Australian (ASX) Stock Market Forum

Wellington Capital PIF/Octaviar (MFS) PIF

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marcom said:
This shows that she doesn't have the numbers because -
a. ASIC may moving to cancel the first rights issue or
b. she doesn't have enough votes from the rights issue or financial advisors or
c. she is a complete and utter bitch!
Click to expand...
Or all of the above Marcom.All other efforts to out number Castlereagh supportors have failed :D Seamisty
 
JohnH said:
http://www.nsxa.com.au/ftp/news/021724119.PDF

WC are trying to stop the meeting!!!
Click to expand...

JohnH. In my lay opinion:-
If as Judge Gordon found that the plaintiffs (PIFAG) "sought relief,other than damages,they should have moved earlier" then surely this can be also used as a precedent in the ensuing case tomorrow.....Wellington is seeking relief other than damages in trying to stop the meeting on the 23rd,with only a day to spare,knowing that members have arranged (and paid for) accommodation,airfares and the like,however Wellington has known the meeting was to take place on the 23rd and even agreed to the deferment of it.
Why then, should there be a double standard?
If Judge Gordon found that the plaintiffs should have moved earlier then the precedent exists that Wellington should also have moved earlier to prevent the meeting on the 23rd.
Regards,
Blueboy1
 
Blueboy1 said:
JohnH. In my lay opinion:-
If as Judge Gordon found that the plaintiffs (PIFAG) "sought relief,other than damages,they should have moved earlier" then surely this can be also used as a precedent in the ensuing case tomorrow.....Wellington is seeking relief other than damages in trying to stop the meeting on the 23rd,with only a day to spare,knowing that members have arranged (and paid for) accommodation,airfares and the like,however Wellington has known the meeting was to take place on the 23rd and even agreed to the deferment of it.
Why then, should there be a double standard?
If Judge Gordon found that the plaintiffs should have moved earlier then the precedent exists that Wellington should also have moved earlier to prevent the meeting on the 23rd.
Regards,
Blueboy1
Click to expand...
What you say is fair and commonsense Blueboy1, but unfortunately this does not always seem to be the norm in this unfortunate affair. - still we can but hope.
I can't see how anyone can stop us having a meeting.... John H
 
Thanks to the PIF AG for these two announcements :)

http://www.nsxa.com.au/ftp/news/021724117.PDF
41999 NSX Revocation of Constitutional amendments made on 9 May 2011 and 16 May 2011
"Wellington Capital Limited as responsible entity of the Premium Income Fund advises that it has as a consequence of the decision of Justice Gordon in the Federal Court on 20 June 2011 revoked the amendments made by Deed Poll to the Constitution of the Premium Income Fund on 9 May 2011 and 16 May 2011.
The consequence is that the Constitution of the Premium Income Fund as at 8 May 2011 is the Constitution as at today."​

http://www.nsxa.com.au/ftp/news/021724118.PDF
41999 NSX Rights Issue
"The Rights Issue originally announced on 6 May 2011 and closed on 8 June 2011 cannot proceed as a consequence of Orders made by Her Honour Justice Gordon in the Federal Court of Victoria yesterday."​
 
http://www.financialstandard.com.au/news/view/12072780/
PIF Action Group lands Federal Court win
Financial Standard.
The above article is a well informed account of the recent case and portrays Wellington in the light that shows their more shadowy side.
Blueboy1
PS You are right JohnH,things do have a habit of not being what they seem but perhaps the lawyers acting for PIFAG may be able to assert pressure from the findings of Judge Gordon as the precedent has been set.
 
seamisty said:
It appears the rights issue was poorly subscribed to anyway with approx only a third of unitholders taking up the offer.

'A third project, a planned 16-storey unit project at Main Beach, has now been thrown in to doubt since it requires up to $25 million in capital, she said.'

Well if a total of $25.9million had been raised as was hoped for by WC to complete 3 projects when one project alone needed that amount to complete what was WC going to do? Get half way through the Main Beach development then WC offer a joint venture to one of their cronies to share in the profits as in the Wollongong deal? Who needs transparency when it is so obvious that the whole placement and rights issue was a farce akin to blackmail right from the start. We copped the 'vote for WC or your fund will be liquidated' campaign where we were conned, but we are a lot wiser and united these days and very much aware of these type of scare mongering tactics.

Whats your next move to RECRUIT support WC? All the smear campaign did was align WC with gutless supposedly anonymous cowards willing to stop at nothing to help WC retain control of the PIF. What is in those records that so desperately needs to be kept from a forensic accountant?
Seamisty
Click to expand...

Further to that seamisty was the fact that the $11.3M placement wasn't filled either.

WC went to market to raise $11.3M with a placement of units. WC only managed to raise $7.55M despite placing those units at only 10c each which is less than a third of the audited value of PIF's net tangible assets.

Despite these facts WC still blames everyone but itself. Hutson even blames Justice Gordon with "Returning this capital will mean that we are able to proceed with two of the three planned projects namely those located in Townsville and the Hunter Valley in the short term and will need to revisit the source of capital for the Gold Coast project."

And then as you point out, of the $24.91M WC tried to raise from unit holders, WC could only find support for about $6M additional capital according to Courier Mail.

Is there anyone here on ASF still buying WC's stories?

