Wellington Capital PIF/Octaviar (MFS) PIF

[Harald]

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

So the question now is should I travel to the meeting, stay overnight in Sydney and
walk in the morning to the meeting to find out it is cancelled.

My answer is a clear Yes I will drive 450 km one way and take the risk.

Hopefully all of us can't be confused by JH tactics. I only now realise what kind of idiot
I have been when I voted back in 2008 for JH.

 

[zixo]

So the question now is should I travel to the meeting, stay overnight in Sydney and
walk in the morning to the meeting to find out it is cancelled.

My answer is a clear Yes I will drive 450 km one way and take the risk.

Hopefully all of us can't be confused by JH tactics. I only now realise what kind of idiot
I have been when I voted back in 2008 for JH.

Thanks Harald.
There is a real possibility that the EGM scheduled for thursday the 23rd may be cancelled because Wellington Capital has sought a court ruling to stop the Investors meeting, Its all pending on the judges decision tomorrow.

If we need to Change the meeting again I hope every single Investor is made aware it is soley because of the actions that Wellington Capital have made to OUR fund simply to ensure JH and Wellington remain as the Responsible entity.

Perhaps the ruling of a postponement may ensure that any Investor who has not voted or wish to change their vote may still be entitled.

All Investors, not only Ag members need be become aware of wellingtons desperate ploy.

 

[Shafted]

Now Hutson really is showing herself in her true colours, and in all her ruthlessness and disregard of investors' interests. Knows she can't win the vote, so tries to stop the meeting. For all the world like a spoilt child: “It's my ball, and if you won't let me win, you can't play with it any more.”

We all know what her real motives are, but on what conceivable legal grounds does she claim that the meeting should be stopped? From everything I have seen, it has been called in 100% compliance with the PIF constitution, and the Action Group, its advisers and Castlereagh would hardly have gone this far without being absolutely sure of their ground.

Dirty fighters usually get their comeuppance eventually, and let's all of us do everything we can to make sure JH gets hers on Thursday. It's been a long time coming.

 

[DepressedDad]

Yes, I'm wondering on what legal grounds she is asking the meeting be stopped at the eleventh hour. Definetely showing her true colours in NOT letting the Unit holders decide who runs their fund (so blatantly NOT acting in their best interests) and showing her true colours as a conniving control freak with a lot to hide.

Surely as she daily digs herself deeper in deceit acting immorally & now proven illegally, ASIC will ACTUALLY DO SOMETHING!! Are there any professionals at ASIC that will turn up at work tomorrow and say to each other, 'Gee we've been trusted with this responsibility and we're getting paid to do this job, in the light of what's going down now, do you think we might have to do something here??'

 

[Blueboy1]

http://www.couriermail.com.au/busin...led-for-thursday/story-e6freqmx-1226079456192
From:The Courier-Mail
June 22, 2011
Brisbane Merchant bank Wellington Capital asks courts to halt investor meeting scheduled for Thursday
A BRISBANE merchant bank facing a possible loss of control over a $250 million fund has launched a last-minute court bid to stop a planned investor meeting tomorrow in Sydney.

Wellington Capital's application in the Brisbane Federal Court seeks a declaration that the notice of meeting is invalid and an order restraining a breakaway group of unit holders in the Premium Income Fund from going ahead with the gathering.

The first hearing is scheduled for this morning, with critics alleging the legal challenge is a desperate bid by Wellington to shut down voting.

An affidavit filed by Wellington managing director Jenny Hutson late on Monday alleges a series of irregularities involving Computershare as the proxy vote collector and a failure to dispatch several promised daily updates.

She also accuses the PIF Action Group, which is seeking to oust Wellington as the fund's responsible entity, of using an out-of-date register of investors.

As a result, some new investors and those who have changed address have not received adequate notice of the meeting, she says.

Lastly, Ms Hutson alleges that powers of attorney may have been improperly used to lodge proxy votes and that no notice of that fact has been lodged with the National Stock Exchange.

Ms Hutson did not return calls yesterday. Wellington had previously urged almost 11,000 investors in the troubled fund to reject seven resolutions at the meeting, including one that would result in Castlereagh Capital taking over as manager.

Castlereagh head of funds management Philip Armstrong yesterday accused Ms Hutson of "an act of desperation to stop a process" in which the voting so far has gone strongly against Wellington.

Mr Armstrong said the motion to remove Wellington had the support of 82 per cent of the 325 million units voted so far, or about 40 per cent of the total.

The other six resolutions had the backing of more than 90 per cent.

