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Wellington Capital PIF/Octaviar (MFS) PIF

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Re: Octaviar MFS Premium Income Fund PIF

This in today's Australian
link: http://www.theaustralian.news.com.au/business/story/0,28124,24770504-5012436,00.html

note: hope moderators are satisfied this time. Even though link wasn't included previously, author and source were cited. Also note that links after a certain time may be "broken" or no longer valid.

Little Xmas cheer for Wellington Premium Income Fund

by SHAREHOLDER: Stuart Wilson | December 09, 2008

IT will not be a Merry Christmas for Wellington Premium Income Fund investors.
The fund doesn't get much media or analyst coverage these days, despite thousands of unitholders sweating on a December distribution that is far from guaranteed.

Trading in the units on the National Stock Exchange has been surprisingly low, given the strength of feeling among owners. Some still believe the manager is going to rehabilitate the former MFS trust to full value over the next few years.

But they do not appear to be buying the units on-market.
Click to expand...
 
Re: Octaviar MFS Premium Income Fund PIF

Good morning Juan
Thanks for the link and hang in there.
Wolfgang
icon14.gif
 
Re: Octaviar MFS Premium Income Fund PIF

We should know a great deal more tomorrow. I certainly don't like the reference made to a"fire sale" in today's Australian article. The writer seems reasonably clued up and would appear to report accurately on PIF investors' present feelings.
The reference to ASIC was interesting.
 
Re: Octaviar MFS Premium Income Fund PIF

Hi Selciper,
I agree with you that Stuart Wilson in his article is reporting accurately on PIF investors' present feelings. I particularly agree with his point regarding three strikes
- no disclosure of the accurate value of the fund,
- no distributions,
- and no investor advisory committee.
All of these things were meant to be delivered prior to year end.

Stuart Wilson's reference to ASIC, is in relation to the outcome if PIF investors had of voted against Wellingtons resolutions. That is, if an administrator or receiver had of been appointed, investors may have only got the threatened 14c in the dollar (probably more as administrators have the necessary professional skills to manage funds for the benefit of investors), and as part of the administrators' investigations, the fraud and theft that had occurred would have been uncovered & then referred to ASIC (who may very well have instigated proceedings for prosecution and compensation).

As far as the reference to "fire sale" of assets, how may of the funds assets have been sold at a profit ?? Who knows - this sort of information is not being disclosed.

Danger, to suggest that what was inferred was that ASIC would step in because of a low return to investors is ridiculous. I'm sure that ASIC responds to complaints backed by facts and evidence of breaches of law.

By the way, how does one "research" Wellington's strategies ?
How is it that you are aware of Wellington's strategies and operations ?
Now that the fund is listed, isn't it a requirement that all such information is disclosed to the public via the NSX ?

If Wellington is disclosing certain information privately, then we should all make complaints to the NSX !!!
 
Re: Octaviar MFS Premium Income Fund PIF

At the end of October, Wellington announced that despite asset sales of $98 million, the outstanding liability had only been reduced to $9.5 million.

The much anticipated distribution of 3c per unit was cancelled.

Last month, Wellington announced that it had only been able to pay off a further $1.4 million in debt and that the remaining $8.1 million is due by next Wednesday, after having been given a reprieve by its lenders. A fire sale is now in progress.

Tomorrow, Wellington will provide a long-overdue "detailed fund update". This should include a breakdown of specific assets and their valuations, the status of the remaining debt and the manager's plan to find the $8.1 million owing to keep the fund alive.

It also needs to fess up as to the likelihood of realising an extra $22 million to fund its planned distribution of 3c per unit, due to be paid in just over a fortnight.

Its investors, badly burned by MFS, might have banked as little as 14c and wished ASIC well in its pursuit of the wrongdoers, but at least had some return and some closure.

Stuart Wilson is chief executive of the Australian Shareholders' Association



Can someone please tell me
if they have sold $98million and only paid off $9.5 million where has the rest of the money gone?
 
Re: Octaviar MFS Premium Income Fund PIF

sugar3157 said:
At the end of October, Wellington announced that despite asset sales of $98 million, the outstanding liability had only been reduced to $9.5 million. ... Can someone please tell me
if they have sold $98million and only paid off $9.5 million where has the rest of the money gone?
Click to expand...

reduced to $9.5 million
not
reduced by $9.5 million
 
Re: Octaviar MFS Premium Income Fund PIF

Don't Blame the Crisis Article in The Age 10/12/08

Link: http://business.theage.com.au/business/dont-blame-the-crisis-20081210-6va1.html

.........
Wellington's Waterloo

Comparing City with another Gold Coast outfit Wellington PIF (formerly MFS then Octaviar), Wellington jagged control of a similar sized fund on the promise of distributions, a buy-back of some units at 45 cents, and recovery over time with listing on the NSX at 45 cents per unit.

