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Wellington Capital PIF/Octaviar (MFS) PIF

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Re: Octaviar MFS Premium Income Fund PIF

I have the confidence in the intelligence of the investors to realise that these types of articles are just propaganda to sell print. They will and have been making the sensible decision by the droves. Even the majority of people on this forum see the sensibilities of a FOR WC vote.
 
Re: Octaviar MFS Premium Income Fund PIF

Maverick2802 said:
I have the confidence in the intelligence of the investors to realise that these types of articles are just propaganda to sell print. They will and have been making the sensible decision by the droves. Even the majority of people on this forum see the sensibilities of a FOR WC vote.
Click to expand...
And then again it could be just enough to get the NO vote over the line Need only 25% plus ONE remenber / Dane //
 
Re: Octaviar MFS Premium Income Fund PIF

Maverick2802 said:
I have the confidence in the intelligence of the investors to realise that these types of articles are just propaganda to sell print. They will and have been making the sensible decision by the droves. Even the majority of people on this forum see the sensibilities of a FOR WC vote.
Click to expand...
Maverick I asked WC why they didn't correct some of the misleading media information that has been reported recently and was told early indications were so overwhelmingly in favour of the FOR vote that JH thought her time would be more counter productive pursuing other issues which would result in a better outcome for PIF unit holders. Seamisty
 
Re: Octaviar MFS Premium Income Fund PIF

seamisty said:
Maverick I asked WC why they didn't correct some of the misleading media information that has been reported recently and was told early indications were so overwhelmingly in favour of the FOR vote that JH thought her time would be more counter productive pursuing other issues which would result in a better outcome for PIF unit holders. Seamisty
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Hey Seamisty,

Just got off the phone with WC and they confirm that the overwhelming percentage of the votes that have been processed are for the FOR vote. The trend is so much so that it would be very surprising for an AGAINST vote. A lot of people are ringing up complaining about how they received correspondence from another individual, how they could have their address, they were unappreciative of the contact and were totally against the views expressed. Apparently they have received a high number of calls protesting the PIFI letter. Looks like apart from a bit of media exposure, it has really backfired for their cause, judging by the investors of this fund, oh well you live and learn I guess, would have cost a packet ($$$) too!!

They have not seen much of Jenny this week with the court action and they were in limbo awaiting tomorrow's decision and how JH will be in there protecting us as OCV creditors.

I also asked about Raptis, and the buiding that has come up with problems and a liquidator has been appointed has nothing directly to do with us. We (PIF) have NO direct exposure to that particular development. Just another example of inaccurate reporting by the media.
 
Re: Octaviar MFS Premium Income Fund PIF

Maverick2802 said:
Hey Seamisty,

Just got off the phone with WC and they confirm that the overwhelming percentage of the votes that have been processed are for the FOR vote. The trend is so much so that it would be very surprising for an AGAINST vote. A lot of people are ringing up complaining about how they received correspondence from another individual, how they could have their address, they were unappreciative of the contact and were totally against the views expressed. Apparently they have received a high number of calls protesting the PIFI letter. Looks like apart from a bit of media exposure, it has really backfired for their cause, judging by the investors of this fund, oh well you live and learn I guess, would have cost a packet ($$$) too!!

They have not seen much of Jenny this week with the court action and they were in limbo awaiting tomorrow's decision and how JH will be in there protecting us as OCV creditors.

I also asked about Raptis, and the buiding that has come up with problems and a liquidator has been appointed has nothing directly to do with us. We (PIF) have NO direct exposure to that particular development. Just another example of inaccurate reporting by the media.
Click to expand...
That would explain why when I tried to research the Raptis link, the only connection I could find was with MFS Diversified Group. Seamisty
 
Re: Octaviar MFS Premium Income Fund PIF

Maverick2802 said:
Hey Seamisty,

Just got off the phone with WC and they confirm that the overwhelming percentage of the votes that have been processed are for the FOR vote. The trend is so much so that it would be very surprising for an AGAINST vote. A lot of people are ringing up complaining about how they received correspondence from another individual, how they could have their address, they were unappreciative of the contact and were totally against the views expressed. Apparently they have received a high number of calls protesting the PIFI letter. Looks like apart from a bit of media exposure, it has really backfired for their cause, judging by the investors of this fund, oh well you live and learn I guess, would have cost a packet ($$$) too!!