For all of you who feel they missed out due to Justice Gordon's decision: you can always just buy more units on the NSX
 
Does Hutson ever think in societal terms rather than a narrow-minded board room attitude to existence? To attempt to derail the EGM demonstrates an indifference to entirely justified complaints about the Wellington performance.

What is an addiction to court rooms called?

And the volcanic ash cloud may have an effect.
 
Interesting revelation from yesterday's Federal Court decision is: "Some of the Placement Units have been traded on the NSX". Well isn't that just fantastic: more downward pressure on the NSX price.
 
Duped said:
Interesting revelation from yesterday's Federal Court decision is: "Some of the Placement Units have been traded on the NSX". Well isn't that just fantastic: more downward pressure on the NSX price.
Click to expand...

Even more interesting Duped - If they bought at 10 cents (or was it 9) and traded at a maximum of 9 cents - where's the sense??? (no pun intended) I thought these were Jenny's sophisticated investors!!!
 
Duped said:
Interesting revelation from yesterday's Federal Court decision is: "Some of the Placement Units have been traded on the NSX". Well isn't that just fantastic: more downward pressure on the NSX price.
Click to expand...

Duped,
there is something very fishy about that statement....Who, in a right business mind, would buy a share at 10 cents, and sell it a few days later for 8.8cents...that is unless,they were setting up a cunning situation that could be used to their advantage at some future date.
Now whose name springs to mind, that just might think like that?...Need any clues!
 
2CentsWorth said:
Duped,
there is something very fishy about that statement....Who, in a right business mind, would buy a share at 10 cents, and sell it a few days later for 8.8cents...that is unless,they were setting up a cunning situation that could be used to their advantage at some future date.
Now whose name springs to mind, that just might think like that?...Need any clues!
Click to expand...

I believe the cut off date for the vote was 4.00pm with JH'S Registry service - these unitholders who bought shares should be invalid to vote or should be withdrawn from the vote.
I ENCOURAGE ALL INVESTORS TO TURN UP AT THE MEETING ON THURSDAY 23rd of June.
 
Justice DowsettCourt No.1, Level 7

9:15 AM Interlocutory Hearing

1QUD140/2011WELLINGTON CAPITAL LIMITED AS RESPONSIBLE ENTITY OF THE PREMIUM INCOME FUND v PREMIUM INCOME FUND ACTION GROUP INCORPORATED (NSW INCORPORATED ASSOCIATION NO. 9894759) & ORS


Seems that the hearing tomorrow is only a small part of something much larger since the matter is only interlocutory in nature.

It'd be interesting to see what claim/s WC is making.
 
ASICK said:
Justice DowsettCourt No.1, Level 7

9:15 AM Interlocutory Hearing

1QUD140/2011WELLINGTON CAPITAL LIMITED AS RESPONSIBLE ENTITY OF THE PREMIUM INCOME FUND v PREMIUM INCOME FUND ACTION GROUP INCORPORATED (NSW INCORPORATED ASSOCIATION NO. 9894759) & ORS


Seems that the hearing tomorrow is only a small part of something much larger since the matter is only interlocutory in nature.

It'd be interesting to see what claim/s WC is making.
Click to expand...

............probably loss of income!!!
 
The decision, if there is one tomorrow will be after 4.15pm -

Justice Dowsett Court No. 1, Level 7

9:15 AM Interlocutory Hearing

1 QUD140/2011 WELLINGTON CAPITAL LIMITED AS RESPONSIBLE ENTITY OF THE PREMIUM INCOME FUND v PREMIUM INCOME FUND ACTION GROUP INCORPORATED (NSW INCORPORATED ASSOCIATION NO. 9894759) & ORS

10:15 AM Part Heard

2 QUD107/2010 HOMELOAN REFUNDS PTY LTD & ANOR v UNIVERSAL INTEGRITY PTY LTD & ORS

4:15 PM Interlocutory Hearing

3 QUD140/2011 WELLINGTON CAPITAL LIMITED AS RESPONSIBLE ENTITY OF THE PREMIUM INCOME FUND v PREMIUM INCOME FUND ACTION GROUP INCORPORATED (NSW INCORPORATED ASSOCIATION NO. 9894759) & ORS
 
marcom said:
The decision, if there is one tomorrow will be after 4.15pm -

Justice Dowsett Court No. 1, Level 7

9:15 AM Interlocutory Hearing

1 QUD140/2011 WELLINGTON CAPITAL LIMITED AS RESPONSIBLE ENTITY OF THE PREMIUM INCOME FUND v PREMIUM INCOME FUND ACTION GROUP INCORPORATED (NSW INCORPORATED ASSOCIATION NO. 9894759) & ORS

10:15 AM Part Heard

2 QUD107/2010 HOMELOAN REFUNDS PTY LTD & ANOR v UNIVERSAL INTEGRITY PTY LTD & ORS

4:15 PM Interlocutory Hearing

3 QUD140/2011 WELLINGTON CAPITAL LIMITED AS RESPONSIBLE ENTITY OF THE PREMIUM INCOME FUND v PREMIUM INCOME FUND ACTION GROUP INCORPORATED (NSW INCORPORATED ASSOCIATION NO. 9894759) & ORS
Click to expand...

Well, on that basis, we had better confirm our flights (volcano permitting)
 

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