Since Wellington’s Jenny Hutson won control of the fund it has dropped to trade around 12 cents per unit, no payments, no buy-back, and practically no cash flow. Pensioners are getting out at 12 cents to ''bottom feeders'' with patient capital.......................


[excerpt only - see link for full article]
 
Re: Octaviar MFS Premium Income Fund PIF

Re the SMH article, it should be noted that Michael West is very well regarded as a financial journalist. He's a wizard with numbers and, daily, surveys the background chatter on investments. Now it's up to JH and her Board to prove his analysis as being wrong. Will that happen?
 
Re: Octaviar MFS Premium Income Fund PIF

Hi Selciper,

I agree with you regarding Michael West - he has an ability to see things as they are. His article nicely sums up the situation regarding what was promised and what has now happened. Also, his comments on JH's plan of locking the money into the Fund is spot on.

In spite of what some people's opinions might be, it is good to know that there are public commentators like Michael West and Stuart Wilson around to keep their eyes on what is happening and publish reports that reflect the thoughts and sentiments of a lot of investors.

Having been a victim of "Danger's" personal attacks, I understand and fully support the deletion of his posts, however, the information he posted (which I wish I had of saved) could be seen as evidence of breaches of disclosure requirements & would have been passed onto the NSX.
 
Re: Octaviar MFS Premium Income Fund PIF

I really dont have time to read through 127 pages, but is anyone here joining the IMF class action against MFS?
 
Re: Octaviar MFS Premium Income Fund PIF

Hands up anyone who still have confidence in Jenny Hutson and wellington Capital :confused:
 
Re: Octaviar MFS Premium Income Fund PIF

Prospector said:
I really dont have time to read through 127 pages, but is anyone here joining the IMF class action against MFS?
Click to expand...

Class Action is for OCV shareholders who bought shares after a certain date. Aug07 I think. It's not open to PIF investors. OCV shareholder's interests conflicts with PIF unit holders'.

We're on our own. Nobody is doing squat to help PIF investors. Federal governments are throwing 100s of billions around, interest rates are plumeting and what do we have: press reports about fire sales because PIF can't cover a paltry $8M debt after the former leader of the conservative movement in this country presided over $147.5M being stolen from us. Still no action by ASIC or the ACCC. An ATO that's collecting taxes from our pockets for 'trust distributions' we are never going to see and is competing with us over the OCV carcass which was probably the remains of the RBOS cash laundered through PIF.

And they wonder why confidence won't lift. The whole thing is a giant farce.
 
Re: Octaviar MFS Premium Income Fund PIF

Zixo - Very few hands will shoot up.
Imagine not being on the internet and being a PIF investor! There are thousands of our friends going to bed tonight not knowing of the NSX announcement. I guess they'll sleep better than I. The point is now being reached when I can longer have confidence in WC's strategies or statements. Until now, I have been cautiously willing to believe in WC, but the NSX announcement makes me uneasy. (I expected a distribution date to have been fixed.)

No doubt JH will soon tell us about the global financial crisis and even how Iceland's troubles have reached Brisbane. WC knew what they were taking on...it's their job to look after us. Good on the journalists for watching the twists and turns.
 
Re: Octaviar MFS Premium Income Fund PIF

I wonder at what point in time investors will conclude that Wellington is incompetent. Bearing in mind the statement JH made at the investor meeting on 18th Sept.2008 regarding WC waiving their huge exit fee.
 
Re: Octaviar MFS Premium Income Fund PIF

Burnt said:
I wonder at what point in time investors will conclude that Wellington is incompetent. Bearing in mind the statement JH made at the investor meeting on 18th Sept.2008 regarding WC waiving their huge exit fee.
Click to expand...

I'd imagine some time soon now that WC's fan club has deserted this site. Some have now found solace at another forum which rhymes with "rot dropper" but unfortunately the moderators here will not let me mention
 
Re: Octaviar MFS Premium Income Fund PIF

Juan Mortyme said:
I'd imagine some time soon now that WC's fan club has deserted this site. Some have now found solace at another forum which rhymes with "rot dropper" but unfortunately the moderators here will not let me mention
Click to expand...

"rot dropper".........that's funny!!!! (and probably true!!)

Have noticed the absence of a few. I suppose it's less conspicuous (spell check please) than sending private messages via a public forum.

Anyway, it's very bad to have a market halt and then no announcement when it has been advised and awaited. WC must realise what they are doing to people and to themselves. It's a hole that is getting dug deeper and deeper.
 

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