Australian (ASX) Stock Market Forum

Wellington Capital PIF/Octaviar (MFS) PIF

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I'm another who feels rather inadequate to make regular contributions on the forum, but am a daily reader, constantly in awe of Seamisty's (and others') determination and energy, and do very much appreciate the contributions of her and those working behind the scenes on behalf of us all. I too have now submitted a complaint (online) to ASIC about WC's actions.

cheers!

- Alan.
 
I've finally managed to submit my complaint to ASIC...what a drama! Perseverance has paid off!

Thanks to all who helped me through the exercise.

Good luck to us all in our efforts to dethrone Wellington Capital. United we can do it!

Cookie1
 
seamisty said:
It's probablly a conspiracy BABIHUTAN!! A sneaky ASIC tactic to deter complaints!! Considering mine rarely get acknowledged (they could do it it bulk form if they were keen) maybe ASIC hope people will get tired of trying? Seamisty
Click to expand...

That too crossed my mind Seamisty, especially when the text of each of my draft complaints disappeared into cyberspace just as I completed them & I did not hit the "Back" button!
 
In all this broo-ha we blinked away another PIF Forum milestone; 7,000th post!
And the trophy goes to........ Seamisty, and the cast of thousands of dedicated, selfless, tireless supporting team.
Car IAC; where aaaaare yooouuuuu?????????????
Thank you to the Team for these infusions and may we soon raise the curtain.

And to Mr W. Wheeler; tempt me with an offer above $1.00 a share and I will come over to the Dark Side in a jiffy.
Money talks, weasling walks.

Once again with feeling,
Regards
 
seamisty said:
Hi Wayne, The majority of investors in the PIF left with little choice when MFS/Octaviar collapsed were conned by Wellington Capital. We are still vunerable and further ripped off but no longer so easily conned. We are far less trusting and better informed. As the result of being left with little or no trust we do extensive research and try to stay as informed as possible. Anyone remotely involved or associated with less than impeccable credentials will not be considered as an alternative RE. We have done our homework and the lack of response to the offer put forward by ALF PIF speaks for itself. We may still be vulnerable and ripped off, but hopefully a lot better informed. I personally think you are wasting your time and money pursuing this takeover offer. In saying that, I also think that Jim Byrnes and Jenny Hutson have a lot in common.
Seamisty
Click to expand...

Morning Seamisty.

Nice to hear from you, and thanks for your observations and general summary of the current unitholder/forum member position. All understood and accepted.

It's quickly apparent that you are one of the more active forum members and a diligent researcher of the fund's sorry history & pathway to it's current state. You will of course accept that ALF PIF has played no part in your losses to date, but it's interesting to speculate as to whether your current position may be even worse if we hadn't played a part in keeping JH/WC on their toes of late. Hard to imagine your position could be much worse, I guess.

Anyway, as I've said I don't intend to be a regular contributor/responder here but I couldn't ignore your post. Allow me to offer a few brief observations before I head out this morning.

I don't know JH or WC. My view of their stewardship of the fund is therefore restricted to appraisal of their actions as RE and the resultant impact on unit value. Many of you are no doubt in the same position. More importantly, the general attitude of unitholders towards WC provides a clear indication of profound dissatisfaction, distress and distrust. A quick review of posts on this forum can be summarised as WC having an attitude of arrogance, non accountability and of providing little (no?) information to unitholders.

Further, the current capital raising measures implemented by WC would seem to indicate a breathtaking indifference to the impact on current long suffering unitholders and their share value. One can therefore only assume that there are other motives driving this initiative, and the forum seems to agree that your interests are not of primary importance in the strategy. You tell me if you understand or agree that this activity has been implemented properly and with your approval, and if you can foresee a perceived benefit (for you - not others) somewhere in the future.

Perhaps I'll address your comments re Jim Byrnes, impeccable credentials, success or otherwise of our bid etc a little later. Simgrund - I hear you. Interesting to note that in the whole cast of characters (MFS, PIF, WC, JH, ICAC and a cast of thousands more with snouts in the trough to date) who've been continually feeding off your investment up until now, that somehow we are considered the "Dark Side".

Hmmmm.
 
Quote Wayne "Further, the current capital raising measures implemented by WC would seem to indicate a breathtaking indifference to the impact on current long suffering unitholders and their share value. One can therefore only assume that there are other motives driving this initiative, and the forum seems to agree that your interests are not of primary importance in the strategy. You tell me if you understand or agree that this activity has been implemented properly and with your approval, and if you can foresee a perceived benefit (for you - not others) somewhere in the future."

