Wellington Capital PIF/Octaviar (MFS) PIF

[zixo]

I have sent the following email to:

jhutson@wellcap.com.au Monday, 30 May 2011 3.34PM
Dear M/S Hutson, Could you please advise whether any costs associated with the marketing campaign being conducted by Wellington Capital Ltd in relation to the pending extraordinary general meeting being called by members of the Premium Income Fund Action Group (PIFAG) is being debited by Wellington Capital to the Premium Income Fund. If the answer is in the affirmative would you kindly advise on what authority this has occurred? (appropriately signed)

I also draw the attention of forum users to the fact the PIFAG had to purchase the Unit Holders Register for the sum of $250.00. The register arrived in a "bare bones" state. No email addresses and no telephone numbers. When questioned about the missing links the PIFAG were told that is the requirement of the relevant legislation. Well, we all know that WC is running a campaign by using alleged telemarking recruits to contact unit holders and I just pose this question, "Does the legislation apply to WC" Have the telemarketing people spent hours and hours on the computer checking white pages and Google to contact unit holders? I say where is the level playing field WC? The PIFAG are acting in all unit holders interests by giving them a choice. I might indicate the matter is not just resting with this post WC.

Interesting reading charles. I wonder how reputable these telemarketers are...who are they? What will they do with my PRIVATE information and details?
I do NOT ever remember giving permission for wellington to use an outside source to solicit information. I wonder if this is a query for the Privacy commissioner?

 

[zixo]

Will someone please verify who the tele marketer is working for WC making the phone calls? Is it Radar Promotions? thanks, Seamisty

Hi Seamisty. I have just pho0ned and have been assured it is not Radar promotions. Its probably another underhanded tactic of wellington capital.
The poor fellow i spoke to is going to lodge a complaint with WC as its misleading information that being sent out by the telemarketers whom we're paying for. Wellington are obviously trying to distance themselves from who are really making the calls...I wonder why?
Another one of your companies is it Jen?

 

[seamisty]

Hi Seamisty. I have just pho0ned and have been assured it is not Radar promotions. Its probably another underhanded tactic of wellington capital.
The poor fellow i spoke to is going to lodge a complaint with WC as its misleading information that being sent out by the telemarketers whom we're paying for. Wellington are obviously trying to distance themselves from who are really making the calls...I wonder why?
Another one of your companies is it Jen?

I think its this mob zixo, RADAR Investor Relations
Public Relations Consultants - Sydney, NSW

 

[zixo]

I think its this mob zixo, RADAR Investor Relations
Public Relations Consultants - Sydney, NSW

thanks seamisty, Just got off the phone with them and they verified they are the company that we're paying for. I wonder what kind of Wellington tentacles are attached to this mob.

 

[selciper]

I'm wondering whether the useless WC "help line" might also have been given to aa outside firm to operate. The last time I called the "service" I found the person I spoke to to be completely out of touch. He waffled on about the brilliance of the WC strategies, so much so that at the time I felt uncomfortable that such a character should be employed to answer important questions.

 

[simgrund]

Simgrund I finally received my three big envelopes and I totally agree with what you say about having the red banner with names splashed on the envelope from WC. I will keep the envelope for future reference/evidence of waste. Perhaps Wellington Capital can charge the PIF more for the colour printing and you can bet that the printer was Print Mail Logistics of which WC is a substantial shareholder!! ( same snout in different troughs)
Once again thanks to all who have supported us, please let me know by private messge in notifications on ASF when you have voted and your unit holding name as we can then tick you off the register and concentrate on calling others. Great to see the support base on the forum growing and some new posters.
Seamisty

It is not the cost; important as it is, that angers me. It is a privacy, as well as uni-arbitrary issue. These actions are ILLEGAL in a number of jurisdictions and I sincerely hope that PIF AG is compiling a list of these serious violations. I will be willing to start contributions bucket for this specific legal action against WC.
When present actions are completed; goes without saying.
Regards,

 

[seamisty]

It appears that some unitholders who were contacted by the Wellington Capital employed telemarketers today were told that the PIF AG proposed preferred Responsible Entity Castlereagh Capital does not hold the correct AFSL (Australian Financial Services Licence). This is NOT correct and I have attatched a copy. I am not sure if WC are covering themselves by saying that Bri Ferrier do not hold a AFSL, or if they are indeed saying Castlereagh Capital do not hold the licence. Why would Bri Ferrier need one anyway? They are not a Property Funds Manager, Castlereagh Capital are!! It would be interesting to find out who is held accountable for relaying incorrect information to PIF unitholders? The people who provided the original wrong information? Or those delivering incorrect information? Seamisty

 

[zixo]

