Wellington Capital PIF/Octaviar (MFS) PIF

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

Doesn't LLA still owe us $10M?

"Melbourne Aquarium owner expects strong growth
PHILIP HOPKINS
December 2, 2009

LIVING and Leisure Australia (LLA), the owner of the Melbourne Aquarium, has dramatically cut losses and debt, and expects strong cash flow and growth driven by its key tourism assets.

Chief executive John Schryver told the annual meeting in Melbourne that the group's net loss in 2008-09 was $15.4 million, compared with a loss of $74.8 million the year before. Total revenue was $123.5 million, a rise of 8.8 per cent. ''All business units are profitable and generating cash,'' he said.

LLA, previously an offshoot of failed property trust Octaviar, the former MFS Ltd, is now controlled by its rescuer, Arctic LES, owned by James Packer's Consolidated Press Holdings, after a $100 million recapitalisation underwritten by Arctic.

LLA's key Australian assets are the Melbourne Aquarium, skiing operations at Falls Creek and Mount Hotham, and the Otways and Illawarra treetop walks.

Chairwoman Julanne Shearer said the recapitalisation reduced LLA's debt, allowing the group to consolidate its business and operations.

''We refinanced more than $200 million of current debt and entered a new senior secured-term and working capital facilities arrangement with ANZ Banking Group,'' she said. ''We also restructured unsecured debt with long-term mezzanine facilities to reduce our gearing from 50 per cent to 30 per cent.''

Mr Schryver said that LLA expected continued growth this financial year. The focus remained on marketing and branding, the organic growth of each business, low-risk and high-return improvement of existing assets, and the continued strengthening of LLA's cash position to pay down debt."

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

...owing us the investors, $57,9932,841 (yes, thats pretty close to $58 million) PLUS INTEREST and yet our RE in their wisdom accepted a $38 million price tag nearly three years later,...

Seamisty. I'm hoping we'll also get some of the proceeds of the discounted sale of nearly 67 of the Wollongong apartments. I say hope, because hope is all I seem to have. (I certainly don't have a buiness plan for growth from WC.)

Settlement of those apartment sales is reported as due in March. Perhaps that's when WC can announce the 'distribution' and hence when we'll get our update.

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

On Tuesday 19th January, WC had told the GCB that the December 09 Update release was imminent. Well, today is 22nd January and there’s still no update! (With a holiday next week, we shouldn’t hold our breaths.)

The number of hits to this forum is increasing daily. Some new readers/ contributors may not have viewed Ms Hutson’s March 09 YouTube video. Here’s the link.

http://www.youtube.com/watch?v=H60lzsGvAWQ

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Seamisty. I'm hoping we'll also get some of the proceeds of the discounted sale of nearly 67 of the Wollongong apartments. I say hope, because hope is all I seem to have. (I certainly don't have a buiness plan for growth from WC.)

Settlement of those apartment sales is reported as due in March. Perhaps that's when WC can announce the 'distribution' and hence when we'll get our update.

Duped hope is right! I hope JH of Wellington Capital doesn't end up having to cough up any sale proceeds to pay Bond Street Custodians (or McCullough Robertsons lawyers who seem to be popping up every time legal representation is mentioned!) I have plenty of hope but unless JH finally starts to demonstate her exceptional abilities as posted by WC on her website http://www.newpif.com.au/pifoverview.html my hope will continue to lie with IMF, Carney Lawyers and ASIC!! Present potential investors and sellers value our units at a miserable 9 cents!!! I hope other PIF investors are complaining to WC about our late Dec update. Not even an apology or explanation, just pathetic fob offs and dare I say misleading information to the Gold Coast Bulletin by reputing to have said the missing update release was 'imminent'!!!! Seamisty

Quote WC:::Investment Objective

'Our approach in managing the Fund is to use well defined investment analysis and risk management processes. Wellington Capital Limited selects investments for the Premium Income Fund based on their capacity to maintain capital value and on their ability to deliver a stable income stream.

Wellington Capital Limited adheres to investment and risk management guidelines to create asset diversification and performance.

Experienced Management and Custodian

Investments are managed by Wellington Capital Limited. This company has an experienced board of directors with a wide variety of relevant skills and experience to maximise the performance of your investment.

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.'

 

[marcom]

Re: Octaviar MFS Premium Income Fund PIF

Cash delay, merger push ELS shares to new heights

Nick Nichols, business editor GCB | January 23rd, 2010

THE rising price of Early Learning Services' shares has prompted the merger deal with Payce Childcare to be an all-scrip affair.

