Wellington Capital PIF/Octaviar (MFS) PIF

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Further to the enquiry of what Octavier owe the PIF ,I refer to a post approx 2 months ago and attach.

The amount of $147.5 million being pursued by WC on behalf of the PIF is compensation in relation to those loans. Perhaps there is some value (your guess is as good as mine) in one or more of those outstanding loans that may be recoverable at a later date and that is why the above sum was agreed on.That amount was the total that could be seen as 'illegally withdrawn' from the PIF and I understand OCV recognised that amount as debt which had to be lodged by a certain date to be included in the list of creditors. I don't think the PIF can legally pursue more than that amount apart from the $50million support Facility. I could be wrong. Seamisty

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Does anyone have any definate dates on when the tax statements will be issued by wellington.
Last time I made a direct call to their customer automated answering machines I got return message which said we'd get our statements in a couple of weeks.... That was 5 weeks ago.

without me calling their machines again Has anyone heard anything new from wellington.......... is it that perpetual are still being relaxed in their attitude in doing their ever well paid job for the PIF.

Hi Zixo, I just spoke with WC, the tax statements will be sent out with the new proxy form which will include more information regarding proposed future distributions. Unitholders should receive these next week, as opposed to two separate mailouts. We do not have to do anything in regard to the proxy if you do not wish to change your previous vote. The updated PWC audit figures will be available after the end of Sept. Regards, Seamisty

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

"Sharks" eh! This type of reporting about those misled by OCV/MFS is beginning to really annoy me.

I recall reading that Maurice Blackburn representing both Shareholders and PIF unit holders would be a conflict of interest. IMO, if Maurice Blackburn are attempting to take the moral highground then they've backed the wrong horse. If the 'flagship fund' was only paying about $6M a year, where did all the rest of the multi $B value in MFS come from. Likely that many shareholders were wilfully led. Then there's the facts that shareholders have greater liquidity (they can sell their shares at anytime on the ASX) AND they had the protection of the high reporting standards required by the ASX listing.

In comparison, IMO, we were more vulnerable to MFS's misconduct? Especially when put there by our financial advisers who were paid to act in our best interests. MB may have backed the swifter horse and taken the shorter path and hence IMO will not reach the higher of the moral highground.


"Sharks circle Octaviar
Over 300 clients in class action

By Kate Kachor
Fri 26 Sep 2008
Octaviar Limited will be confronted by more than 300 clients, as a class action mounts against the property group. More than 300 clients of Octaviar Limited (formerly MFS Limited) will mount a class action case against the embattled property group, to recover lost money.

The clients, said to be a combination of institutions and individuals, are seeking losses estimated at $80 million.

"It looks like it [Octaviar] is not an ongoing viable entity, in which case the rights of our clients are clearly affected," Maurice Blackburn class actions and major projects principal Ben Slade said.

"Whether there is any source of funds for them, to be properly compensated for the wrong that was done to them, we for the moment do not know.

"It might be that they need to line up with creditors in the final liquidation of the entity or entities... but essentially it is Octaviar Limited that we are looking at.

"We are doing it [the class action] through litigation firm IMF. One thing we are not doing is [representing] the poor investors in MFS Premium Income Fund." Slade said.

Commenting on a possible outcome for his clients, Slade said he was not overly confident.

"There is going to be a payout of some sort, but whether that will be a satisfactory resolution or not remains to be seen."

Administrators were appointed to Octaviar on September 15.

Octaviar changed its name from MFS in March this year. "

 

[waleroo]

Re: Octaviar MFS Premium Income Fund PIF

Re Tax statements
I hope the distributions are as forth coming as the tax statements we might receive them next xmas 2009
WC are not on the ball and appear to have lost the plot WAKE UP AND SMELL THE COFFEE

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

I rang them earlier today (Friday). Answer was they're with the mail house, due for despatch Monday/Tuesday.

 

[zixo]

Re: Octaviar MFS Premium Income Fund PIF

Thanks Seamisty,
Rang Wellington and talked to the customer service machine and left a message again. No response.
Am going to Ring again on Monday and again talk to the machine until I'm given a date.
A 7- 8 week wait is a far cry from the 2 weeks when I originally asked the question.
I just dont like hearing the tired old line that the letters in the mail.
If Wellington have trouble issuing simple tax statements how effective are they going to be delivering on other things.

 

[zixo]

Re: Octaviar MFS Premium Income Fund PIF

latest news on the tax statements from wellington is that wellington have no idea when the statements will be issued , apparently computershare and all others who have to submit information have been a little tardy in collating all the information to supply to Investors.

I've been advised to get an extension from the tax office

 

[dantra]

Re: Octaviar MFS Premium Income Fund PIF

has anyone heard any more on tax statements?? we received ours from perpetual, but nothing yet from wellington/octaviar/MFS. time is running out and a small tax return would come in handy right now.

 

[Dexter]

Re: Octaviar MFS Premium Income Fund PIF

When the long awaited Xmas bonus is spent and gone what is there to look forward to?

There is no certainty regarding any futher distributions and WC is not committed to pay anything.

The only certainty is that the monthly fees and expenses will be deducted from our Fund in advance.

Many of our legal rights as Unit Holders will have been voted away.

The recent court case involving ASIC was not a victory for us, only a victory for WC.

The majority voted to end redemptions in favour of selling their units on the NSX.

Who is going to buy them?

ONE GUESS!

Someone who can accumulate a mass of units for a few cents each and through revaluations say, manipulate their price upward, probably gaining a controlling interest in the meantime.

