Wellington Capital PIF/Octaviar (MFS) PIF

[seamisty]

I think that the next IAC “report” will read something like “ your committee is reading the newspapers which are reporting news about the hostile bid. We agree that it’s an interesting situation and look forward to a positive outcome. Our next report to investors will be forthcoming at a date yet to be determined.”

Even better selciper, WC can just cut and paste it for future inclusion in the next PIF update from here tomorrow when they check in to monitor 'investor sentiment' re the takeover offer!! 'stupid and stupider', an RE's toss up to who deserves which title, and yes, I am referring to management, not to investors.


I think the public examinations resume Monday 19th July with one dollar david, David Anderson. :nosympath

Seamisty

 

[BootsnAll]

This is one of the properties owned by the Premium Income Fund.
This article was in the Gold Coast Sun today.

View attachment 37900

 

[charles36]

SEAMISTY. I note you have stated that the IAC was DULY elected. Have you information on the voting results that justifies this assumption. I have been trying for many, many months and countless emails to get information re the voting for the election of the IAC but alas to no avail. It is a NO GO zone like a lot of other questions which remain unanswered by WC. Cheers to all.

 

[seamisty]

SEAMISTY. I note you have stated that the IAC was DULY elected. Have you information on the voting results that justifies this assumption. I have been trying for many, many months and countless emails to get information re the voting for the election of the IAC but alas to no avail. It is a NO GO zone like a lot of other questions which remain unanswered by WC. Cheers to all.

That was 'DULY APPOINTED' Charles36, as opposed to 'DEMOCRATICALLY ELECTED' as promised by WELLINGTON CAPITAL, because like you, I have continually asked WELLINGTON CAPITAL for the election results of which they flatly REFUSE to disclose!! Therefore, until evidence is provided to the contrary, I conclude that due to the continued absence of any voting results, the IAC reps were 'appointed' as opposed to 'elected'. Until evidence is provided to the contrary, my suspicions as to the secrecy surrounding the whole pathetic issue will remain. The reluctance of the IAC reps to come foward and liaise with the PIF AG so that they can demonstrate they are at least real people simply implies that if they do actually exist (and I am sure they must) then they also are lacking the committment we expected from them.:sheep:



Seamisty

 

[Duped]

This is one of the properties owned by the Premium Income Fund.
This article was in the Gold Coast Sun today.

View attachment 37900

This isn't directed at you Boots. (Thanks for posting the article)

I question the article's intention. This is the property about 6 weeks ago. (If this is the property)

View attachment 37905

Yes it's certainly unsightly in my opinion. But more unsightly than many of the Gold Coast sites like ? The building itself probably never had any value to us IMLO. (Would repair and maintenance be covered by any rent we would get?) I don't recall if there was grafitti on the rear or south walls. The only grafitti I saw was on the top left window and on internal walls.

Doesn't it owe us $14m? If so then I expect we'll take a haircut. I concede this is not really WC's fault. It's Raptis fault. Just like it was Raptis' fault we lost $20m on the Gold Coast Sheraton Mirage. Raptis took on too much debt. And MFSIM gave it to them.

But it is WC's responsibility to make sure we don't get sued. Or that we have adequate insurance.

Do we want Hutson's WC to write down, i.e. 'impair', this 'asset' now? (If it hasn't already) Yes WC will get less profit but our audited 'value' will be less. What's best for us? You much would we get if we sold now?

 

[Duped]

Very, VERY well said Duped!!!

Thanks JohnH. I sometimes wonder if anyone reads my posts.

It'll be interesting to see how WC plays it. The 29 October closing date was a surprise to me. That's a long time away. Unusual? I'm guessing this is deliberately set in good time after the Annual Report is due. Will the 2010 annual report 'impair', i.e. write off, the $20m from the Gold Coast Sheraton? That would be more ammunition for ALF's main weapon for attacking WC. Did we ever really stand a chance of getting a cent of our money back from the Sheraton? Hardly WC's fault. That one was courtesy of MFS/OCV Ltd owned MFSIM. I guess such an impairment is already factored into the share price.

Could WC issue the annual report late? Can ASIC or the NSX force WC to release it? :sleeping: Or WC could issue the annual report early. Giving it time to campaign.

 

[seamisty]

Thanks JohnH. I sometimes wonder if anyone reads my posts.