When the merger was revealed last month, ELS announced a $6 million cash component for the $40 million deal.

Yesterday, the company said delays in putting together the cash component had prompted the parties to change tack.

ELS shares were trading around 10c before last month's merger announcement, but they have since surged as high as 45c. Yesterday, they closed 1.5c lower at 31c.

Under the original deal, ELS was to pay the owners of Payce $6 million in cash, or the equivalent in shares up to 25c each if it was unable to find sufficient funding.

With the share price trading well above this level, the scrip deal has become more attractive to both parties.

"Both parties are enthusiastic about the opportunities for growth as a merged entity and wish to complete the merger transaction as soon as possible," said ELS chief executive Chris Sacre.

The scrip deal will see Payce's shareholders -- Sydney developer Payce Consolidated and private equity group Wallace Infrastructure -- emerge with a 59 per cent stake in ELS.

The merger also will mark the return of Gold Coast tourism entrepreneur Chris Scott to the corporate scene.

Mr Scott, who has headed Payce Childcare for the past four months, will become ELS's chief executive and his former tourism colleague Jenny Hutson will become chairman.

The merged entity will have 98 centres in its stable, with Payce adding 60 centres operated under the Ramsay Bourne and World of Learning banner.

How long do you think it will take for PIF to emerge as a funding source for this venture?????? What does the PIF Constitution say about related party loans?

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Marcom this would be the same business we are talking about? Seamisty

Early Learning expects $200k 2009 loss

http://www.businessspectator.com.au...cts-200k-2009-loss-YZCBT?opendocument&src=rss



Source: News Bites


Early Learning Services Ltd expects a $100,000 to $200,000 loss for 2009, after a revised accounting standard forced the company to treat $110,000 worth of investigation and due diligence expenses on a proposed merger as expenses.

The company said had the merger been finalised before the end of 2009, the costs could be treated as capital costs and the 2009 loss would have been $110,000 lower.

Separately, the company has decided to sell its freehold childcare property for $1 million, and then lease it back, to reduce debt. It says property ownership is not a core activity.

The sale will result in a $150,000 book loss.

The projection assumes there will be no further write downs in 2009

 

[marcom]

Re: Octaviar MFS Premium Income Fund PIF

Seamisty

Yes that looks like the same business - and yes I have a feeling PIF is about to be done out - I smell a Rat!.

Well, "property ownership is not a core activity" of ELS. The rate that PIF is presently travelling it also won't be our funds core activity!

Do related party transactions have to be approved by investors?

 

[marcom]

Re: Octaviar MFS Premium Income Fund PIF

Hello Cookie1 - if you know of any Port Pacquarie investors in LKM Capital (Coffs Harbour based solicitors mortgage fund that went belly up owing $63M) the article in the SMH Business Day today will be important information for them. It is also interesting to note the various actions of the receivers and ASIC in this case which may be relevant to our situation.

For the full story behind this failure go to http://www.jenman.com.au/news_item.php?id=406 This is also worth a read.

Watchdog fears LKM founders will flee
VANDA CARSON
January 23, 2010

The founders of failed investment group LKM Capital plan to move to Europe and may never return to Australia if the corporate regulator can assemble evidence to lay criminal charges of dishonesty against them, a court has heard.

Rolf Koops, 49, and Sandra Martin, 48, appeared in the Federal Court in Sydney yesterday where the Australian Securities and Investments Commission argued the pair should surrender their passports and one-way plane tickets to London.

A solicitor for ASIC, Jonathon Moore, filed a statement by an ASIC investigator, Paul Rowland, who said the regulator was considering charging the company directors with reckless or intentional dishonesty for failing to act in the best interests of their mostly elderly investors.

Nearly 1200 debenture holders who invested in LKM Capital lost $63 million when it collapsed in August 2008.

Mr Rowland said he also believed the millionaires had sold all of their Australian assets, including the family home in Coffs Harbour. He said they may have transferred the funds overseas to avoid any future orders to pay damages to investors who lost their life savings.

Mr Roland said he needed four months to complete his investigation into several issues including where $7 million in dividends from the fund had gone; these were paid to the couple over the past four years.

Mr Koops, who was born in Sydney, has both an Australian and a German passport, and Ms Martin and their children have applied for European Union passports, the court heard.

The solicitor Harland Koops, who was representing his brother Rolf and Ms Martin, rejected the claim that they had sold their assets and transferred the funds overseas, saying there was ''not a scintilla of evidence'' to support such serious allegations.