Hi Wayne, My personal opinion is that the motive driving the WC Capital Raising is because WC knows that the PIF Action Group is strongly supported by many other PIF unitholders in their proposed move to elect Castlereagh Capital (http://www.cascap.com.au./) as the preferred RE. I think Wellington Capital know that the PIF AG have a extremely strong chance of removing WC as the current RE, hence WC felt the need to secure a chunk of voting power they could control. They know full well they have no chance of remaing RE under their own merits. We have no doubt that the initial implementation was in breach of the original constitution and that is why Wellington Capital ammended it, to cover their actions. I understand ASIC is fully informed of the situation. The PIF Action Group had no problem with securing 5% of PIF unitholders support within days to call an EGM. Wellington Capital know that 5% of approx 755 million units is a far cry from 5% of 1,119,710,357 units. Its just another example of WC's scramble for survival, nothing to do with working in the best interests of unitholders.

Seamisty
 
astevo said:
I'm another who feels rather inadequate to make regular contributions on the forum, but am a daily reader, constantly in awe of Seamisty's (and others') determination and energy, and do very much appreciate the contributions of her and those working behind the scenes on behalf of us all. I too have now submitted a complaint (online) to ASIC about WC's actions.

cheers!

- Alan.
Click to expand...

I've just submitted my complaint online to ASIC. I've also been an avid reader of this forum and really appreciate the amazing effort and tenaciousness of Seamisty, Charles36 and the many others who (thankfully!) will not give up. You've got my vote!

Ashley
 
If anyone is experiencing problems on line with ASIC complaints, as mentioned in a previous post, use the telephone service provided. Emphasise the urgency of the matter. 1300 300 630
 
Duped said:
Another Trading Halt Pending Announcement
Click to expand...

It should be called Jenny Hutsons NSX. She Just snaps her fingers and closes down our fund.... shuts it down and opens it up as she pleases - funny that.

Nothing she has ever done has been for the betterment of the PIF or the investors. Her (NSX) next statement will be a Doosey.
 
Well, with some considerable effort, I managed to get my on-line complaint through to ASIC, intact!

Charles 36: Tonight may well look like the "eve of destruction" for us, because the "Redcoats" are coming full charge!... However, never being one to run from a fight, myself and my brother in law, stand with Platignum's poised to sign the proxy form as soon as it arrives. No doubt Seamisty will run the davits to smoking hot, with her loadings of eager participants also. So be assured, that the Game is afoot!

Many thanks to all the regular posters who work hard, to make this load a little lighter for all of us, and I for one, will not let today's act of bastardry go unchallenged.

Good luck to us All.
 
zixo said:
It should be called Jenny Hutsons NSX. She Just snaps her fingers and closes down our fund.... shuts it down and opens it up as she pleases - funny that.

Nothing she has ever done has been for the betterment of the PIF or the investors. Her (NSX) next statement will be a Doosey.
Click to expand...

I disagree zixo,

With the first 1c repayment I finally paid off my cemetery plot; North side.
And the second is squirrelled away for ever-inflationary burial expenses.
With this, I feel complete and can depart in peace,

Warmest to all,
 
seamisty said:
It's probablly a conspiracy BABIHUTAN!! A sneaky ASIC tactic to deter complaints!! Considering mine rarely get acknowledged (they could do it it bulk form if they were keen) maybe ASIC hope people will get tired of trying? Seamisty
Click to expand...
I TO HAD GREAT FUN GETING IN ....I FOUND BUSNESS NUMBER ....DO NOT PUT ABN JUST PUT NUMBERS WITCH IS 114248458 DO NOT INCLUDE .ACN &NODOTS COMERS OR FULL STOPS ...GOOD LUCK KEEP TRYING GOT TO GO CAN SMELL SMOCK FROM JENNEYS FIRE SALE...PEOPLE HO PLAY WITH FIRE GET BURNT FINGERS
 
simgrund said:
I disagree zixo,

With the first 1c repayment I finally paid off my cemetery plot; North side.
And the second is squirrelled away for ever-inflationary burial expenses.
With this, I feel complete and can depart in peace,

Warmest to all,
Click to expand...

I'VE paid mine off sixteen years ago , now just waiting. lol
 
The last couple of posts have been really depressing. Come on people, we can do better than this. Surely we have all progressed down the path of justice, since we started all the way back in 07. Lets remain positive. We still have our CA, we may be able to get rid of WC, dribbles of return of capital, and we have IMF backing our case. I strongly believe that they wouldn't be investing there money in our case if they didn't think we had a good chance of winning. IMF have an excellent track record of success, so please, let us remain positive.

I will be away till the end of July, so I will be logging in most days from NY, so please keep up the wonderful work that you are doing.

Michael
 
atlas1950 said:
The last couple of posts have been really depressing. Come on people, we can do better than this. Surely we have all progressed down the path of justice, since we started all the way back in 07. Lets remain positive. We still have our CA, we may be able to get rid of WC, dribbles of return of capital, and we have IMF backing our case. I strongly believe that they wouldn't be investing there money in our case if they didn't think we had a good chance of winning. IMF have an excellent track record of success, so please, let us remain positive.

I will be away till the end of July, so I will be logging in most days from NY, so please keep up the wonderful work that you are doing.

Michael
Click to expand...

Atlas, there is a lot of strength in what you say. (pun intended)
 

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