It'll be interesting to see how WC plays it. The 29 October closing date was a surprise to me. That's a long time away. Unusual? I'm guessing this is deliberately set in good time after the Annual Report is due. Will the 2010 annual report 'impair', i.e. write off, the $20m from the Gold Coast Sheraton? That would be more ammunition for ALF's main weapon for attacking WC. Did we ever really stand a chance of getting a cent of our money back from the Sheraton? Hardly WC's fault. That one was courtesy of MFS/OCV Ltd owned MFSIM. I guess such an impairment is already factored into the share price.

Could WC issue the annual report late? Can ASIC or the NSX force WC to release it? :sleeping: Or WC could issue the annual report early. Giving it time to campaign.

Duped I read every post on here and value the time and effort you and many others take to keep any one interested as informed as we can. The only way WC would release anything informative early would be if it was advantageous to WC!! Remember the last investor update due at the end of April? Whipped out quick smart on the 18th May the DAY AFTER ALF PIF announced the takeover!! They were obviously sitting on it.

Anyone keeping an eye on our unit value? What a legend you are Wellington Capital (NOT!!!) Your pathetic performance now sees our units trading at 0.071 cents. Remarkable how little you have to say these days WC, a far cry from the boasting/bragging and promises in 2008 that sucked most of us in.

Seamisty

 

[simgrund]

Thanks JohnH. I sometimes wonder if anyone reads my posts.

It'll be interesting to see how WC plays it. The 29 October closing date was a surprise to me. That's a long time away. Unusual?......................

Duped,
Thank you manyfold for your additions to this thread.
And thanks to everyone for keeping our eyes open.
I also wonder at the length of the offer duration, on top of which, it can apparently be extended as per page 30, Annexure 1, clause 3(of the offer).
Thanks ASIC for allowing this flexibility during your minute examination of the offer.
What's another twirl on the barbeque scewer?
Regards

 

[seamisty]

Notice of change of interests of substantial holder

http://www.nsxa.com.au/ftp/news/021722972.PDF


14/07/10
ALF PIF
Finance
Limited
Acquisition of relevant
interest in Units in the
Premium Income Fund as a
result of acceptances by
various persons of the
takeover offer made by
ALF PIF Finance Limited
pursuant to its Bidder’s
Statement dated 8th July
2010 (offer), subject to
the terms of the Offer.
Determined
in
accordance
with the
terms of the
offer.
399,928
Units
399,928

 

[Duped]

Notice of change of interests of substantial holder
http://www.nsxa.com.au/ftp/news/021722972.PDF
14/07/10
ALF PIF Finance Limited
Acquisition of relevant interest in Units in the Premium Income Fund as a result of acceptances by various persons of the takeover offer made by
ALF PIF Finance Limited pursuant to its Bidder’s Statement dated 8th July
2010 (offer), subject to the terms of the Offer.
Determined in accordance with the terms of the offer.
399,928 Units
399,928

Yep, seamisty, all that self promotion by WC and were are we? Languishing at 8c and the subject of an ALL SCRIP takeover. Very disappointing. But it'll all be the GFC's fault of course - these very tough market conditions. Conditions that didn't seem to anywhere in sight during the 2008 road show.

That's 400,000 odd votes that ALF will or already have. Anyone know when these powers (i.e. like a power of attorney) will come into effect?

Page 86
7.1 Effect of acceptance
7.1 (e) is effectively a power of attorney.

"with effect from the latter of ... becomes, or is declared, free from its conditions, ..."

What exactly are all the "conditions"? Anyone? ALF can "waiv[e] its 90% minimum acceptance condition" under 3.4 on page 46.

And the power that comes with this 'power of attorney' are on page 87 including:
(i) to attend and vote in respect of your PIF Units at any meeting of PIF;
(ii) to appoint a proxy or proxies to attend and vote on your behalf in respect of your PIF Units at any meeting of PIF;
(iii) to requisition or join with other holders of PIF Units in requisitioning or convening a meeting of PIF;
(iv) to demand a poll for any vote to be taken at any meeting of PIF;
(v) to propose or second any resolution to be considered at any meeting of PIF;


In addition to what I wrote earlier this week about PLAN B if ALF DOESN'T get 90%. See paragraph 3.4 on page 46: "It may be in ALF’s interest to hold the PIF Units as a portfolio investment."