Mr Koops said the pair had only ever sold assets in arm's-length transactions. They planned to move to London so Mr Koops could start a job with his sister's financial services company on February 2.

Mr Koops said his clients should not have to give up an opportunity to take up work overseas just because ASIC was too slow to complete its probe, which began in February last year. ''Very little has been done. They [ASIC] have been riding on the coat-tails of the receivers,'' he said.

Once its investigations are complete ASIC hopes to examine the pair under oath, which may trigger civil or criminal action. Mr Koops and Ms Martin offered to allow ASIC to question them under oath next week, before they are due to leave for London. They have offered to return to Australia to speak with ASIC later this year, provided the regulator gives them six weeks' notice.

The couple claim they have only $10,000 in the bank, and could no longer live in Coffs Harbour because the 1180 debenture holders who lost money in the collapse lived in the area. LKM Capital was the investment arm of the local law firm run by the couple.

The moves to stop the pair leaving the country came a day after the receiver of LKM Capital filed a civil suit for damages against them, alleging they are liable for breaching their duties as directors and misleading investors. The receiver alleges they breached their obligations to tell the trustee of the fund when their loan-to-value ratios exceeded 70 per cent.

The receiver had found instances where a loan-to-value ratio on loans to property developers had reached 740 per cent, and another where it reached 450 per cent.

ASIC also plans to examine whether the pair breached obligations to maintain sufficient liquid assets so redemptions could be met.

Justice Margaret Stone has res-erved her decision on the matter

 

[Cookie1]

Re: Octaviar MFS Premium Income Fund PIF

Thanks, Marcom. I'm sure I've heard someone mention being invested in LKM but can't think who it is; I'll pass the info on to our local PIF AG and the Port Macquarie Ass'n of Independent Retirees.

 

[charles36]

Re: Octaviar MFS Premium Income Fund PIF

Thank you Marcom for your post re LKM. I am the AG leader and can assure any investor with LKM that we are right on top of this matter and have left no stone unturned, I should say rock in this instance, to see the perpetrators of the funds' demise brought to justice. I know ASIC gets criticised but in this instance they have been very involved trying to untangle the web of intrigue created by the managers. The receivers have worked hard to unravel the mess. Contrary to Wellington Capital Ltd., of which I am also heavily involved, both in the class action and AG., the receivers took possession of a block of unfinished town houses, amongst a lot of other properties, finished the town houses, advertised and sold them. So far, in a short space of time relative to the task, have returned 20 cents in the dollar, with estimate of up to 60 cents return in total. A competent manager at the helm of the PIF should be able to do the same with our fund (Wellington). Of course the receivers of LKM are competent experienced fund managers. Whilst ASIC has taken action so have the Receivers. They have launched civil proceedings in the Supreme Court, Sydney against the same people with a view to recovering any funds that may be found that the managers of the fund have forgotten about. The investigation into LKM has been so refreshingly different to the PIF.

 

[simgrund]

Re: Octaviar MFS Premium Income Fund PIF

Dear Comrades,

In all these seas of gloomabilities. I wondered if it would be appropriate to give
a brief thought on fast approaching 5,000th post on this thread and how we could mark this milestone;
(definitely "milestone", not a "millstone" misprint).
Bear in mind, that "Storm" thread is not far behind and we can have the privilege of posting a blazing precedent.
Any Suggestions?
Cheers

 

[JohnH]

Re: Octaviar MFS Premium Income Fund PIF

Dear Comrades,

In all these seas of gloomabilities. I wondered if it would be appropriate to give
a brief thought on fast approaching 5,000th post on this thread and how we could mark this milestone;
(definitely "milestone", not a "millstone" misprint).
Bear in mind, that "Storm" thread is not far behind and we can have the privilege of posting a blazing precedent.
Any Suggestions?
Cheers

How about sending Wellington and up-to-date update???

............. but of course, they don't monitor this thread!!