He denied there had been any significant delay in dispatching voting updates and accused Wellington of declining multiple requests to supply up-to-date registries. He dismissed the powers of attorney matter as a non-issue.

Mr Armstrong said Wellington could have taken action to stop the meeting a month ago but lodged its application on the same day it lost a Federal Court case in Melbourne.

In that matter, Wellington was prohibited from raising up to $24.9 million after a judge ruled it had violated the Corporations Act by failing to seek investor approval for a change in the constitution.

Mr Armstrong said the likely adjournment of tomorrow's meeting would cost thousands of dollars and inconvenience several hundred investors planning to attend.

"They just want to have their say," he said.

 

[Duped]

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!!!

JohnH and 2CentsWorth. I didn't want to comment on that aspect because there could be a number of reasons the new unit holders are selling at a loss so soon. E.g. to elicit the exact reaction we got from Justice Gordon. I.e. Gordon J didn't cancel the placement. Or e.g. the sophisticated investor/s is engaging in a bit of price discovery. I.e. testing to see how competitive the competing bidders are.
It could be anything.

 

[selciper]

Would those ASIC sleuths consider putting away their coffee cups and do some work for us?

 

[DepressedDad]

From the web: (Bold & colour added)
____________________________________________________________________
What we do

ASIC is Australia’s corporate, markets and financial services regulator.

We contribute to Australia’s economic reputation and wellbeing by ensuring that Australia’s financial markets are fair and transparent, supported by confident and informed investors and consumers.

We are an independent Commonwealth Government body. We are set up under and administer the Australian Securities and Investments Commission Act (ASIC Act), and we carry out most of our work under the Corporations Act.

The Australian Securities and Investments Commission Act 2001 requires us to:
maintain, facilitate and improve the performance of the financial system and entities in it
promote confident and informed participation by investors and consumers in the financial system
administer the law effectively and with minimal procedural requirements
enforce and give effect to the law
receive, process and store, efficiently and quickly information that is given to us
make information about companies and other bodies available to the public as soon as practicable.
______________________________________________________________________
Well if The Australian Securities and Investments Commission Act 2001 requires you to do those things why aren't you doing them?????

 

[atlas1950]

New Nsx annousement. Meeting IS on for Thursday.

Good luck to us all.

m

 

[Blueboy1]

http://www.nsxa.com.au/ftp/news/021724126.PDF

The meeting is on....

Extracted from the above link:

Meeting scheduled for 23 June 2011

Wellington Capital has agreed not to proceed with its interlocutory proceedings in the Federal Court.The Court ordered that the interlocutory proceeding be dismissed.

The consequence is that tomorrow's meeting of Unitholders,will proceed as planned as follows:

23 June 2011 at 11.00am
Pinaroo Room,
77 York Street,Sydney

Jenny Hutson,Chairperson of Wellington Capital as responsible entity of the Premium Income Fund said:

'it is my view that the ultimate decision making body is the members in general meeting. I look forward to Unitholders having the opportunity to consider the resolutions put forward in the notice of 16 May 2011.'

 

[MAE]

New Nsx annousement. Meeting IS on for Thursday.

Good luck to us all.

m

Hi All, yes thats right the meeting is still going ahead.

If I had added in this link right, you can view it there.

http://www.nsxa.com.au/ftp/news/021724126.PDF

Below are the Comments from Jenny Hutson in the Article that reads:

"Is is my view that the ultimate decision making body is the members in general meeting. I look forward to Unitholders having the opportunity to consider the resolutions put forward in the notice of 16 May 2011"

Lets hope the Volcanic Ash stays away so we can get there.

MAE

 

[charles36]

What Wellington has failed to mention in the NSX release is that legal proceedings are still in play and the matter is set down for hearing before Mr. Justice Dowsett in the Brisbane Supreme Court for trial on the 6 July, 2011. I thought this might be an important issue for unit holders to know. Apparently Wellington DO NOT. The judgment is yours fellow unit holders. Please be at the meeting. This is our meeting called by the PIFAG and paid for independently of Wellington and the PIF. It is our meeting called for the purpose of among other resolutions to remove Wellington Capital.
We need all the help and support we can get. Will be pleased to meet you all there. Regards Charles 36. I would imagine you all know who I am thanks to my alleged adversary, the pif reaction group (anonymous incorporated) Cheers.

