Wellington Capital PIF/Octaviar (MFS) PIF

[breaker1]

Re: Octaviar MFS Premium Income Fund PIF

CenterLink told me over the phone that they value shares on the NSX in the same way they value shares on the ASX. This means:
CenterLink do a bulk update two times a year on 20 March and 20 Sept. They get the market data from 2 weeks prior to that date and update everyone’s details. I was told we are able to call CenterLink as many times as we like during the year and ask for a reassessment of our shares (from market data which would be 2 weeks old). The system will only update if doing this is to your benefit. So if the price on the NSX has gone up compared to the price already on file, the update will not take place.

I don't know if CenterLink are aware yet if the PIF is listed as the person I was speaking to couldn't find any info on it but those that might benefit from this info should call CenterLink and find out. There was a trade today at 15 cents on the NSX so a reassement in two weeks might be worth while.

It may need JH to ring or write to C/L to advise them the PIF is now listed on the NSX and investors should be treated according to its average price of sales.

I will try and get onto JH by phone or if I can't get her this week, I will email her. If PIF investor pensioners can get assets/deeming anything below 45c, it will be a great benefit, as they are on a sliding scale, but hold on, some can't get any pension because their assets in the PIF even @ 45c, keeps them out, therefore some may be able to get the C/L pension for the first time, as did a good number when the value was listed @ 45c instead of a dollar / unit.

PIF pensioners have been getting NO income from this fund at all (for over 6 months now) and are STILL losing C/L income test deeming as well!!

I will ring C/L myself and another AG member is doing the same. It's NOT duplication, it has been my experience that when ringing C/L staff you can literally get 3 different answers from 3 different staff for the same question.

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

When the vote were taken on the 15/10/08 i am wondering did WC have some id ear that they were in trouble and could not pay the DIV on the 31/10/08 It could have changed the vote if WC had come clean & said there will be no payment coming up in Oct / Dane //

 

[CableGuy]

Re: Octaviar MFS Premium Income Fund PIF

:birthday:

CenterLink told me over the phone that they value shares on the NSX in the same way they value shares on the ASX. This means:
CenterLink do a bulk update two times a year on 20 March and 20 Sept. They get the market data from 2 weeks prior to that date and update everyone’s details. I was told we are able to call CenterLink as many times as we like during the year and ask for a reassessment of our shares (from market data which would be 2 weeks old). The system will only update if doing this is to your benefit. So if the price on the NSX has gone up compared to the price already on file, the update will not take place.

I don't know if CenterLink are aware yet if the PIF is listed as the person I was speaking to couldn't find any info on it but those that might benefit from this info should call CenterLink and find out. There was a trade today at 15 cents on the NSX so a reassement in two weeks might be worth while.

Thanks Dora, such simple advice that can help so many.

So all I need to do is call Centerlink on the 10/11/2008 so that the 15c trade that occurred on the 29/10/2008 (and any subsequent trades of course) is included in Centerlink's 2 week window of market data and I will be assessed accordingly. Of course at that point, the 45c trade that occurred on the 22/10/2008 will not be included in Centerlink's 2 week assessment window as it will have occurred 3 weeks ago!

That means that I could become eligible for the pension or my entitlement could increase!

-----
"So, what are you trying to say?"

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

At av unit price of $800k Sylvania would be worth $25M

http://www.theaustralian.news.com.au/business/story/0,28124,24572780-25658,00.html


Davidson says Miller Street Partners saves wrecks

Bridget Carter | October 30, 2008

IN 2007, after Trafalgar Corporate Group had a rocky few months, the man steering the ship, Mark Davidson, packed his bags and left.

He spent several months in what he describes as a "gap year" -- rather than unemployment.

Now he's back, in a company Davidson describes as "a white knight".

"We are not a vulture fund or picking over dead carcasses. We are a white knight. We are here to help people in difficult times, not take advantage of them," he says.

Miller Street Partners is the company he started in July, with major Trafalgar shareholder Robert Whyte. It was born almost a year after Davidson departed as managing director of the listed property firm.

Davidson has also recently become managing director of Nordic Capital, for which Miller Street undertakes development work.

He has dismissed reports that any fund run by Nordic Capital is only interested in assets or companies at less than 50 per cent of their original value, saying instead that it looks at "discounted development opportunities". The fund, run by Nordic Capital and called the Nordic Australia Opportunity Fund, has Norwegian and Australian private equity investors.

It bought the failed waterfront residential project Sylvania in southern Sydney during July.

The purchase was from the Property Income Fund, which was overseen by the administrator-run Octaviar, then known as MFS.

The development was valued at $60 million almost two years ago, but the Nordic fund picked up the 32 apartments for $21 million.

"We spent the best part of $500,000 on the renovation," Davidson says.

This month 20 deposits were taken on 32 apartments, ranging in price from $600,000 to $2million.

One waterfront apartment, originally priced at $2.4 million, was sold at $1.08 million. A non-waterfront town home valued at $1.25 million has been sold for $799,000. Twelve are still for sale. Nordic Capital is also undertaking other projects, including a 42-lot residential subdivision at Bonnyrigg, Sydney, due to be finished in December next year.

The project is a joint venture with Davidson's former firm, Trafalgar Corporate.

Others include 19 units at Hall Street business park at Spotswood, Melbourne, and eight units at Breadalbane Business Park, Launceston, Tasmania, to be finished in about a year.

Now in the business of picking up bargains, Davidson says the property industry faces tough times.

"I think we are in for the most difficult economic climate that we have seen in recent history," he says.

"Not only are we seeing a global recession emerging, but that is combined with the absence of widely available credit."

When Davidson left Trafalgar in 2007 it was 10 years since founding the firm that he took public in 2005.

"I had been there 10 years and had two years running a public company structure. I am not built for running a public company," he says.

"I handed it over to those with better management style for a public company.

"I am good at starting things. I don't mind finishing things. It is when you just have to manage it -- that's boring."

Originally from Avalon, he began working in real estate in 1981 as a valuer for Richard Ellis, now CBRE, with former AMP property head Jim Kruger as his mentor.

Next, he started a NSW office for a Queensland developer before working for a Sydney development company that shut down amid a property market downturn in the early 1990s.

"That was when I learned that property prices can, and do, fall."

Later he worked at CDH, which specialised in bank workouts before establishing the property advisory division of PricewaterhouseCoopers in the 1990s.

His latest job involves acquiring distressed assets and working with banks to finish projects run by troubled or collapsed companies. Davidson says the project at Sylvania, in Sydney's southern suburbs, is the first of a number to be picked up by Miller Street Partners and Nordic Capital.

Miller Street is also finishing about 15 apartments in the inner west Sydney suburb of Leichhardt, where a mortgage fund, which lent to a series of developers, ran into difficulty. The trustee appointed PwC to take over administration of the fund.

"We are working with the administrator to complete the project and get adequate compensation."

Davidson says he has no plans to return to the public sector.

"In private, what is your business can stay your business," he says.

In the listed sector, "so much of your day goes into looking after things that are not doing your business", he says.

In the months ahead, Davidson says, his focus will be distressed assets.

"There are more coming down the river.

"There is a waterfall," he says. "It is the drying up of the credit market."

 

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

ComputerShare are still telling investors this morning there will be a 3 cent per unit payment tomorrow. Why WC wouldn't make it a priority to fix this is beyond me. After referring a ComputerShare manager to the 28th Oct Investor Update he said they would fix this is their system (although it might take a few days). This should have been done by WC!

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

ComputerShare are still telling investors this morning there will be a 3 cent per unit payment tomorrow. Why WC wouldn't make it a priority to fix this is beyond me. After referring a ComputerShare manager to the 28th Oct Investor Update he said they would fix this is their system (although it might take a few days). This should have been done by WC!

I just spoke with computershare and was told that registry does not answer enquiries regarding distributions and their instructions are to redirect all calls to the WC hotline regarding company info. After checking internal systems WC payment details for me regarding the anticipated distibution,I was told they did not have any confirmed date on the information lodged with them and was once again referred to the WC hotline for further information. Regards, Seamisty

 

[flatback]

Re: Octaviar MFS Premium Income Fund PIF

ComputerShare are still telling investors this morning there will be a 3 cent per unit payment tomorrow. Why WC wouldn't make it a priority to fix this is beyond me. After referring a ComputerShare manager to the 28th Oct Investor Update he said they would fix this is their system (although it might take a few days). This should have been done by WC!

If computershare aren't in the loop on such an important issue (our 1.5 + 1.5 payments before christmas) then how in gods name are the three representatives from our group ( who are supposedly going to be appointed to WC board to look after our interests) going to do their job, this is all starting to get very scary, for a long time ive tried to put a positive view into this forum for obvious reasons, but i'm rapidly losing confidence and faith in the people in charge.Flatback
Ps by the way seamisty ive just got rid of you for good,your opinions are just to much bye bye.

 

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

I just spoke with computershare and was told that registry does not answer enquiries regarding distributions and their instructions are to redirect all calls to the WC hotline regarding company info. After checking internal systems WC payment details for me regarding the anticipated distibution,I was told they did not have any confirmed date on the information lodged with them and was once again referred to the WC hotline for further information. Regards, Seamisty

Call 1300 556 161 follow the prompts and when you get a person says "Can you tell me when my next payment will be" The answer for the last 4 days has been:
There will be a payment for the rate of 3 cents on the 31st Oct. It is often worded differently but always the same info. I was even put though to the registry a few days ago and they said this info is correct and "set in stone".

 

[CableGuy]

Re: Octaviar MFS Premium Income Fund PIF

I just spoke with computershare and was told that registry does not answer enquiries regarding distributions and their instructions are to redirect all calls to the WC hotline regarding company info. After checking internal systems WC payment details for me regarding the anticipated distibution,I was told they did not have any confirmed date on the information lodged with them and was once again referred to the WC hotline for further information. Regards, Seamisty

seamisty, that is complete rubbish. That sounds more like a response from the WC coldline.

I just called Computershare on 1300 556 161 told the machine 'Premium Income Fund' keyed in number 1 then number 1 again. The gentleman asked me my name, so I provided my first name, then I asked when and what will be my distribution for the PIF. He said that 3 cents will be paid on the 31st of October which is tomorrow. He didn't even ask for my SRN so anyone calling will be told this information. I think ASIC might be calling them right now...


-----
"I forgive you. I only hope my neurologist will feel the same."

 

[danger danger]

Re: Octaviar MFS Premium Income Fund PIF

So what happened to Perpetual, they used to be the ones sending payments / advices. Are they out of the picture now and that role is now handled by Computershare? Either way we aren't getting the 1.5c payment tomorrow so who really cares who says what, we know for sure what is really going to happen tomorrow.

 

[CableGuy]

Re: Octaviar MFS Premium Income Fund PIF

So what happened to Perpetual, they used to be the ones sending payments / advices. Are they out of the picture now and that role is now handled by Computershare?

WC is ultimately responsible for information provided to unit holders. Are you trying to change the topic and why?

Either way we aren't getting the 1.5c payment tomorrow so who really cares who says what, we know for sure what is really going to happen tomorrow.

I care! It is extremely concerning that WC is content to allow unit holders to be lied to. Keep in mind the majority of unit holders aren't internet users so rely on the telephone for their information.

-----
"HI! Is there a problem with your service?"

 

[danger danger]

Re: Octaviar MFS Premium Income Fund PIF

WC is ultimately responsible for information provided to unit holders. Are you trying to change the topic and why?

So sorry CableTie, I was not aware that YOU controlled the topics to be discussed on this public forum, my apologies for the oversight!!!

My question was genuine and directed to whoever could answer it not just at you believe it or not. I am curious as to what happenned with Perpetual, the question remains unanswered, so whoever can answer it, please oblige. Cheers!

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

seamisty, that is complete rubbish. That sounds more like a response from the WC coldline.

I just called Computershare on 1300 556 161 told the machine 'Premium Income Fund' keyed in number 1 then number 1 again. The gentleman asked me my name, so I provided my first name, then I asked when and what will be my distribution for the PIF. He said that 3 cents will be paid on the 31st of October which is tomorrow. He didn't even ask for my SRN so anyone calling will be told this information. I think ASIC might be calling them right now...

I encourage all unit holders to call Computershare and prove to yourselves that seamisty in nothing more than a WC puppet.

-----
"I forgive you. I only hope my neurologist will feel the same."

This is a public forum Cableguy, Dora relayed her response, I relayed mine. I went through a different channel, I had to provide all my details. Perhaps there is a communication breakdown within computershare employees from within different departments. Whatever the reason, surely callers such as yourself who know we are not getting the distribution would have drawn this to the attention of the person whom you spoke with so that thay were aware of the fact that the information they were relaying was in fact, incorrect. Seamisty

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

Hi Dora,

Thank you for your research and informative advice regarding Centrelink. I would suggest that all unit holders follow your advice and call Centrelink in two weeks and let them know the current traded value of PIF units.
Your advice is sound and logical, why would anyone turn to WC for advice regarding Centrelink !