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Dear Comrades,

In all these seas of gloomabilities. I wondered if it would be appropriate to give
a brief thought on fast approaching 5,000th post on this thread and how we could mark this milestone;
(definitely "milestone", not a "millstone" misprint).
Bear in mind, that "Storm" thread is not far behind and we can have the privilege of posting a blazing precedent.
Any Suggestions?
Cheers

simgrund,what a great idea!!! I laughed at your suggestion initially and then I thought, why not? What have we got to lose, it certainly won't be a 'celebration' in any way shape or form, perhaps all thread users/lookers could indicate their confidence/support or lack of in our current RE? just a simpleor:badassror:fur:beheadror:horse:r:swearr:shootr a comment as to their continued confidence/allegiance and overall satisfaction regarding the perfomance of WC to date as opposed to the promises made and not delivered. I am interested to see what the general overview is, just so I can determine if it is just a few of us who are of the opinion we were misled and if anyone still actually supports Jenny Hutson of Wellington Capial and believes she will deliver!! An RE who cannot even deliver a much awaited for PIF investor update on time and offers no excuse or apology is sadly lacking in competance or PIF investors best interest in my opinion. Investors thoughts and input greatly appreciated, thanks, Seamisty

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

Dear RE,

I heartily agree with you. The PIF investors who continue to post hundreds of messages on that stupid internet Forum are just a small group of malcontents. Unlike myself, they show no gratitude for the RE’s great performance over the past year or so. I am truly delighted that we have had no distributions as originally promised. Congratulations for borrowing, on my behalf, millions of dollars at a terrific 20 - 25 per cent interest rate. Excellent move also to cancel the promised buyback scheme. I also like the share price. Let me add, the IAC is an example of a splendidly functioning committee to assist investors. No voting figures were provided after its election which is really an original idea. Who are these people who complain about the “late” delivery of an update? Who really wants an update anyway! The answer is easy: a handful of ignorant malcontents.

Keep up the sterling work. Your communication skills are beyond reproach.

Yours sincerely,

A Very Satisfied Investor.

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

Thanks Seamisty

I hope no one is taking as a compliment when I say that all I have left for WC is 'hope'. It reflects a very sad state of affairs. An accurate comparison is perhaps the hope regarding the stand-over men and gangs in our community that the police can't do any thing about. All you can do is 'hope' that they don't pick you out of the crowd and turn their efforts against you.

That's the situation I find myself in now with WC. The evidence is against WC. Broken promises of buy backs and distributions. Fund value going DOWN rather than being restored. NSX sales averaging at not much more than one third of the audited value. Loan shark rates of 20%-25% charged to the fund. Millions still being sucked out of the fund by lawyers and Perpetual. Properties sold at the bottom of the market; exactly what JH said we shouldn't do. No business plan for growing the fund. WC inserting a dismissal penalty. Completely in the dark about the chances of a better future with a different RE.

Hence, all I have is hope. Hope that WC's excuse, that it's all because of the GFC, is a true and fair assessment. Hope that JH is genuine and true to her word.

I have far more than, the bottom rung of certainty, 'hope' when it comes to getting a return from the Carney/IMF action.

As for the quote under heading 'Quote WC:::Investment Objective'. I don't see anything in that quote that pertains to a plan. Plenty of 'process' but no 'plan'. What are they going to apply those 'processes' to? At least we knew with the original PDS. Not that MFSIM stuck with the plan. But at least there was a plan. Borrow money from us and lend it against property at a higher rate. Simple. But WC hasn't even given us that.


PS: Given that we two have posted over 1000 of those 5000, I'd say that any mileage anyone attempts to get out of the number could be :rippergun down. One thing I've learnt is that simplistic spin like that works on the faithful.

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

I am posting three media articles regarding what I class as a 'FIRE SALE OF PREMIUM INCOME FUND ASSETS BY WELLINGTON CAPITAL' the property being the Wollongong Hotel. It is precisely because of these type of management decisions made on the behalf of PIF investors by JH that I have no confidence in her ability to run this fund. For the life of me with all the talk of strategic plans and a highly qualified team of professionals at the helm, why on earth could JH not have achieved the same results over a year ago without having to sell out to a third party at what I consider a huge loss of potential upside and accepting a very discounted price for the asset to boot. Not my idea of value adding!!! Seamisty

Discounted ocean view units sell like hotcakes
BY ALEX ARNOLD Source:Illawarra Mercury
03 Nov, 2009 04:00 AM
A fire sale of apartments within the stalled Ocean View City Beach project in Harbour St has sparked a buyer frenzy not seen in Wollongong for some time.

In just four days more than $28 million worth of property has been snapped up with 47 of the 67 discounted apartments selling, including the building's five penthouse apartments which were priced from $981,000.


The top price achieved was $1.05 million.


The units are being sold by a number of agents as "a 14-day pre-completion clearance" on the basis of "buy now and settle in March 2010" when the project is expected to be completed.


A number of agents have been appointed to sell the units including Simon Kersten of Colliers International and Michael Sullivan from CB Richard Ellis.