 

[seamisty]

I notice McLean legal pty Ltd is named as legal adviser to WELLINGTON CAPITAL in the WC Target Statement. I see Rachel Weeks is a partner of McLean Legal (. That would be the same Rachel Claire Weeks, Director of Queen Street Nominees Pty Ltd, (DLGL Account), a substantial shareholder in G8 Education Limited which I believe is Chris scott's and Jenny Hutson's next empire building exercise.
Lets not forget David Burke (Jenny's VERY close friend I am told?) in the equation. David burke established the Brisbane Enneagram project in 1994, in Brisbane, to study personality in the Australian context. He is the founding director of the Australian Institute for Enneagram Studies. (AIES)Mr David Burke, M.Ed, B.Ec, Grad.Dip.R.EFounder of the Australian Enneagram Oral Tradition, David Burke is the leading researcher, teacher and writer of the Enneagram in Australia today. He established the Brisbane Enneagram project in 1994, in Brisbane, to study personality in the Australian context. He is the founding director of the Australian Institute for Enneagram Studies.
David Burke was invited to join the board of the International Enneagram Association oin 2007.
Mar 18 2008 saw David Burke elected to the MFS board with Chris Scott.
David Burke, Jenny Hutson and Chris Scott were all Directors of S8 Property Trust
David Burke has undertaken large scale assessments of personality type at McCullough Robertson Lawyers.
David Burke has consulted in respect of organisational change and management in S8 Limited and University of Queensland’s MBA program
Rachel Weeks is also an enneagram teacher at the same faculty(http://www.enneagram.com.au/pages/teachers.htm#) RACHEL WEEKS was previously also a senior associate with McCullough Robertson, Brisbane.



It gets really interesting from here on. I have done extensive research on the Enneagram and have compiled a heap of info in relation to it and the Wellington Capital/David Burke connection.
It is quite complex and I will just post this link for now for those interested in following up on this very interesting not for profit personality profiling organization /http://www.skepdic.com/enneagr.html

Plenty more to come and trust me, I will reveal it!!

Seamisty

 

[flatback]

I notice McLean legal pty Ltd is named as legal adviser to WELLINGTON CAPITAL in the WC Target Statement. I see Rachel Weeks is a partner of McLean Legal (. That would be the same Rachel Claire Weeks, Director of Queen Street Nominees Pty Ltd, (DLGL Account), a substantial shareholder in G8 Education Limited which I believe is Chris scott's and Jenny Hutson's next empire building exercise.
Lets not forget David Burke (Jenny's VERY close friend I am told?) in the equation. David burke established the Brisbane Enneagram project in 1994, in Brisbane, to study personality in the Australian context. He is the founding director of the Australian Institute for Enneagram Studies. (AIES)Mr David Burke, M.Ed, B.Ec, Grad.Dip.R.EFounder of the Australian Enneagram Oral Tradition, David Burke is the leading researcher, teacher and writer of the Enneagram in Australia today. He established the Brisbane Enneagram project in 1994, in Brisbane, to study personality in the Australian context. He is the founding director of the Australian Institute for Enneagram Studies.
David Burke was invited to join the board of the International Enneagram Association oin 2007.
Mar 18 2008 saw David Burke elected to the MFS board with Chris Scott.
David Burke, Jenny Hutson and Chris Scott were all Directors of S8 Property Trust
David Burke has undertaken large scale assessments of personality type at McCullough Robertson Lawyers.
David Burke has consulted in respect of organisational change and management in S8 Limited and University of Queensland’s MBA program
Rachel Weeks is also an enneagram teacher at the same faculty(http://www.enneagram.com.au/pages/teachers.htm#) RACHEL WEEKS was previously also a senior associate with McCullough Robertson, Brisbane.



It gets really interesting from here on. I have done extensive research on the Enneagram and have compiled a heap of info in relation to it and the Wellington Capital/David Burke connection.
It is quite complex and I will just post this link for now for those interested in following up on this very interesting not for profit personality profiling organization /http://www.skepdic.com/enneagr.html

Plenty more to come and trust me, I will reveal it!!