It appears that some unitholders who were contacted by the Wellington Capital employed telemarketers today were told that the PIF AG proposed preferred Responsible Entity Castlereagh Capital does not hold the correct AFSL (Australian Financial Services Licence). This is NOT correct and I have attatched a copy. I am not sure if WC are covering themselves by saying that Bri Ferrier do not hold a AFSL, or if they are indeed saying Castlereagh Capital do not hold the licence. Why would Bri Ferrier need one anyway? They are not a Property Funds Manager, Castlereagh Capital are!! It would be interesting to find out who is held accountable for relaying incorrect information to PIF unitholders? The people who provided the original wrong information? Or those delivering incorrect information? Seamisty

Perhaps all investors should contact Radar on 02-82563333 to set the record straight and that they are purposefully misleading investors

http://www.radargroup.com.au/page/contact

 

[aroach]

Not sure if this has already been posted today or not, but here's the recording of Castlereagh's Sydney information session today, complete with presentation slides.

http://www.brr.com.au/event/81414/partner/theaustralian

(I used the Australian link rather than the original brr link because it's shorter)

If you haven't already been convinced to vote "For" all motions, this webcast will help. I found it very informative and now have even more confidence that Castlereagh will be the best RE for our fund.

My Proxy with all "For" votes went to Computershare today.

Thanks again everyone from the PIF AG executive committee!

Ashley

 

[thekids]

It appears that some unitholders who were contacted by the Wellington Capital employed telemarketers today were told that the PIF AG proposed preferred Responsible Entity Castlereagh Capital does not hold the correct AFSL (Australian Financial Services Licence). This is NOT correct and I have attatched a copy. I am not sure if WC are covering themselves by saying that Bri Ferrier do not hold a AFSL, or if they are indeed saying Castlereagh Capital do not hold the licence. Why would Bri Ferrier need one anyway? They are not a Property Funds Manager, Castlereagh Capital are!! It would be interesting to find out who is held accountable for relaying incorrect information to PIF unitholders? The people who provided the original wrong information? Or those delivering incorrect information? Seamisty

Its just an attempt at slinging mud and as we all know some of it will stick, especially to those not capable of researching things themselves (like the elderly who often dont use computers). In the Notice of Meeting & Info Booklet sent out by PIF Action Grp, Castlereagh quoted their AFS Licence No 356926 on page 21 which of course matches the document seamisty attached. I just hope the unitholders can get WC out... So sick of the lies.

 

[seamisty]

Thanks to those of you who have notified me today of your FOR vote. For those who have already voted and intend to attend the EGM on the 16th June, please retain the yellow cover page that came with your yellow proxy form and take it to the meeting with you for identification purposes. The PIF AG and Castlereagh Capital are encouraging as many PIF unitholders as possible to attend the meeting in person for support on the day. I have spoken to some who will be flying to Sydney from Brisbane, Gold Coast, Melbourne and Tasmania! Great to hear,and I know many others will be driving from all over NSW.
Sadly I have also spoken to many who would dearly like to attend but cannot due to health issues. Seamisty

 

[aroach]

Perhaps all investors should contact Radar on 02-82563333 to set the record straight and that they are purposefully misleading investors

http://www.radargroup.com.au/page/contact

Just to add to zixo's great suggestion, it's likely the Radar people have also been briefed to respond with something like: "Castlereagh don't hold an AFSL of a kind necessary to be RE of PIF". This is misleading because, of course they don't...not while WC are the RE of PIF.

Castlereagh's AFSL authorises it to act as the RE of any fund named on it's licence and Castlereagh has applied to ASIC to vary it's licence to include the PIF as a named fund, which will take effect only when Castlereagh is appointed as PIF's RE.

This is explained fully on page 21 of the Premium Income Fund Notice of Meeting and Information Booklet, titled "Section 2. Information About Castlereagh"

If you're well armed with this information the Radar telemarketers will have no response.

Ashley

 

[seamisty]

Not sure if this has already been posted today or not, but here's the recording of Castlereagh's Sydney information session today, complete with presentation slides.

http://www.brr.com.au/event/81414/partner/theaustralian

(I used the Australian link rather than the original brr link because it's shorter)

If you haven't already been convinced to vote "For" all motions, this webcast will help. I found it very informative and now have even more confidence that Castlereagh will be the best RE for our fund.

My Proxy with all "For" votes went to Computershare today.

Thanks again everyone from the PIF AG executive committee!

Ashley

Thanks Ashley, My dinosaur of a computer will not play that link fluidly, I found this link from the CASCAP website worked better for me. http://www.brr.com.au/event/81414/?popup=true Seamisty

 

[charles36]

Is there anyone out there who believes that WC paid $250.00 to Armstrong Registry for the copy of the register to hand to Radar, 107 Pitt Street, Sydney for their use to peddle their information. Do you believe that the register was pared down to the bare bones leaving out email addresses and telephone numbers. Do you believe Radar sat for hours and hours in front of the computer searching the white pages and Google. Well the PIFAG Executive and willing helpers, especially the Forster Group had to search for the information. Level playing field. I don't think so. Fairness, I am sure not. Anyway anyone out there in cyber space who believes WC please contact. I may be persuaded that I have been wrong...............

