Re: Octaviar MFS Premium Income Fund PIF
I had the same problem yesterday and still do today
I had the same problem yesterday and still do today
Wellington Capital PIF/Octaviar (MFS) PIF
- Thread starter breaker1
- Start date
Re: Octaviar MFS Premium Income Fund PIF
No Dora, I think you have missed the point. 94% voted for the resolution.
............ and I really don't see what all the fuss is about with the NSX - if you don't like the price, then don't sell.[/QUOTE]
No John, you really have missed the point. Of the total units in the Fund 55.83% of them were used to vote in favour of Resolution 1. 15% of them were held by investors that had such little understanding of the resolution that they left it up to Wellington to vote for them - a very sad (probably intentional) result of the misleading & confusing information supplied by Wellington.
And sorry John, but listing on the NSX was JH's way to provide an exit for the desperate unit holders needing their money (or whatever they could retrieve). This is the way she promoted it !!!! She stated all along that she was doing it for the benefit of these unit holders. Aren't they lucky.
No Dora, I think you have missed the point. 94% voted for the resolution.
............ and I really don't see what all the fuss is about with the NSX - if you don't like the price, then don't sell.[/QUOTE]
No John, you really have missed the point. Of the total units in the Fund 55.83% of them were used to vote in favour of Resolution 1. 15% of them were held by investors that had such little understanding of the resolution that they left it up to Wellington to vote for them - a very sad (probably intentional) result of the misleading & confusing information supplied by Wellington.
And sorry John, but listing on the NSX was JH's way to provide an exit for the desperate unit holders needing their money (or whatever they could retrieve). This is the way she promoted it !!!! She stated all along that she was doing it for the benefit of these unit holders. Aren't they lucky.
Re: Octaviar MFS Premium Income Fund PIF
This takes ages to download because attached to the one page blah, blah, blah from JH is the full Explanatory Memorandum. It's basically not worth the wait.
This takes ages to download because attached to the one page blah, blah, blah from JH is the full Explanatory Memorandum. It's basically not worth the wait.
- Joined
- 30 May 2008
- Posts
- 328
- Reactions
- 0
Re: Octaviar MFS Premium Income Fund PIF
So what’s your advise to people who need to sell?
John, the only argument you put forward to support your views seem to be that you are in the majority when it comes to resolution 1. So did you vote Yes for resolution 3 along with the other 88% of the fund?
So what’s your advise to people who need to sell?
Re: Octaviar MFS Premium Income Fund PIF
I accept that there are some people who sadly "parked" their money in PIF for the short term, and I feel for them. Most invested for income, and that is why I like most voted "Yes" for resolution one to avoid a liquidation which would have take many years and at best ended up with 14 cents a unit.
I also voted "Yes" to resolution 2 as it seems an opportunity for people who need to, to at least get some money back in the short term. I will not be taking up the offer.
I accept that there are some people who sadly "parked" their money in PIF for the short term, and I feel for them. Most invested for income, and that is why I like most voted "Yes" for resolution one to avoid a liquidation which would have take many years and at best ended up with 14 cents a unit.
I also voted "Yes" to resolution 2 as it seems an opportunity for people who need to, to at least get some money back in the short term. I will not be taking up the offer.
Re: Octaviar MFS Premium Income Fund PIF
John
Some facts from the Premium Income Fund Overview available on WC web site.
12 Month Term - 8,686 investments
9 Month Term - 1,510 investments
6 Month Term - 1,113 investments
At call 3 investments
24 Month Term - 3,124 investments
Who parked their money in the PIF for the long haul.
Please explain.
Regards
Splitpin
John
Some facts from the Premium Income Fund Overview available on WC web site.
12 Month Term - 8,686 investments
9 Month Term - 1,510 investments
6 Month Term - 1,113 investments
At call 3 investments
24 Month Term - 3,124 investments
Who parked their money in the PIF for the long haul.
Please explain.
Regards
Splitpin
Re: Octaviar MFS Premium Income Fund PIF
Thanks Splitpin,
I wrongly assumed that there would be far more on call.
Most then invested for income.
The 3 cents by Christmas will be the equivalent of 4+ months income at the old return. What will be produced next year, for the PIF and every other income fund out there! is in the "in the lap of the Gods". With no other concrete proposal, I, like 95% of unit holders, feel that Wellington offers the best chance currently available.
Cheers,
John H
Thanks Splitpin,
I wrongly assumed that there would be far more on call.