Seamisty

it seems to me to be a very obscure science,wereby you can change the numbers to suit your own percieved interpretation of yourself, in effect a (narcistic) interpretation would you agree???, i suppose the next thing they will be teaching in universitys is the belief that unicorns and leprecorns are true and never were the figment of somebodys very fertile mind, there is as we all know a great connection to all things via the science of numbers, but this is the first time i have heard of somebody using it to enhance in their own mind,how (not ) important they are .PLEASE.

 

[simgrund]

it seems to me to be a very obscure science,wereby you can change the numbers to suit your own percieved interpretation of yourself, in effect a (narcistic) interpretation would you agree???, i suppose the next thing they will be teaching in universitys is the belief that unicorns and leprecorns are true and never were the figment of somebodys very fertile mind, there is as we all know a great connection to all things via the science of numbers, but this is the first time i have heard of somebody using it to enhance in their own mind,how (not ) important they are .PLEASE.

Well pinpointed flatback. And the following is from 2009 Conference Program on Enneogrammy science held in Los Angeles. It appears that his credentials in this field can be substantiated.
Regards

"ENDNOTE ADDRESS
David Burke
The Mystical Journey of the
Enneagram
“Be vulnerable and find strength;
Fall in love, and the world is yours.”
”” Chapter 67 Tao Te Ching, trans. David Burke
David Burke is the founder
of the Australian Institute
for Enneagram Studies,
the Australian Enneagram
Community, and the Brisbane
Enneagram Project. He has
also played an important role
in the International Enneagram
Association, with a particular
focus on international outreach.
David will draw from his experience as a worldclass
facilitator and his in-depth knowledge of the
Enneagram to synthesize the key messages articulated
throughout the conference. He will focus on the way
in which the Enneagram promotes inclusiveness,
community, compassion and understanding.
Using the inspired works of mystics such as Dionysius
the Areopagite and Jalal al-din Rumi, David will
provide a cohesive conclusion to the Conference, and
empower Conference delegates on their journey for a
greater understanding of the universe, and their own
place in it.
David Burke lives in Australia, and works nationally
and internationally with organisations in change
management interventions and the provision
of strategic advice. He has written two books,
Transforming Organisations and An Introduction
to the Enneagram, and has published a popular
translation of the Tao Te Ching.
David is currently completing his doctoral work,
examining the underlying philosophical and
theological themes shared by mystical Islam and
Christianity, and focussing on the works of Dionysius
the Areopagite and Jalal al-din Rumi. IEA Accredited
Teacher.
www.enneagram.com.au"

 

[seamisty]

Well I see I have the attention of at least two others so here is some more on "THE ENNEAGRAM FACTOR!!!"

Phillip Wibaux is an external member on the PIF compliance committee and a board member with David Burke at AIES (Australian Institute for Enneagram Studies)
Phillip Wibaux received a $10,000 scholarship in 2007 to study Enneagram for 12 months as an Australian intern. Phillip Wibaux attended the 2007 conference of the International Enneagram Association in San Francisco, USA with David Burke who was a key speaker.
Phillip Wibaux was Operations manager at McCullough Robertson Lawyers in 2006.
Phillip Wibaux is/was a site manager/overseer at Kooralbyn Hotel Golf Resort which is unoperational at present and is a mortgagee in possession commercial property in the PIF loan portfolio. The luxury four wheel drive vehicle removed by David Burke (under the instructions of Jenny Hutson, Wellington Capital) from another of our PIF assets, The Forest Resort Hotel Cresswick was reportedly seen parked at Kooralbyn Resort. (I understand the vehicle expenses are being met by the PIF, I wonder what other property has been removed and what has happened to it?) I have an unsubstantiated report the same vehicle has been seen at Andelaine, an Enneagram retreat I think owned by David Burke?http://www.enneagram.com.au/pages/andelaine.htm

Now as if the enneagram connection with David Burke and the PIF's external compliance officer, Phillip Wibaux is not enough to get ones radar going, the pair set a company together on the 18/12/2008 called KOORALBYN ASSET MANAGEMENT PTY LTD!!! I understand the PIF was already mortgagee in possession of Kooralbyn resort at that time.