 

[elizaman]

URGENT URGENT. To all posters
Based upon the fact that there maybe an issue with who chairs the meeting and the fact that we have to be in attendance to vote for a chairperson???? is anyone heading up or know anyone heading up from Melbourne. ???? Earliest flight I can get on economy is 7.30am getting into Syd at 9.00am If all goes well should be no problems getting there but if there is a problem as there has been recently it will probably be a waste of time. Could go business if I have to. Would like to team up if possible with any melbourne mebers heading up. Let me know ASAP if you can. Thanks

 

[ASICK]

What Wellington has failed to mention in the NSX release is that legal proceedings are still in play and the matter is set down for hearing before Mr. Justice Dowsett in the Brisbane Supreme Court for trial on the 6 July, 2011. .. .

It's not just WC not opening up about the claims in the Federal Court in Brisbane, there doesn't seem to be anything coming from Castlereagh either.

WC didn't proceed (for whatever reason) with the interlocutory hearing, but still, members are none the wiser about the matters set down for trial - what is WC chasing?

 

[marcom]

A little history of what happened prior and following the Balmain Trilogy expulsion of City Pacific from the First Mortgage Fund in July 2009 - this demonstrates the lenghts that pigs will go to keep their head in the trough!

http://www.balmaintrilogy.com.au/news_300609.aspx

30 June 2009

WEB UPDATE
City Pacific seeks to frustrate unit holders

We can confirm that a notice has been lodged with ASIC under the Corporations Act requiring the regulator to register Trilogy as the new responsible entity of the City Pacific First Mortgage Fund.

We can also confirm that:

Before the unitholders meeting last Thursday (June 25), City Pacific applied to the Federal Court for an injunction to prevent the meeting from occurring. This failed.

At the meeting, and following the appointment of a unitholder as Chairman, the unitholders overwhelmingly carried a resolution to remove City Pacific as responsible entity and appoint Trilogy in its place. Computershare calculated that more than 87% of units voted at the meeting were voted in favour of the resolution.

We believe that City Pacific has no interest in listening to the members that it allegedly represents indeed, the day after the meeting, City Pacific again instituted Court proceedings for summary judgment to invalidate the meeting. This again failed.

City Pacific also sought an injunction to prevent Trilogy from lodging a notice of change of responsible entity with ASIC in order to delay its removal. This also failed.

City Pacific further sought that the hearing of the matter occurs in late August. From this action we can only assume that City Pacific wishes to remain as responsible entity for the interim period, which in effect would enable it to continue charging fees well beyond that which Trilogy has agreed to charge and use Fund assets to pay for the litigation.

The Court has not been prepared to let this matter wait and required lodgment of City Pacific's amended statement of claim by July 3 before a directions hearing on July 6.

BalmainTrilogy is concerned that the overwhelming, clearly stated and valid demands of the members, as evidenced by their vote, to replace City Pacific is being frustrated by City Pacific desperately trying to delay its inevitable removal.

It is clearly a matter of great discomfort to the majority of unitholders that City Pacific is prepared to disregard the unitholders best interests and bring court action after court action, at the expense of members to overturn the clear wishes of the members.

Note that the law firm acting for City Pacific to frustrate investors replacing them was none other than McCoulough Robertson JH's partners law firm. Yes and they are at it again!!!

 

[zixo]

Can All PIF AG Unitholders please make our presence known and our voices heard tomorrow at the meeting. I urge all to attend.

 

[elizaman]

Can All PIF AG Unitholders please make our presence known and our voices heard tomorrow at the meeting. I urge all to attend.

Would love to know if there are any members from Melbourne. ??? I'm thinking about heading up. Just not sure I can get there on time. Would like to share a taxi if possible. Anyone???. I still haven't bought a ticket as yet.

 

[astevo]

I'm thinking about heading up. Just not sure I can get there on time. Would like to share a taxi if possible. Anyone???

Hi Elizaman,
Subject to volcano ash clouds and Tiger's whims I'll be flying up too. Seats with Tiger at 0650 still available. (Return is now a bit exxy though!)
Rather than taxi, I'd suggest the train from airport to city (Wynyard is close). Quick (20 mins), very frequent (every 5-10 mins), and reasonable price ($15 one way, $25 return, much cheaper if concession).

- Alan.

 

[AusInCA]

I hope all goes well for this round of the fight, at the meeting tomorrow. As I'm 10,000KM away I can't be there. I'll be on this forum first thing in the morning hoping for a win for investors.

 

[Towbar]

I hope all goes well for this round of the fight, at the meeting tomorrow. As I'm 10,000KM away I can't be there. I'll be on this forum first thing in the morning hoping for a win for investors.

Towbar We too are unable to be at the EGM, Due to our remoteness & financial problems,We send our best wishes to the PIFAG,& Hopefully some one at the meeting
will keep us unit holders on this forum, informed of the progress of the meeting.