They have not seen much of Jenny this week with the court action and they were in limbo awaiting tomorrow's decision and how JH will be in there protecting us as OCV creditors.

I also asked about Raptis, and the buiding that has come up with problems and a liquidator has been appointed has nothing directly to do with us. We (PIF) have NO direct exposure to that particular development. Just another example of inaccurate reporting by the media.
Click to expand...

Hey Seamisty,
I don't want to start the whole argument again, as many have recently stated on here, we should be uniting to achieve the best possible outcome for us all. However one could not take what WC says too seriously as they have every reason to push the JC agenda.
 
Re: Octaviar MFS Premium Income Fund PIF

like2ski said:
Hey Seamisty,
I don't want to start the whole argument again, as many have recently stated on here, we should be uniting to achieve the best possible outcome for us all. However one could not take what WC says too seriously as they have every reason to push the JC agenda.
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LOL!!! I know I have supported JH like2ski, but not even I would put her on that big a pedestal. I don't think I have ever confused JH with JesusChrist!!!!! Seamisty
 
Re: Octaviar MFS Premium Income Fund PIF

As of today:

39% of the vote has been counted and 97% have voted YES for resolution 1
 
Re: Octaviar MFS Premium Income Fund PIF

Maverick2802 said:
Wouldn't be the first time the media has got it frightfully wrong and it certainly won't be the last.

Newspapers are owned by billionaires who use media outlets as a means to voice their own agendas to manipulate markets and political outcomes to suit their own money making schemes. They are very rarely held accountable.

An alarmist headline will always attract more readers than a warm and fuzzy one. It's ALL about sales and circulation!
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PLLLEEEEEEAAAAAAAASSSSSSSSSSSSSSSSSEEEEEEEEEEEE!!!!

Thats right, anyone whose view does not match the WC side of the argument must be wrong. They must have an agenda etc.

Could it not be that the writer was giving an impartial opinion of the situation. Factually the article was correct. At least there is the occassional truthful article written to counter the propoganda being pushed by WC and their cronies.
 
Re: Octaviar MFS Premium Income Fund PIF

seamisty said:
I have been told by WC that they are under constant scrutiny from ASIC. The whole explanatory memorandum had to be approved by ASIC before it was released. Perhaps Michael West should have asked for a comment from ASIC and the majority of investors in the PIF who have chosen to support WC before offering unprofessional financial advise which could result in a far worse financial outcome for unitholders. A very poorly researched article with dodgey content in my opinion. Seamisty
Click to expand...
Hi seamisty,
MW may have provided a guarantee that PIF will not be liquidated and a new RE may also be guaranteed to help wind up PIF in an orderly fashion. I do not think that Iwould like him to be on my payroll.
Regards, RickH:couch
 
Re: Octaviar MFS Premium Income Fund PIF

Duped said:
Looks like a question about what's ASIC doing about PIF was raised in the Senate.

See 'Question on Notice 13' at bottom of http://www.aph.gov.au/Senate/committee/corporations_ctte/asic/asic_june_08/e02.htm

Although if a week is a long time in politics then PIF is long forgotten.
Click to expand...
From the Senate Notes::::::Question on Notice 13
Premium Income Fund (Mr Robert, additional question on notice)
The Premium Income Fund (nee MFS Premium Income Fund) has accused MFS/Octaviar of plundering the PIF of at least

$147.5m. There are also a range of other claims against MFS/Octaviar. What is ASIC doing to address this situation and assist PIF investors considering that some commentators are claiming that these actions may be a breach of the Corporations Act, of the Product Disclosure Statement, the PIF Constitution and the compliance plan?

Furthermore will ASIC be launching an investigation into the operation of MFS/Octaviar and particularly the PIF?

Response:
ASIC has been actively monitoring and making enquiries of MFS/Octaviar and the MFS/Octaviar Group since January 2008.

On 13 June 2008, the responsible entity of PIF (now known as Wellington Investment Management Limited (WIM)) became a wholly owned subsidiary of Wellington Capital Limited. Notwithstanding this change in ownership, ASIC has also continued to actively monitor events concerning WIM and PIF.