Read some of the $6.00 company details::

Organisation Details
Organisation Name KOORALBYN ASSET MANAGEMENT PTY LTD
Australian Company Number 134672110
State of Incorporation Queensland
Registration Date 18/12/2008
Organisation Number Heading ACN (Australian Company Number)
Australian Business Number 42134672110
Review Date 18/12/2010
Document Number 5E2027797
Details Type(current/ceased) Current
Details Start Date 18/12/2008
Organisation Name KOORALBYN ASSET MANAGEMENT PTY LTD
Company Address
Document Number 5E2027797
Details Type(current/ceased/future) Current
Address Type Registered Office
Address Start Date 18/12/2008
Address LEVEL 2 500 QUEEN STREET BRISBANE QLD 4000
Document Number 5E2027797
Details Type(current/ceased/future) Current
Address Type Principal Place of Business
Address Start Date 18/12/2008
Address LEVEL 2 500 QUEEN STREET BRISBANE QLD 4000

Company Office Holders

Document Number 5E2027797
Details Type(current/former) Current
Role Director
Appointment Date 18/12/2008
Full Name BURKE DAVID JUSTIN
Birth Details 25/09/1958 LATROBE TAS
Address 3233 NERANG−MURWILLUMBAH ROAD NATURAL BRIDGE QLD 4211
Document Number 5E2027797
Details Type(current/former) Current
Role Director
Appointment Date 18/12/2008
Full Name WIBAUX PHILIP JACQUES
Birth Details 10/05/1966 BRISBANE QLD
Address 18 VENTNOR STREET TOOWONG QLD 4066

Share Structure − Issued and Paid Capital
Document Number 5E2027797
Details Type(current/ceased) Current
Share Class Code ORD
Share Class Title ORDINARY SHARES
Number of Shares Issued 6
Total Paid on Shares Issues $ 6.00


Hmnn, I wonder if there is not some hidden agenda by running the Kooralbyn resort into the ground??

Plenty more if anyone is interested???? At least it is a diversion from 'the same old rhetoric'!!!

Seamisty

 

[seamisty]

http://www.smh.com.au/business/atlas-wants-to-splash-it-around-20100718-10g12.html

IN THE BOX

David Anderson, the former chief financial officer of MFS Limited (aka Octaviar), is set for another marathon session in the witness box.

Having spent a week already taking questions during the public examination into the collapse of MFS by its liquidator Bentley's, Anderson has been booked for another five days, starting this morning in the NSW Supreme Court's Darlinghurst courthouse.

Bentley's will handle the first half of the week. The Public Trustee of Queensland, which represents 560 noteholders owed $359 million by MFS, is booked in for an examination of Anderson from late Wednesday to Friday.

One wonders if the trustee will ask any questions related to Deloitte's time as administrator and liquidator of MFS. Deloitte was replaced as liquidator by the Supreme Court of Queensland last year after the trustee launched legal action in which it questioned the validity of a payment made to one creditor.

The trustee also may be curious about other payments made when Deloitte was in charge, such as the estimated $940,000 in consulting fees paid (from the wreckage of MFS) to Anderson's Business Puzzle Solutions Pty Ltd.

 

[Blueboy1]

http://www.theage.com.au/business/atlas-wants-to-splash-it-around-20100718-10g12.html

IN THE BOX

David Anderson, the former chief financial officer of MFS Limited (aka Octaviar), is set for another marathon session in the witness box.

Having spent a week already taking questions during the public examination into the collapse of MFS by its liquidator Bentley's, Anderson has been booked for another five days, starting this morning in the NSW Supreme Court's Darlinghurst courthouse.

Bentley's will handle the first half of the week. The Public Trustee of Queensland, which represents 560 noteholders owed $359 million by MFS, is booked in for an examination of Anderson from late Wednesday to Friday.

One wonders if the trustee will ask any questions related to Deloitte's time as administrator and liquidator of MFS. Deloitte was replaced as liquidator by the Supreme Court of Queensland last year after the trustee launched legal action in which it questioned the validity of a payment made to one creditor.

The trustee also may be curious about other payments made when Deloitte was in charge, such as the estimated $940,000 in consulting fees paid (from the wreckage of MFS) to Anderson's Business Puzzle Solutions Pty Ltd

Regards,
Blueboy1

 

[Duped]

Wow seamisty. Amazing research. That would explain two things for me. I always felt that WC was unnecessarily secretive and had a somewhat unusual lack of regard for the share price. In my lay opinion (IMLO) anyway.

