing a professional BVI Public Fund Management structure within which to work. Detailed research into the implications of this option has been underway for the past three weeks.

Meetings with the representatives of three BVI Public Fund Management companies are to start on Friday (Feb.10) morning in London.

Preliminary conversations are underway with Swiss Trading Banks because funds are to be held and traded in Switzerland. The challenge being to find a bank which is large enough to provide us with the dealing and hedging facilities we need, but small enough to care about the modest ‘Box’ start-up portfolio. Lots of interest from trading banks is keeping us happy though.

‘Box’s London Accountants and Auditors are busy analysing the trading performance of the past two years in order to provide details for the Prospectus. They caused mild panic when they suggested that we should also run a theoretical test of the ‘Box’ Strategy for 2007 and 2008. They insisted that we should stick to the Strategy dates exactly and that no secondary investments, hedging or currency dealing could be included. No problem, but how long did that little lot of data take to get right!

As a result of the above work it is hoped that we will not now need to issue a Preliminary Information Memorandum and we will be able to launch the Pospectus directly.

I hope that this first Start-Up Diary entry has given you a better idea of how much needs to be done at this stage. Thank you all for your patience and support.

Monty

Having sold out at 505 and in preparation for the 'Box' roll-out, I hedged and have consequently been protected from this recent rise which is driven by a broad range of macro-economic factors.

I don't see any signs of pre-results hype as yet and so I'm not putting this rise down to anything HSBC has done or said. I agree with other posters that there was a general overselling of financial stocks which has been followed by a cautious return of interest.

Volatility still rules though and the Greeks are taking their negotiations down to the wire and look like they could trip over it!

Scrip Poker players don't really mind at what level of sp the game is played, as long as they know the Timing and Direction of the next move and so they accept rises and falls in the sp when they are 'short' as normal.

I'm now looking for an opportunity to re-invest before the pre-results hype starts and to sell before Q4 at 8:15 am on Feb 27th (Timing and Direction)

I am going to start a 'Diary of a Start-Up' series of reports which will give the background story to The 'Box' Fund start-up in BVI and will let you in on some of the hoops and hurdles that a small fund has to go through.

The good news is that the Confidentiality Statement is now being issued by the BVI Representative to all those who expressed an interest and the Preliminary Information Memo and the Offering Document have been combined to save time. I'll put details about these and other events in the first Start-Up Diary entry.

Cheers,
Monty

Financials have been in favour since xmas. Could be the lead up to results? As you say a year has been a long time and results last year plus europe uncertainty tanked the SP. Looking much improved. I think anything flat is probably good to maintain current SP, with Greek 'solution' (not that it will ever happen in my lifetime) could be a bigger boost to financials. Back to a loss which has a better bottom line in terms of my longer term investment (and I can now stop hiding from my partner and quickly close the tab of iii like it was a specialist site, not that I use any of those).