From my grave I might hear someone saying "I told you they would be worth $1.00 one day".

Maybe PIFI are on the right track. After all what is the point of an action group that takes no action?

At least they have excellent legal advice which advised against voting for the proposed changes.

As this year rolls into next year and we can't see away out of this mess we might be thankful for a group who are organised to make the necessary changes in favour of all unit holders.

 

[Maverick2802]

Re: Octaviar MFS Premium Income Fund PIF

Wow Dexter, have you always been this optimistic throughout your life?

Not everybody is out to rip people off like MFS directors did to us and the shareholders.

Maybe WC will deliver what they promise, gee imagine that!

 

[JohnH]

Re: Octaviar MFS Premium Income Fund PIF

When the long awaited Xmas bonus is spent and gone what is there to look forward to?

There is no certainty regarding any futher distributions and WC is not committed to pay anything.

The only certainty is that the monthly fees and expenses will be deducted from our Fund in advance.

.

Dexter, be real - would you trust anybody prepared to give a rock hard promise in the current financial chaos???

 

[akernst]

Re: Octaviar MFS Premium Income Fund PIF

It seems our Funds are still frozen.

WC should have been paying monthly distributions already.

As far as the economy is concerned, we are the only country in the whole world, to have a surplus, and a big one at that. We are still riding on an enormous resources boom with China and India, so how come after over 8 months the managers of our PIF, could not start paying monthly distrbutions.

There is no excuse at all, as because as you know, money makes money, especially now with the US bankrupt. You buy in gloom and sell in boom. And we are in the midst of both worlds.

 

[dantra]

Re: Octaviar MFS Premium Income Fund PIF

so much for the tax statements coming with the proxy vote forms. i got my proxy vote forms today, but no sign of the tax statements. this is ridiculous!!
come on wellington, actions speak louder than words!

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

The tax information delay is becoming intolerable. Are our old friends at Perpetual trying to hurry things up?

 

[pjay]

Re: Octaviar MFS Premium Income Fund PIF

sent email to wellington tuesday re tax statements got phone call back to-day said same as 3 weeks ago ' in the mail room' hope they get more efficiant when/if they get control of our fund

 

[waleroo]

Re: Octaviar MFS Premium Income Fund PIF

I do not know how you people think (some of you don't if you did you would have had a hard look at what WC is doing ) NOTHING with the tax statements or anything else you all now have the opportunity to change your vote and get rid of this outfit before you have nothing left .Any thing would have to better than a answering machine that does what is supposed to do answer the phones and #### all else The PIF should have made some income since WC took it over what about a update on the over all value when are they going to stop the **** and give us a up to date assessment as to what is happening this is OUR FUND What are you going to do RE VOTE and show them (WC) you have nothing now and if they are running the PIF nothing in the future PLEASE WAKE UP AND THINK and do something about it let your pencil do the talking and set WC walking

 

[Maverick2802]

Re: Octaviar MFS Premium Income Fund PIF

I'll give you an update Wallyroo, she took over the fund and we owed $180m to RBOS, as at the 18th of last month we owe $9.5m to another re-financed institution. What else do you want to know?

 

[marcom]

Re: Octaviar MFS Premium Income Fund PIF

I see that the PIFI drones on Dennis' payroll are back just when the voting papers are arriving - no coincidence here - peddling the same tired old line in favour of an "orderly" wind up.

Wake up! The US and European banking system is in meltdown - US and other governments bailing out banks by buying impaired loan books full of properties with doubtful values, which will soon end up on the market. Fabulous time to look for an orderly wind up!!!

Our fund should be debt free by this month - in a credit squeeze financial climate our fund will have money to invest at a substantial profit - over time the values of properties held will rise again to restore lost value - AND will start to receive distributions soon!

I'll repeat my ealier advice:

"After costing our fund some $200,000 they have the hide to come back with this PIFfle!

The way to deal with these cowboys is to put them on your IGNORE LIST - simply click on the posters name, choose "view public profile", then click on the left of the blue band "add XXX to your ignored list". Then they simply disappear!

And don't bother replying to this post as it will not reach me". BYE

 

[simgrund]

Re: Octaviar MFS Premium Income Fund PIF

Dear Waleroo; re your post 2858
I and most PIFers will agree with 2 phrases from your post: OUR FUND and PLEASE WAKE UP & THINK.
Some of us are in such excruciatingly dire financial woes, that the forthcoming October distribution is looked upon as a saviour to take us through till next distributions in December and 2009.
Please understand, any factor introduced from within PIF ranks that would jeopardise this rescue for many, could potentially be life threatening what with immediate needs for medicine, medical services and even down to basic food needs.
Please consider these impacts; with my personal appeal to your humanity side where I suspect real reasoning still resides.
Should other unforseen factors intervene, that would be bad luck.
But to have this proposed rescue sabotaged from own comrades in sorrow would be especially painful to us.
I have written to Jenny Hutson to put an update on WC site of her verbal commitment of 18/09/08 reported in these posts regarding 2% fee for
RE removal.
I may not get a personal reply. However I am confident, the message she gave will mature in years to come. So an "out" is still available to us down the track.
Let us mature alongside today's realities.
With good wishes,

 

[breaker1]

Re: Octaviar MFS Premium Income Fund PIF

How many have read this report?

Courtesy of two PIF AG members:


Wellington PIF
Annual Report
Premium Income Fund
ARSN 090 687 577
30 June 2008

Click on: