Wellington Capital PIF/Octaviar (MFS) PIF

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

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

That is nots Burnts job to do that Thats for your friends a WC to do that //////

 

[SPLITPIN]

Re: Octaviar MFS Premium Income Fund PIF

Can anybody enlighten us all as to the progress and status of the 3 PIF Unit member respresentation team to be appointed to WC and how it will function etc.

Dear Members

Thanks for the JohnH response

“As far as I can remember from the meeting this month, they received c. 200 nominations. Presumably they will hold a ballot.

The experience should make voting for the senate next time seem comparatively easy!!”

It appears WC may not want to deliver on this very important issue.

It is the only way we will be given any fully transparent facts.

Is this another WC non deliverable.

Regards

Splitpin

 

[danger danger]

Re: Octaviar MFS Premium Income Fund PIF

I think there's far more burning issues to occupy the RE's time at the moment like trying to get money out of borrowers that are defaulting left right and centre in this crazy climate; to bring some liquidity back to the fund so we can get payment by Xmas hopefully. Oh yeah there's also that matter with impending court action against the fund next month and then creditors meeting to secure our $197.5m interest in Dec.

It's called prioritising, I know that's where I want all resources available to go to. But don't worry mate, I am sure your seat at that committee will await, if you or any of the PIFI mob get a vote.

 

[SPLITPIN]

Re: Octaviar MFS Premium Income Fund PIF

It's called prioritising, I know that's where I want all resources available to go to. But don't worry mate, I am sure your seat at that committee will await, if you or any of the PIFI mob get a vote.

Dear Danger

Dont worry, I did not nominate as I did not want to sit next to you.

Regards

Splitpin

 

[danger danger]

Re: Octaviar MFS Premium Income Fund PIF

Dear Danger

Dont worry, I did not nominate as I did not want to sit next to you.

Regards

Splitpin

Why not? I shower and use deodorant.

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

Sorry Mr Danger Man Splitpin has won & there is no second price //

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

I telephoned Computershare two weeks ago to inform them that I wanted my PIF payment made to a particular bank account. Previously, payments had been divided between two accounts. Well, the assistant told me that they had nominated one of the two accounts themselves for me and that was that. Could I change it? Yes, but it would take time to alter the BSB etc and would require that I fill in a Computershare form. (I could do it on my phone pad, I was also told. I wasn't going to risk that, thank you very much.) They would post a form out to me. After two weeks, there is no sign of it!

As I and others have mentioned before, there must be thousands of non-internet using PIF investors still believing in the Friday payment. I hope that WC have remembered them. There's a WC letter in the mail, no doubt.

It seems to me that WC have found themselves to be severely under-staffed to run the Fund. When those who are presently oblivious about the payment cancelation discover the facts, the WC hotline will become - excuse the pun - severely overheated. The situation has the making of a serious shambles. I hope that I'm wrong.

 

[demodocus]

Re: Octaviar MFS Premium Income Fund PIF

I telephoned Computershare two weeks ago to inform them that I wanted my PIF payment made to a particular bank account. Previously, payments had been divided between two accounts. Well, the assistant told me that they had nominated one of the two accounts themselves for me and that was that. Could I change it? Yes, but it would take time to alter the BSB etc and would require that I fill in a Computershare form. (I could do it on my phone pad, I was also told. I wasn't going to risk that, thank you very much.) They would post a form out to me. After two weeks, there is no sign of it!

I think you can do all of that on-line. Just register with Computershare. I recently changed the ownership and character of my holding and consequently changed bank accounts and TFN. Everything went through without a hitch.

 

[danger danger]

Re: Octaviar MFS Premium Income Fund PIF

Sorry Mr Danger Man Splitpin has won & there is no second price //

Won what?? What prize?? What re you bumping your gums about??????????????????//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

Demodecus -

Thanks for the info. Well, Computershare didn't mention the on-line facility to me. Yet another task! It was supposed to be a seamless transition from MFS/Octaviar to WC. What a joke.

 

[ian1328]

Re: Octaviar MFS Premium Income Fund PIF

When those who are presently oblivious about the payment cancelation discover the facts, the WC hotline will become - excuse the pun - severely overheated. The situation has the making of a serious shambles. I hope that I'm wrong.

