Wellington Capital PIF/Octaviar (MFS) PIF

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

Thanks for that. Apologies for insinuation, just quite wary of 'rumors'....Carry on...

Hi Kennas,
Thanks for looking at this. The post JohnH referred to does not support Seamisty's statements. Can you please clean up these posts as they can not be supported by fact.

The article just says there are 30 unit holders who are taking action against WC not that they've been told to get on this forum and post rubbish as Seamisty is claiming.

 

[Mary Lynch]

Re: Octaviar MFS Premium Income Fund PIF

A couple of questions...If we are getting distributions out of our capital, as of course we will have to be...and JH says we won't get taxed on it....if we are not paying tax, surely we should have our units reduced in leiu of the distribution....how can we have our cake and eat it too?

Also, is it possible that the Christmas dist. will be an up front payment, and then the following payment...in arrears ...not to come for 6 months?

People continue to talk about the support facility; I thought that all business with LLA was finished with the $44M being paid over the next 3 years, is it not? Therefore there will be no special distribution.

Dora...you talk of ignorance and fear being our basis for voting yes....well even with having read every post on this thread, and getting my hands on everything I can to become less "ignorant", I am still in the dark as to what the years ahead hold economically, and fearful of letting the "bird in the hand go"...especially as as I said before "better the devil you know, than the devil you don't know".

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

A couple of questions...If we are getting distributions out of our capital, as of course we will have to be...and JH says we won't get taxed on it....if we are not paying tax, surely we should have our units reduced in leiu of the distribution....how can we have our cake and eat it too?

Also, is it possible that the Christmas dist. will be an up front payment, and then the following payment...in arrears ...not to come for 6 months?

People continue to talk about the support facility; I thought that all business with LLA was finished with the $44M being paid over the next 3 years, is it not? Therefore there will be no special distribution.

Dora...you talk of ignorance and fear being our basis for voting yes....well even with having read every post on this thread, and getting my hands on everything I can to become less "ignorant", I am still in the dark as to what the years ahead hold economically, and fearful of letting the "bird in the hand go"...especially as as I said before "better the devil you know, than the devil you don't know".

Mary i realy would say a yes vote would be a vote for the devil that you dont know / Dane //

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

A couple of questions...If we are getting distributions out of our capital, as of course we will have to be...and JH says we won't get taxed on it....if we are not paying tax, surely we should have our units reduced in leiu of the distribution....how can we have our cake and eat it too?

Also, is it possible that the Christmas dist. will be an up front payment, and then the following payment...in arrears ...not to come for 6 months?

People continue to talk about the support facility; I thought that all business with LLA was finished with the $44M being paid over the next 3 years, is it not? Therefore there will be no special distribution.

Dora...you talk of ignorance and fear being our basis for voting yes....well even with having read every post on this thread, and getting my hands on everything I can to become less "ignorant", I am still in the dark as to what the years ahead hold economically, and fearful of letting the "bird in the hand go"...especially as as I said before "better the devil you know, than the devil you don't know".

Mary It is my understanding the support facility is part of the $44 million so approx 1/4 of that when it is received if that is what has been negotiated will be distributed to unit holders.The quarterly payments will commence in Mar 2009 I believe.Seamisty

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

Seamisty I would like you to answer this question for us all as you seen to be a fan of JH Just what is JH investing performance over say the last three / five / 10 years the average annual total returns etc In other words her track record on investing for clients I asked this question yesterday on the forum still waiting for an answer / Dane //

 

[JohnH]

Re: Octaviar MFS Premium Income Fund PIF

Seamisty I would like you to answer this question for us all as you seen to be a fan of JH Just what is JH investing performance over say the last three / five / 10 years the average annual total returns etc In other words her track record on investing for clients I asked this question yesterday on the forum still waiting for an answer / Dane //

Dane, Increasing the Market Capitalisation of S8 from $25M to $700M in 6 years was no mean achievement!

 

[Smokey68]

Re: Octaviar MFS Premium Income Fund PIF

What is the value of S8 now or the value of the company that took over S8?

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

Dane, Increasing the Market Capitalisation of S8 from $25M to $700M in 6 years was no mean achievement!