 

[seamisty]

Wow seamisty. Amazing research. That would explain two things for me. I always felt that WC was unnecessarily secretive and had a somewhat unusual lack of regard for the share price. In my lay opinion (IMLO) anyway.

Perhaps WC sees itself is a 'benevolent society' by providing extra income for her good friend David Burkes not for profit enneagram teachers?









http://www.enneagram.com.au/pages/teachers.htm
Enneagram teacher::
Ms Katrina Stevens, M.Ed, Grad.Dip.Arts (L’ship), Dip.Fin.Planning Dip.Teach
Katrina Stevens is an experienced educator, presenter and facilitator of learning with 10 years experience in a variety of educational settings - half of those as a senior administrator in Queensland schools.
She holds a Masters Degree in Educational Leadership and Management, and is a qualified Financial Planner.
Katrina has combined these interests in a diverse range of projects: from the professional development of educators and curriculum design and development in Queensland schools, to instructional design and delivery in the Financial Services Industry and the provision of strategic communication advice utilising the Enneagram framework.
Katrina has been an accredited Enneagram teacher since 2003.

Katrina Stevens is employed by WC in PIF Investor communications.



Enneagram teacher::
Ms Jane Buxton
Jane is a coach, facilitator, and communications consultant to organisations and businesses throughout Australia. She also works with teams in strategic and human resource planning.
Jane has had a long association with the Australian Enneagram Community. She attended her first panel series in 1994 (Series 2), and commenced her formal studies of the Enneagram in 1999. Jane is a member of the faculty of the AIES and on the board of the AEC. She has been an accredited Enneagram teacher since 2007.
Jane has a Bachelor Degree in Psychology and certifications in Coaching, Neuro-Linguistic Programming, and Eriksonian Hypnosis.

Jane Buxton is employed by WC in PIF Investor communications.

Maryanne Stewart is noted as 'a keeper of the technologies' in this Qld Enneagram newsletter, page 5. http://www.enneagram.com.au/newsletter/insight0207v4.pdf

Maryanne Stewart is employed by WC in PIF Investor communications.

Stay tuned, still more to come!!!

Seamisty

 

[seamisty]

I see ALF PIF have aquired another 128,716
Units http://www.nsxa.com.au/ftp/news/021722983.PDF

Very very discouraging to see some PIF investors consider such a lousy offer such as the one from ALF PIF as a better option than staying put for a bit longer until all the information from the Public Examinations and ASIC's civil proceedings especially investigations into the former PIF responsible Entity, Management Investments Ltd (formerly known as MFSIM and Octaviar Investment Management Ltd), where ASIC is seeking orders for declarations of contraventions, pecuniary penalties, compensation and disqualifications from managing corporations.

It's hardly a vote of confidence in our current Responsible Entity, Wellington Capital who appear to not give a stuff either way. Whats that old saying, 'every dog has its day':::Meaning: 1) Even the lowest of us at some time has a chance to get revenge on an oppressor, no matter how powerful that oppressor may be. 2) We will all have good luck or success at some point in our lives.


I'm prepared to wait a little longer.

Seamisty

 

[seamisty]

Some of you may Remember this? :::The Challenges and Opportunities of Islam in the
West: The Case of Australia
3 - 5 March, 2008
Brisbane Convention and Exhibition Centre
Queensland, Australia

Both David Burke and Jenny Hutson were key speakers/gave presentations. I hadn't made the Enneagram/Hutson connection when I first uncovered the info and didn't realise Burke was also involved.

'As Theologians Separate so the Mystics Unite
Mr David Burke, Founding Director, the Australian Institute for Enneagram Studies, the Australian Enneagram Community, and the Brisbane Enneagram Project'
'Islamic Investment - The Opportunities in Australia
Ms Jenny Hutson, Managing Director and Founder of Wellington Capital Limited, a Merchant and Investment bank; Queensland Business Woman of the Year 2007.'
'

It was here that Jenny Hutson presented :: http://www.griffith.edu.au/__data/assets/pdf_file/0017/58310/Hutson.pdf Islamic Investment –
The Opportunities in Australia
Jenny Hutson, Managing Director
Wellington Capital Limited
5 March 2008

I guess it is a lot clearer now that I know Traditional Islamic Sufi teachings are strongly connected with the Enneagram!!

No wonder you always felt that WC was unnecessarily secretive Duped!!

Seamisty