You are not wrong selpciper, I wish you were. I spoke to WC today and there is NO good news. They said they could not forsee what was going to happen re the mortgage freeze. Tomorrow their phone lines will be jammed. Its worse than a shambles its a disaster.

 

[demodocus]

Re: Octaviar MFS Premium Income Fund PIF

Thanks for the info. Well, Computershare didn't mention the on-line facility to me. Yet another task! It was supposed to be a seamless transition from MFS/Octaviar to WC.

If any of you want to change the character of your investment from, say, a Company Holding (in an SMSF) to a personal holding then you write to Perpetual as the SMSF Company Secretary transferring the holding to a personal name . Perpetual will acknowledge the transfer, do the necessary, and send you a new holding document.

You forward a copy of this document to Computershare together with a completed Transfer Form (you'll find 'em online) for Nil consideration (consequently no Stamp Duty is payable) and ask them to change the name and character of the holding. They will do this quite quickly and as soon as it's done you can go on line at Computershare and change your TFN (from Company to personal), and bank account details. Your ABN data will have disappeared.

My advice is not to trust WC to do any of this, they're very inexperienced. Do it yourself, do it slowly, carefully, and step by step then at least you know it's been done properly, get it wrong and you'll finish up with a paper nightmare when/if you want to sell your holding.

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

Ian1328 -

I had meant to add that this thread has more or less eased us contributors into the bad news. But for those who are only just finding out about the non-payment, it will come as a huge bombshell. And herein lies a problem for WC. The large hunk of support they have developed amongst investors has the chance of turning sour. The sooner some finance-savvy AG people are elected the better.

 

[Rance]

Re: Octaviar MFS Premium Income Fund PIF

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,

Careful Flatback... you're starting another rumour. My reading of the role of the Advisory Committee is to advise the RE Board NOT TO BE APPOINTED TO THE BOARD!

And for all of you, go to the WC web site for this October 28 announcement to the NSX and unit holders:

http://www.newpif.com.au/investor_updates/NSX Release - 28.10.2008.pdf

I go to the WC's newpif.com.au site every day to catch the lastest announcements. You'd be crazy to rely on this forum for info!

Regards to all...

Rance

 

[ian1328]

Re: Octaviar MFS Premium Income Fund PIF

Ian1328 -

I had meant to add that this thread has more or less eased us contributors into the bad news. But for those who are only just finding out about the non-payment, it will come as a huge bombshell. And herein lies a problem for WC. The large hunk of support they have developed amongst investors has the chance of turning sour. The sooner some finance-savvy AG people are elected the better.

I couldn't agree more. I for one believed in Jenny and her charade and now have a bitter taste in my mouth. I relayed this to WC today, however it was to no avail as they have no solution. I was told today that some of the people in the WC office cried when they found out there would be no distributions. I replied in saying that if they are not investors they cannot be hurting as much as us. The worrying thing is that WC have no idea as to when a distribution will be paid. Possibly from the outcome of the administrator of Octaviar.

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

JohnH, You have mail. Regards, Seamisty

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

When client support for troubled organisations plunges, the internal ramifications for the companies' boards, managements and employees are often dramatic. Finger-pointing for seemingly bad decision-making begin, tempers flare and resignations follow. Goodnight.

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

Careful Flatback... you're starting another rumour. My reading of the role of the Advisory Committee is to advise the RE Board NOT TO BE APPOINTED TO THE BOARD!

And for all of you, go to the WC web site for this October 28 announcement to the NSX and unit holders:

http://www.newpif.com.au/investor_updates/NSX Release - 28.10.2008.pdf

I go to the WC's newpif.com.au site every day to catch the lastest announcements. You'd be crazy to rely on this forum for info!

Regards to all...

Rance

Rance, can I ask where you found information on this "Advisory Committee"?
What exactly is their role? (how much advice & suggestions from unit holders did JH take on board from the investor forums - none)
What are their responsibilities?
What power do they have?
What are their liabilities in representing others? (or misrepresenting others)
How are they selected?
Even though this is a relatively trivial matter at this point in time, it is again another example of deception and misleading information from WC (or in this case hardly any information), and we are left guessing.
And you are right, everyone reading this thread should be very careful about the information supplied here - especially when it is sourced from WC - time and time again it has proved to be BS ! Including the Update of 28th October.
I believe that this "Advisory Committee" is just another stunt to instill confidence in unit holders, when in fact it will be a useless, powerless group of people that will be hand picked by JH to serve themselves.
I know of one unit holder that was personally approached to join this committee. He declined because his belief (as is mine) is that unit holders would be best empowered by having at least two unit holders (elected by unit holders) given positions on the board of directors of WC. Why shouldn't we have this kind of real power. It is our money that these inept people are making decisions about.
Wellington Capital is the perfect example of a company that financial experts around the world are currently blaming for the current crisis - financial companies that engage in the practice non-disclosure or only provide misleading & deceptive information to investors. These are the types of companies that have destroyed all confidence - with good reason.
MFS / Octaviar / Wellington - it still continues until we all stand up and do something to put a stop to them !

 

[flatback]

Re: Octaviar MFS Premium Income Fund PIF

Careful Flatback... you're starting another rumour. My reading of the role of the Advisory Committee is to advise the RE Board NOT TO BE APPOINTED TO THE BOARD!

And for all of you, go to the WC web site for this October 28 announcement to the NSX and unit holders:

http://www.newpif.com.au/investor_updates/NSX Release - 28.10.2008.pdf

I go to the WC's newpif.com.au site every day to catch the lastest announcements. You'd be crazy to rely on this forum for info!

Regards to all...

Rance

Rance get this and get it from somebody who does not like to be misrepresented by the likes of you or anybody else on this forum, at no time did i say what you have intimated i said, the facts are! if you want to go back and check the facts????? the board had infered they were open to a representative from this forum (which has turned out to be a representation of three) which i am sure was welcomed by all and sundry at the time, i suspect that this thread will not see the light of day because i am seeing more and more that our views are not allowed to be aired on this forum because of a few, that seem to have a lot of power over the organisers of this forum (winging about a few comments directed at them or their policies)(at times well directed i might add )well we will see if i am right .Flatback

 

[flatback]

Re: Octaviar MFS Premium Income Fund PIF

Rance, can I ask where you found information on this "Advisory Committee"?
What exactly is their role? (how much advice & suggestions from unit holders did JH take on board from the investor forums - none)
What are their responsibilities?
What power do they have?
What are their liabilities in representing others? (or misrepresenting others)
How are they selected?
Even though this is a relatively trivial matter at this point in time, it is again another example of deception and misleading information from WC (or in this case hardly any information), and we are left guessing.
And you are right, everyone reading this thread should be very careful about the information supplied here - especially when it is sourced from WC - time and time again it has proved to be BS ! Including the Update of 28th October.
I believe that this "Advisory Committee" is just another stunt to instill confidence in unit holders, when in fact it will be a useless, powerless group of people that will be hand picked by JH to serve themselves.
I know of one unit holder that was personally approached to join this committee. He declined because his belief (as is mine) is that unit holders would be best empowered by having at least two unit holders (elected by unit holders) given positions on the board of directors of WC. Why shouldn't we have this kind of real power. It is our money that these inept people are making decisions about.
Wellington Capital is the perfect example of a company that financial experts around the world are currently blaming for the current crisis - financial companies that engage in the practice non-disclosure or only provide misleading & deceptive information to investors. These are the types of companies that have destroyed all confidence - with good reason.
MFS / Octaviar / Wellington - it still continues until we all stand up and do something to put a stop to them !

Burnt to some extent i agree, my answer to you is, yes we may have the unfortunate misrepresentation by WC on this account, but who are you having a go at ,is it WC Rance or me, because the documentation on this forum clearly states that what i had said was quite true, we gain nothing from having people shafting each other without having the proof to back up what we say, what you said was right, at this point in time yes it is trivial to bring this up to a degree , but the point was made to highlight a problem we are having with our RE, for no other reason, so again Rance (you cant see the forest for the trees )Flatback