Also I just called Computershare out of curiousity and got the same information that you have been reporting.

So far the information that you have given us is far more reliable and accurate than that of WC and her staff and other helpers. Good on you !!

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

So sorry CableTie, I was not aware that YOU controlled the topics to be discussed on this public forum, my apologies for the oversight!!!

My question was genuine and directed to whoever could answer it not just at you believe it or not. I am curious as to what happenned with Perpetual, the question remains unanswered, so whoever can answer it, please oblige. Cheers!

Mr Danger Man give WC a ring I am sure they will give some sort of an answer Its up to you to believe it though /////////

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

If computershare aren't in the loop on such an important issue (our 1.5 + 1.5 payments before christmas) then how in gods name are the three representatives from our group ( who are supposedly going to be appointed to WC board to look after our interests) going to do their job, this is all starting to get very scary, for a long time ive tried to put a positive view into this forum for obvious reasons, but i'm rapidly losing confidence and faith in the people in charge.Flatback
Ps by the way seamisty ive just got rid of you for good,your opinions are just to much bye bye.

How does one get "appointed to the WC board" ????
What is their job ?????

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Hi Dora,

Thank you for your research and informative advice regarding Centrelink. I would suggest that all unit holders follow your advice and call Centrelink in two weeks and let them know the current traded value of PIF units.
Your advice is sound and logical, why would anyone turn to WC for advice regarding Centrelink !

Also I just called Computershare out of curiousity and got the same information that you have been reporting.

So far the information that you have given us is far more reliable and accurate than that of WC and her staff and other helpers. Good on you !!

Knowing the information you received from Computershare was completely incorrect Burnt, I hope you drew the person's attention to that fact so others are not given the wrong information also. Seamisty

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

So sorry CableTie, I was not aware that YOU controlled the topics to be discussed on this public forum, my apologies for the oversight!!!

My question was genuine and directed to whoever could answer it not just at you believe it or not. I am curious as to what happenned with Perpetual, the question remains unanswered, so whoever can answer it, please oblige. Cheers!

Perpetual Nominees Limited is the custodian of the Premium Income Fund, and has been established for 122 years. Perpetual Nominees Limited holds the title to the assets on behalf of the Fund::: Seamisty

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Perpetual Nominees Limited is the custodian of the Premium Income Fund, and has been established for 122 years. Perpetual Nominees Limited holds the title to the assets on behalf of the Fund::: Seamisty

Custodian
Perpetual Nominees Limited
Perpetual Nominees Limited was one of the first companies of its type, formed in 1885. The
company’s formation was part of a ground-breaking movement away from individual trustees to
larger trust and estate-administration focused entities.
Today it is one of the most trusted providers of financial products and services in Australia.
Perpetual Limited is an ASX Top 200 company with a market capitalisation of approximately $3.2
billion.
The Custodian's Role
The Custodian holds the title to the assets of the Fund and undertakes other duties as nominee. The
Custodian receives all income on behalf of the Fund.
Perpetual’s role as Custodian is limited to holding assets of the Premium Income Fund as agent of
the responsible entity. Perpetual as Custodian has no supervisory role in relation to the operation of
the Premium Income Fund and is not responsible for protecting your interests. Perpetual has no
liability or responsibility to you for any act done or omission made in accordance with the terms of
the Custody Agreement.
The Custodian’s Remuneration
The Custodian is entitled to receive annual fees and is entitled to be reimbursed for legal fees or any
other costs and expenses it incurs on behalf of the Fund.
Changing the Custodian
The responsible entity may require the Custodian to retire upon giving 60 days notice. Page 53 Explanatory Memorandum, Cheers, Seamisty

 

[danger danger]

Re: Octaviar MFS Premium Income Fund PIF

Perpetual Nominees Limited is the custodian of the Premium Income Fund, and has been established for 122 years. Perpetual Nominees Limited holds the title to the assets on behalf of the Fund::: Seamisty

Thanks seamisty, do you know by chance why the financial info is stored by Computershare and ultimate payments also arranged by them and not Perpetual as in the past? Cheers.