 

[reasonable]

It appears that some unitholders who were contacted by the Wellington Capital employed telemarketers today were told that the PIF AG proposed preferred Responsible Entity Castlereagh Capital does not hold the correct AFSL (Australian Financial Services Licence). This is NOT correct and I have attatched a copy. I am not sure if WC are covering themselves by saying that Bri Ferrier do not hold a AFSL, or if they are indeed saying Castlereagh Capital do not hold the licence. Why would Bri Ferrier need one anyway? They are not a Property Funds Manager, Castlereagh Capital are!! It would be interesting to find out who is held accountable for relaying incorrect information to PIF unitholders? The people who provided the original wrong information? Or those delivering incorrect information? Seamisty

When Radar phoned me (also pom accent) he could not answer the question about the licence but offered to put it to WC. I had already asked the question by email of WC and finally got a reply after 3 days today from c snow was follows

Thank you for your email.

Whilst Castlereagh Capital have an AFS Licence, their licence is to run a fund called the Castlreagh Capital Property Fund which was established by them on 18 April 2011. Their licence is not a licence of a kind which allows them to operate the Premium Income Fund. AFS Licences are specific to a particular Fund. The effect of not having a licence for the Fund, and Castlereagh being voted in as responsible entity, is that ASIC can move to wind up the Fund.

 

[seamisty]

When Radar phoned me (also pom accent) he could not answer the question about the licence but offered to put it to WC. I had already asked the question by email of WC and finally got a reply after 3 days today from c snow was follows

Thank you for your email.

Whilst Castlereagh Capital have an AFS Licence, their licence is to run a fund called the Castlreagh Capital Property Fund which was established by them on 18 April 2011. Their licence is not a licence of a kind which allows them to operate the Premium Income Fund. AFS Licences are specific to a particular Fund. The effect of not having a licence for the Fund, and Castlereagh being voted in as responsible entity, is that ASIC can move to wind up the Fund.

What WC fail to say is that there can only be one AFSL licence representing the PIF and that is currently held by WC. Castlereagh holds an Australian Financial Services Licence (AFS Licence) (No 356926) which authorises it
to act as the Responsible Entity of any fund named on that AFS Licence. Castlereagh's AFS Licence cannot include the name of the Fund while Wellington remains as the responsible entity of the Fund. Of course at the present time Castlereaghs licence cannot operate the PIF because it is not the current Responsible Entity!

I just hate the way Wellington Capital continue to treat the PIF unitholders like a group of people with lower intellect just because the majority believed the BS spiel Jenny Hutson served up in 2008 convincing them to vote for her as opposed to liquidating the PIF. Many of that group of people now see WC and Ms Hutson as having misled them previously and determined to continue misleading them while at the same time not only liquidating the PIF, but sharing the proceeds with her yet to be revealed sophisticated and professional investors to the financial detriment of existing PIF unitholders.

Seamisty

 

[JohnH]

What WC fail to say is that there can only be one AFSL licence representing the PIF and that is currently held by WC. Castlereagh holds an Australian Financial Services Licence (AFS Licence) (No 356926) which authorises it
to act as the Responsible Entity of any fund named on that AFS Licence. Castlereagh's AFS Licence cannot include the name of the Fund while Wellington remains as the responsible entity of the Fund. Of course at the present time Castlereaghs licence cannot operate the PIF because it is not the current Responsible Entity!

I just hate the way Wellington Capital continue to treat the PIF unitholders like a group of people with lower intellect just because the majority believed the BS spiel Jenny Hutson served up in 2008 convincing them to vote for her as opposed to liquidating the PIF. Many of that group of people now see WC and Ms Hutson as having misled them previously and determined to continue misleading them while at the same time not only liquidating the PIF, but sharing the proceeds with her yet to be revealed sophisticated and professional investors to the financial detriment of existing PIF unitholders.

Seamisty

Presumably Seamisty, Ms Jennifer Hutson or Wellington did not hold a licence either when she became RE of the PIF

 

[pjay]

have just had a call from Radar re wellington told her to tell wellington they are flogging a dead horse yellow proxy in the mail just in case the bus breaks down on the way to the meeting, PIFAG and others working behind the scene your doing a great job
Pjay

 

[selciper]

The fact that WC handed over a copy of the register to a hired PR firm is of concern. I thought that my dealings with the RE were private between them and me. For instance, my phone line is a silent one, but WC possess it for practical reasons, of course. Then there is the question of "file notes" - has the PR firm been given WC's opinions of certain investors they consider "difficult"? How many copies of the register have been photocopied? We must topple Wellington Capital on 16 June.

 

[Duped]

Thanks Ashley, My dinosaur of a computer will not play that link fluidly, I found this link from the CASCAP website worked better for me. http://www.brr.com.au/event/81414/?popup=true Seamisty

Anyone having doubts about voting out WC should listen between 67 and 72 minutes of the presentation regarding the Kooralbyn Resort.