The questain i asked is still unanswered Seamisty i cant hold my breath for ever Please read post 2447 / Dane //

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

Seamisty could you tell us all the names of Stockbrokers that are giving for casts for the fund if it becomes listed I as a market investor would love to know who they are & what they are for casting & don't say ring WC i tried them had no luck there I hope i am not kicking a dead horse asking questions like this / Dane //

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

Something to think about. For those folk who wish to leave the fund . If the yes vote gets up they may get between 10 & 15 cents on the exchange . If the no vote gets up they could probably get 50 cents plus payed over 2 years in installments. As i said something to think about / Dane //

 

[Sean K]

Re: Octaviar MFS Premium Income Fund PIF

Hi Kennas,
Thanks for looking at this. The post JohnH referred to does not support Seamisty's statements. Can you please clean up these posts as they can not be supported by fact.

The article just says there are 30 unit holders who are taking action against WC not that they've been told to get on this forum and post rubbish as Seamisty is claiming.

Thanks Dora,

JohnH and Seamisty, please come clean, or some cred will be lost.

There seems to be a lot of back door motivation permeating throughout this thread.

Already, 3 people have been banned for operating multiple accounts.

Let's not have to suspend anyone else for false accusations, or intentionally misrepresenting the facts.

Cheers,
Kennas

 

[JohnH]

Re: Octaviar MFS Premium Income Fund PIF

Who are these people? If this is a 'rumour', please refrain from posting such. If it has any foundation, please provide evidence. Talk such as this is not helpful to your position. kennas

Thanks Dora,

JohnH and Seamisty, please come clean, or some cred will be lost.

There seems to be a lot of back door motivation permeating throughout this thread.

Already, 3 people have been banned for operating multiple accounts.

Let's not have to suspend anyone else for false accusations, or intentionally misrepresenting the facts.

Cheers,
Kennas

Sorry Kennas (and other readers)

I was merely quoting the source of "30 people". With regards to the reporting of their "actions" I think Seamisty has apologised and explained in post #2439

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Thanks Dora,

JohnH and Seamisty, please come clean, or some cred will be lost.

There seems to be a lot of back door motivation permeating throughout this thread.

Already, 3 people have been banned for operating multiple accounts.

Let's not have to suspend anyone else for false accusations, or intentionally misrepresenting the facts.

Cheers,
Kennas

Kennas I have already stated the source for the information was confidential, the content was not, and I apologised. I respect peoples confidentiality when asked for, I have dozens of confidential e-mails regarding the issues debated on this thread, some from those requesting me to break the confidence of another. Rather than cause serious disruptions to the thread and cause possible embarassment to several and risk losing my source I will not breach any confidences. Perhaps there are some who are deliberately stirring, I don't know. The name of the contact could even be false, I don't know.It is quite obvious there are some taking extreme measures to keep their identity hidden. There are two complete separate agendas here and it has already been demonstrated how much confusion was created when the media article in the AFR reportedly got the name of the group they were representing wrong. Credibility has already been lost. You must admit though, this would be amongst the more lively and interesting threads, never a dull day! Seamisty

 

[Sean K]

Re: Octaviar MFS Premium Income Fund PIF

You must admit though, this would be amongst the more lively and interesting threads, never a dull day! Seamisty

Yes, but there's some serious issues at stake.

Personally, I don't care if it's interesting. ASF prides itself on facts, figures, justification, analysis, and credibility. Any misleading information, or rumours without reference, or some sort of justification to back them up, usually gets deleted.

If you can not provide a reference, or facts to back up a claim, your information can not be taken credibly.

 

[ian1328]

Re: Octaviar MFS Premium Income Fund PIF

When I spoke to WC last week I asked them of their current performance and was told that their existing customers receive 8.5% interest. Sounds good to me and worth a YYN vote. Is it possible that some people on this forum are jealous of JH's success? I wonder.

 

[judym]

Re: Octaviar MFS Premium Income Fund PIF

I attended the investor forum in Sydney and carefully read all the documentation regarding PIF. I have 20 years experience trading in shares. I have not read and am not interested in the newspaper articles.
My understanding is that Wellington is offering unit holders a new management, a venue to withdraw from the fund (via part buyback and then units sale), some income and a possibility of a pick up in value when market conditions improve.