Mr Kersten described the response as "staggering" but said the units were being sold at well below market value.


He said those buying were primarily investors with an even mix of out-of-town and Wollongong buyers.


Mr Sullivan said two-bedroom units that had previously sold off the plan for above $700,000 before developer Jempac's collapse were now selling in the low $500,000s.


He expected all apartments to be sold before the end of the week.


Two-bedroom units start from $451,440.


The former Jempac project sits about 90 per cent complete.


After failing to sell the unfinished building earlier this year, the mortgagee is pushing ahead with completing the project itself.


When finished, the complex will comprise a 41/2-star hotel containing 168 rooms, function rooms and restaurant and conference facilities with the eastern wing containing three commercial tenancies and residential apartments.::::::::::::::::::::::


A follow up to the above article:::::::::::::::::::::::::::::


Pub: Illawarra Mercury
Pubdate: Saturday 09th of January 2010



6. Fire sale in paradise
A fire sale of apartments within the stalled Ocean View City Beach project in Harbour St in October sparked a buyer frenzy.
In just four days more than $28 million worth of property was snapped up with 47 of the 67 discounted apartments selling, including the building's five penthouse apartments which were priced from $981,000.
The top price achieved was $1.05 million. A week later all but a handful of apartments had been sold.
The units are being sold by a number of agents as "a 14-day pre-completion clearance" on the basis of a "buy now and settle in March 2010" when the project is expected to be completed.
A number of agents were appointed to sell the units including Simon Kersten of Colliers International and Michael Sullivan from CB Richard Ellis.
Mr Kersten described the response as "staggering" but said the units were sold at well below market value.
Mr Sullivan said two-bedroom units that had previously sold off the plan for above $700,000 before developer Jempac's collapse were sold in the low $500,000s.
In November the project changed hands with Premium Income Fund, the financial backers of the project, to receive $38 million from the new owner Harbour Street Developments.
Harbour Street Developments is controlled by Queensland developer George Callianiotis, with the backing of Rockhampton retailer Solly Stanton



Pub: Illawarra Mercury
Pubdate: Saturday 23rd of January 2010





New hotel to be run by Chifley chain
By LAUREL-LEE RODERICK
HOTEL chain Chifley has signed on to operate Wollongong's newest hotel, which could be open by the middle of the year.
Work on the hotel and apartment complex opposite WIN Stadium came to a halt when the Jempac group of companies folded with a debt of $191 million.
Originally marketed as City Beach Ocean View, it was purchased by Harbour Street Developments late last year and construction restarted in November.
The director of Harbour Street Developments, George Callianiotis, told the Mercury the hotel was on track for a July 1 opening and would be branded as Chifley Wollongong.
Chifley operates 10 hotels around Australia, including properties in Newcastle, Alice Springs and Cairns.
It is part of the Constellation Hotels Group, which also operates Country Comfort, Australis and Sundowner hotels and resorts.
"Construction on the building is in full swing, on budget and on schedule," Mr Callianiotis said.
The 4.5-star hotel on Harbour St will have 168 rooms, as well as conference and leisure facilities.
"Our aim is to create a relaxed and friendly hotel that will complement the entertainment precinct of Wollongong," he said.
"The hotel will be focused on sport, health and entertainment while providing a first-class conference facility. We are planning to have the doors open mid-year and have a few surprises in store."
Tourism Wollongong general manager Greg Binskin welcomed the announcement of the hotel operator and construction progress.
"It is important as a city that we keep developing infrastructure and this is infrastructure that creates employment," he said.
"Hotels or tourism-related products actually create entry-level employment for youth and others in the community. This will help soften the impact of the high unemployment around the area," he added.
Mr Binskin said the availability of a new hotel provided a great opportunity to target even more conferences and big sporting events in the city.
The residential units attached to the complex are expected to be ready for occupancy by April.
During a two-week pre-release before Christmas, 55 units sold in the complex.
The remaining 20 units in the 75-unit complex will be placed on the market with agents Colliers International next weekend.
"There were a lot of disappointed potential buyers on our database that missed out prior to Christmas," Colliers International executive salesperson Julian Hall said of the pre-release.
"On top of this, there are still a lot of people that are only just noticing the recent progress of work to complete the complex and ongoing enquiry is strong."