ASIC has concentrated its enquiries to date on monitoring the solvency of MFS/Octaviar and the liquidity of PIF to ensure that, to the extent possible, the interests of investors are protected. ASIC has also made enquiries concerning the continuous disclosure obligations contained in ASX Listing Rule 3.1 and section 674 of the Corporations Act and has emphasised the need for timely and appropriate disclosures to the market and investors in its dealings with MFS/Octaviar and WIM.

ASIC’s enquiries also extend to considering the claim by WIM against Octaviar Limited and an Octaviar subsidiary for $147.5 million regarding investments made by PIF, which Octaviar Limited made a market announcement about on 24 June 2008.
 
Re: Octaviar MFS Premium Income Fund PIF

Classic Sir Humphrey Appleby response. Lots and lots and lots of words but no outcomes for us.

ASIC, ATO & Centrelink must have a lot of faith in JH because it's not just the 10K investors that are financially exposed. It's their partners and families as well. Not only will more of us investors and partners now lean on their safety net but there'll be lots more 'supporting a dependent' tax claims. Hopefully this mess will hit the Fed hard where it hurts them most. We might get some action then.
 
Re: Octaviar MFS Premium Income Fund PIF

Octaviar ruling delayed until Monday17:41 AEST Fri Sep 12 2008ago[x]
A Brisbane judge has adjourned a decision until Monday morning on whether embattled fund manager Octaviar Ltd should be put in the hands of court-appointed liquidators or administrators chosen by the company.

Queensland Supreme Court judge Philip McMurdo was due to decide either to start liquidation proceedings or to allow the company to appoint its own administrators for a period, with the process to be reviewed by the court later this year.

The Public Trustee of Queensland (PTQ) is seeking a ruling from the Supreme Court to appoint a liquidator to wind up the company that owes about $351 million to more than 500 noteholders the PTQ is representing.

But the Gold Coast financial and tourism group, formerly known as MFS, is seeking to appoint its own administrator to work through its debts.

Justice McMurdo on Friday afternoon adjourned the matter until 9.30am (AEST) on Monday
 
Re: Octaviar MFS Premium Income Fund PIF

Is the toothless tiger finally growing teeth?

--------------------

Watchdog vs Wellington Investment Management


by Anthony Klan | September 13, 2008

THE corporate watchdog has launched legal action in a bid to prevent a meeting of investors in the failed $750 million Octaviar Premium Income Fund scheduled to be held next week.

The Australian Securities and Investment Commission has applied to the Queensland Supreme Court to delay the meeting after Wellington Investment Management -- which is attempting to entrench itself as manager of the fund -- refused to delay the meeting.

"ASIC has taken this step after failing to obtain Wellington Investment's agreement to adjourn the meeting," the regulator said. "ASIC considers that unit holders require additional information in order to make informed decisions at the proposed meeting."

As reported by The Australian earlier this month, Wellington -- headed by Brisbane businesswoman Jenny Hutson -- is attempting to alter the fund's constitution in a move that would hand it millions of dollars, if it was removed as manager.

An independent report by Hicksons Lawyers partner Kalinda Cobby has warned that Wellington Investment Management was attempting to impose "onerous" restrictions on the PIF that "fetter" the ability of investors to remove Wellington as manager.

Those changes to PIF's constitution are due to be voted on at Wednesday's unitholders meeting. Ms Hutson was unavailable for comment last night.

She has previously told The Australian those proposed changes would make it more difficult for PIF's 10,000-plus investors to remove Wellington as manager, but claimed it was a move to help investors who "wanted to ensure we were there for the long-run".

Octaviar was formerly known as MFS Limited.

-------------------------

direct link: http://www.theaustralian.news.com.au/story/0,25197,24337397-643,00.html
 
Re: Octaviar MFS Premium Income Fund PIF

ASIC Notice see HERE


AD08-09 Premium income fund

Friday 12 September 2008


ASIC commenced proceedings yesterday in the Supreme Court of Queensland seeking to delay a meeting of unit holders in the old MFS Premium Income Fund (PIF).

ASIC is seeking an order restraining Wellington Investment Management Limited (WIM) as the Responsible Entity of the Premium Income Fund from proceeding with a meeting of unit holders scheduled for 18 September 2008.

ASIC has taken this step after failing to obtain WIM’s agreement to adjourn meeting.

ASIC considers that unit holders require additional information in order to make informed decisions at the proposed meeting.

The proceedings will be heard on Wednesday 17 September 2008.
 

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