The only other option available is to allow a liquidation which to me means money in the pockets of more lawyers and zilch for me, the unit holder. We also know that this is the worst time to offload realestate.
Just to clarify a few points raised on this thread:
the support facility was with MFiaSco, now Octaviar, not with LLA.
The proposed constitution requires 4 persons and 51% units on issue to remove wellington. I can't see any problem with this. The chair is a person and unit holders can give him/her their proxies. If at all this is too easy, most funds require 75% votes to remove a manager.

 

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

...
The proposed constitution requires 4 persons and 51% units on issue to remove wellington. I can't see any problem with this. The chair is a person and unit holders can give him/her their proxies. If at all this is too easy, most funds require 75% votes to remove a manager.

You seemed to be confused about the meaning of the word quorum. The quorum is the number of units which need to be represented for a meeting\vote to be valid. It's not the percentage needed to win the vote.

The current constitution and the standard rule in the Corporations Act is for the quorum to be only 2 people. It's a huge change to modify this to at least 4 people who represent 51% of units. BTW In the Corp Act the quorum must be present within 30 minutes of the meeting starting, but again WC want to change this to 15 mins. I have not come across any change which doesn’t restrict unit holder’s rights.

 

[Maverick2802]

Re: Octaviar MFS Premium Income Fund PIF

We have so many rights as investors under the current MFS constitution. Yet what have they given us? What as investors have we done with those rights? We have not even been able to organise a united front by means of a nationwide association.

Please don't tell me PIFI is one. A group that comprises of 30 Queensland investors (per the Telegraph) that has received a bit of legal advice from a solicitor that has admitted to investors (one of them being another Sydney solicitor and member of the Sydney AG) at the WC Sydney forum that Jenny Hutson is a good RE and that we could do far worse.

With all the rights we have under the current RE we have been robbed by MFS, we have not received any income for nearly a year and nothing from the support facility that was there in black and white in the constitution to protect our rights. Lucky we have all these rights in the constitution that if tampered with ASIC would come down hard on MFS..helped me sleep well at night, till of course it was time to see how much real protection was really there. Well we all know the answer to that!

I want income again, forget so much protection. Money pays the bills, not words in a constitution. Action means more than any words on a piece of paper written up by lawyers and then not honoured when push came to shove. WC has at least 2 funds operating and in the Sydney forums she mention when asked one was paying 8.5% and another close or over 10% for memory. JH has her own money invested in both, and doing quite nicely for her investors. That would do me too as far as action goes from the 2007 QLD business woman of the year.

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

Dora...you talk of ignorance and fear being our basis for voting yes....well even with having read every post on this thread, and getting my hands on everything I can to become less "ignorant", I am still in the dark as to what the years ahead hold economically, and fearful of letting the "bird in the hand go"...especially as as I said before "better the devil you know, than the devil you don't know".

Hi Mary Lynch,

The questions you posed were very valid ones and good on you for doing the research you have done.

Unfortunately, some people have so far only had access to the misleading documents sent out by Wellington, which has lead them to be fearful of opposing her propositions, even though these propositions are a long way off from what they want.

I think everyone would have to say they are "in the dark" as to what the years ahead hold economically, we can each only make our own assumptions.
However, I think you are quite right in being "fearful of letting the bird in the hand go". In my opinion the "bird in the hand" that we currently hold is a (plundered) managed investment fund (not a listed fund) that has a constitution which affords us investors with rights and abilities. I too am very fearful of letting this bird go.
Cheers

 

[Jadel]

Re: Octaviar MFS Premium Income Fund PIF

.Judym for a person with twenty years trading in the markets you are remarkably naive .

Would you please inform investors how you trade The NSX with an average of 3.5 trades a day and a buy sell brokers commission of 5%

That is not a trading platform mate it is just a place where vultures perch to feed of the desperate and sick

Also Consider this the Amendment in the Constitution states you require a Quarom with 51%of the TOTAL AVAILABLE unit holders to change the RE

Not 51% of the investors that vote (,normally the people that do not vote are not taken into consideration )

Now their is always that apathetic minority probably in the range of 20% to 30% who will not bother to lift a finger to vote for anything in this life

Under these rules it will be just about impossible to remove WC

A fact that Jenny Huson is all to aware of that is why she hid this amendment in the Constitution .

I do not think i am revealing any secrets when our solicitot Kalinda Cobby described these changes as onerous and i suggest that investors read our legal opinion mailtoIFInitiative@gmail.com

And Maverick mate i am pleased to inform you are numbers are growing stronger every day.