Caption:
Photo: Going up: Work is progressing steadily on the hotel complex and units at the corner of Harbour and Stewart streets. Picture: KEN ROBERTSON

 

[simgrund]

Re: Octaviar MFS Premium Income Fund PIF

Thanks Seamisty

I hope no one is taking as a compliment when I say that all I have left for WC is 'hope'. It reflects a very sad state of affairs. ,,,,,,,,,,,,,,,,,,,,,,,,,,
I have far more than, the bottom rung of certainty, 'hope' when it comes to getting a return from the Carney/IMF action.,,,,,,,,,,,,,,

Duped,
Carney/IMF boat is carrying a lot of weight. I like to think that it is not a weight of just "Hope", but a solid ballast of legal certainty in the righteousness of our cause. We all carry this hope, that judicial vigilance will prevail and all slippery loopholes will be plugged by ASIC and other supervisors.
I invite ASIC to post 5,000th post here to give us exactly such reassurance.
Alas, for now at least, all I can allow myself are these brief moments of lighthearted relief.
Regards,

 

[marcom]

Re: Octaviar MFS Premium Income Fund PIF

Isn't it just typical that JH thinks so little of PIF investors that she did not give us an early opportunity to purchase PIF properties at what is now the heavily discounted market value so as to allow some to recoup a portion of their investment through capital gain.

The company motto should be "Promise everything...Deliver nothing".

 

[DepressedDad]

Re: Octaviar MFS Premium Income Fund PIF

Dear RE,

I heartily agree with you. The PIF investors who continue to post hundreds of messages on that stupid internet Forum are just a small group of malcontents. Unlike myself, they show no gratitude for the RE’s great performance over the past year or so. I am truly delighted that we have had no distributions as originally promised. Congratulations for borrowing, on my behalf, millions of dollars at a terrific 20 - 25 per cent interest rate. Excellent move also to cancel the promised buyback scheme. I also like the share price. Let me add, the IAC is an example of a splendidly functioning committee to assist investors. No voting figures were provided after its election which is really an original idea. Who are these people who complain about the “late” delivery of an update? Who really wants an update anyway! The answer is easy: a handful of ignorant malcontents.

Keep up the sterling work. Your communication skills are beyond reproach.

Yours sincerely,

A Very Satisfied Investor.

I'm loving this post selciper!! How could this whole situation be spun any other way? And what self-respecting business person carries on picking up further work when they have done such a blatantly lousy job here? That utube clip where JH is all puffed up full of self-importance is enough to make me throw up, knowing what we know. Time to enlighten others.

I'd like to see a journalist take someone's personal story & describe from their viewpoint the frustration & discontent with the last 12 months (mis) management & the present situation. Journalists have to have an angle for human interest & everyone likes to read and relate to hard-luck stories. I think we need to get selciper's message out (that things have progressed horribly for investors) and it could have & should have been handled better and is hugely & painfully adding to severe hardship. Perhaps seamisty could just do a matter-of-fact very simple list of the blatant undeniable wrongs (as per above blog) and someone here could take it to a local newspaper with 'their 'story. Include a photo holding a piece of paper with the miserable share price and a heading along the lines of ' We were promised so much & now further heartbreaking disappointment'. ...... Wouldn't an exposing article with such undeniable truths get WC & JH squirming? Gee maybe they'd even be answerable somehow......Answerable or not, time to expose & I think the only way to scream this message from rooftops is with a human face & story attached...any volunteers? Even a small local paper might be a start and then forward the story to a bigger paper who might see how scandalous this is....

 

[simgrund]

Re: Octaviar MFS Premium Income Fund PIF

I'm loving this post selciper!! ,,,,,,,,,,,,,,,,,,,,,,,,,, I think the only way to scream this message from rooftops is with a human face & story attached...any volunteers? Even a small local paper might be a start and then forward the story to a bigger paper who might see how scandalous this is....

DD,
With due respect, however loud we bleat, the inevitable retort will be " What are they on about; haven't they class action going?"
The real concern is finding a way of inducing WC to prove her goodwill so indelibly stamped into our desperate minds at national forums.
As Duped reluctantly capitulated by admitting to holding some "hope" for JH; so too we need to wait for the class action to run its course.
As far as sympathetic Journalists taking up our cause; they rarely spit into wells they may have to drink from God knows when.
So they stick to formula avoiding self destruction.
If there is one Journalist bereft of this fear, it may well be Paul Sheehan, SMH.
If there is a volunteer able to approach him, please do so.
I am still too discouraged from Nick Nichols non-response.
ASIC on the other hand, seems to come around, belatedly for some.
But it deserves encouragement
Regards