Most then invested for income.
The 3 cents by Christmas will be the equivalent of 4+ months income at the old return. What will be produced next year, for the PIF and every other income fund out there! is in the "in the lap of the Gods". With no other concrete proposal, I, like 95% of unit holders, feel that Wellington offers the best chance currently available.
Cheers,
John H
Re: Octaviar MFS Premium Income Fund PIF
Actually John,
It was 55.83% of total units in the Fund that lodged a definate Yes vote.
Actually John,
It was 55.83% of total units in the Fund that lodged a definate Yes vote.
Re: Octaviar MFS Premium Income Fund PIF
John
Are you aware that 95% of investors are over the age of 65 ,how many of these people do you think will need money over the next few years
The great majority of these people invested in yearly accounts only ,because they fully expected they would have need of the capital in their senior years for some sort of emergency
Jenny Hutson has only now told investors the truth
What she has stated clearly is that you may get somebody to pay 45 cents back in 3 to 5 years not the total amount that you originally invested
And it is just as likely that you may not
Surely you can see what happens when you are listed on an a trading market
Yes their are buyers but only at bargain basement prices and it is going to stay that way for years to come
That is the way stock markets work
If it makes you feel better and you want to go on living in a fantasy world mate good luck
John
Are you aware that 95% of investors are over the age of 65 ,how many of these people do you think will need money over the next few years
The great majority of these people invested in yearly accounts only ,because they fully expected they would have need of the capital in their senior years for some sort of emergency
Jenny Hutson has only now told investors the truth
What she has stated clearly is that you may get somebody to pay 45 cents back in 3 to 5 years not the total amount that you originally invested
And it is just as likely that you may not
Surely you can see what happens when you are listed on an a trading market
Yes their are buyers but only at bargain basement prices and it is going to stay that way for years to come
That is the way stock markets work
If it makes you feel better and you want to go on living in a fantasy world mate good luck
Re: Octaviar MFS Premium Income Fund PIF
Yes, but if you take into account the proxy votes given to JW and (quite reasonably) apportion non voters in the same way, you come out with 94% for the motion. Only 5.6% voted against, and .4% abstained.
Yes, but if you take into account the proxy votes given to JW and (quite reasonably) apportion non voters in the same way, you come out with 94% for the motion. Only 5.6% voted against, and .4% abstained.
Re: Octaviar MFS Premium Income Fund PIF
John
Please stick to the query.
Nobody invested in PIF for the long haul.
Regards
Splitpin
John
Please stick to the query.
Nobody invested in PIF for the long haul.
Regards
Splitpin
Re: Octaviar MFS Premium Income Fund PIF
Jadel,
I am also well past 65 years, and certainly not in a fantasy world. I have also been on the wrong end of liquidations twice in the past.
If we are being pedantic, Jenny also said that she hoped to see the full $1.00 value back in 3 - 5 years, not 45 cents. You tell me how under your plan people who need the money in the short term could access it?
Cheers,
John H
Jadel,
I am also well past 65 years, and certainly not in a fantasy world. I have also been on the wrong end of liquidations twice in the past.
If we are being pedantic, Jenny also said that she hoped to see the full $1.00 value back in 3 - 5 years, not 45 cents. You tell me how under your plan people who need the money in the short term could access it?
Cheers,
John H
Re: Octaviar MFS Premium Income Fund PIF
I thought I had answered your query!!!!
I was certainly in for the long haul, initially 2 years, and would have rolled over if it had not gone belly up. If you go back over this forum, you will see many who have been involved since the funds conception.
I thought I had answered your query!!!!
I was certainly in for the long haul, initially 2 years, and would have rolled over if it had not gone belly up. If you go back over this forum, you will see many who have been involved since the funds conception.
Re: Octaviar MFS Premium Income Fund PIF
John
We will try again.
As it is now say about 9 months since freezing redemptions, how many people (some ??) parked their money in the PIF for the short term.
Regards
Splitpin
John
We will try again.
As it is now say about 9 months since freezing redemptions, how many people (some ??) parked their money in the PIF for the short term.
Regards
Splitpin
Re: Octaviar MFS Premium Income Fund PIF
Well John i sincerly hope you are in good health and will never need money urgenly if you are ill
Just recently i seem to be suffering from every ailment under the sun
Now if you would like to know what PIFI plans are for the future i suggest you join as a member.
Unlike others we keep our members fully updated .
Any cases of hardship will be taken into account .
Well John i sincerly hope you are in good health and will never need money urgenly if you are ill
Just recently i seem to be suffering from every ailment under the sun
Now if you would like to know what PIFI plans are for the future i suggest you join as a member.
Unlike others we keep our members fully updated .
Any cases of hardship will be taken into account .
Re: Octaviar MFS Premium Income Fund PIF
Jadel,
I was at the first meeting of the Queensland PIF group, unable (yes, for health reasons) to attend the second and third meeting, and resigned when I received the voting letter and saw the path you as a group were taking.
John H
Jadel,
I was at the first meeting of the Queensland PIF group, unable (yes, for health reasons) to attend the second and third meeting, and resigned when I received the voting letter and saw the path you as a group were taking.
John H
- Joined
- 30 May 2008
- Posts
- 328
- Reactions
- 0
Re: Octaviar MFS Premium Income Fund PIF
John, Are you able to explain why the RE of the PIF told unit holders that liquidation by March 31 2009 was the only alternative? What about these options which clearly would return more to unit holders than a liquidation over a few months:
- Section 4.11 of the constitution allowed the RE to extend the freeze on redemptions if it is in the best interest of unit holders. (Lonsec report confirms this)
- The fund could be classified as non-liquid (which is clearly was, see definition attached) which would enable all redemption requests to be extinguished thus removing the threat of liquidation.
Re: Octaviar MFS Premium Income Fund PIF
You may not like what I am about to say but please at least consider.
Obviously there are problems with the listing of PIF on the NSX - achieving a high selling price especially at this point in time.
Unfortunately many older people have invested way too much of their assets into the PIF and are desperately short of cash flow.
But there could be a side benefit for Centrelink entitlements based on the Income and Assets test.
IMAGINE if someone did sell 3,000 units.
2,000 @ 45 cents.
1,000 @ 15 cents.
The value of everyone's units/share will have fallen to 15 cents - but the NTA is still say 45 cents.
Centrelink will probably value all PIF units at the last selling price say 15 cents.
Everyone's Centrelink assets test and income test will be reduced and I would assume their Centrelink entitlements will increase accordingly.
Regards, RickH:couch
You may not like what I am about to say but please at least consider.
Obviously there are problems with the listing of PIF on the NSX - achieving a high selling price especially at this point in time.
Unfortunately many older people have invested way too much of their assets into the PIF and are desperately short of cash flow.
But there could be a side benefit for Centrelink entitlements based on the Income and Assets test.
IMAGINE if someone did sell 3,000 units.
2,000 @ 45 cents.
1,000 @ 15 cents.
The value of everyone's units/share will have fallen to 15 cents - but the NTA is still say 45 cents.
Centrelink will probably value all PIF units at the last selling price say 15 cents.
Everyone's Centrelink assets test and income test will be reduced and I would assume their Centrelink entitlements will increase accordingly.
Regards, RickH:couch
Garpal Gumnut
Ross Island Hotel
- Joined
- 2 January 2006
- Posts
- 13,699
- Reactions
- 10,316
Re: Octaviar MFS Premium Income Fund PIF
I know you guys and girls have been screwed over my Octaviar/MFS.
Many on Aussie Stock forums have similar stories.
To increase the reach of ASF, please consider voting for ASF in a poll being conducted at Compareshares.
A knowledgeable investing community independent of advisers and brokers is a powerful entity.
Here is the link
http://www.thebull.com.au/the_stockies/forums.html
gg
I know you guys and girls have been screwed over my Octaviar/MFS.
Many on Aussie Stock forums have similar stories.
To increase the reach of ASF, please consider voting for ASF in a poll being conducted at Compareshares.
A knowledgeable investing community independent of advisers and brokers is a powerful entity.
Here is the link
http://www.thebull.com.au/the_stockies/forums.html
gg
- Joined
- 14 August 2008
- Posts
- 33
- Reactions
- 0
Re: Octaviar MFS Premium Income Fund PIF
You would have thought after the vote that people would have simply got on with life. Like it or not Welllington were succesful and it is now listed. There is no undoing that.
I would think there is no point at all going over what has been talked about to death. Except maybe in weeks, months or years people can come on here and proudly say I told you so.
You would have thought after the vote that people would have simply got on with life. Like it or not Welllington were succesful and it is now listed. There is no undoing that.
I would think there is no point at all going over what has been talked about to death. Except maybe in weeks, months or years people can come on here and proudly say I told you so.
