Wellington Capital PIF/Octaviar (MFS) PIF

[Duped]

Heres your chance to have your say everyone, a bit more of our money used to prop up an ailing WC image::

Fund Briefing Meetings – Sydney, Melbourne and Gold Coast
Wellington Capital Limited in its capacity as responsible entity of the Premium Income Fund is pleased to
announce that investor and advisor briefing meetings have been scheduled for 6, 7 and 8 September 2011 in
each of Sydney, Melbourne and the Gold Coast.
The meetings have been scheduled so that investors and advisors can be briefed on:
 the current position of the Fund;
 the plan for each of the assets held by the Fund;
 the strategy to enable cash payments to Unitholders; and
 timetable for asset realisations.
The timing of these meetings will enable Wellington Capital to present the position as at 30 June 2011, as set
out in the audited accounts.
Unitholders and advisors will, in addition to receiving an update, have the opportunity following the briefing
to ask questions about the Fund.
Jenny Hutson, Managing Director said
‘An invitation to attend the Fund Briefing Meetings will shortly be sent to each of you. I encourage you to
attend a briefing session if possible.
For those who are unable to attend relevant information will be released to the market and provided to you.
These briefings will address the status and plan for each asset held by the Fund individually and will assist
Unitholders and Advisors in understanding our strategy and plans for the Fund particularly in relation to
realising assets and returning cash to Unitholders.’
Date Location Venue Time
6 September 2011 Sydney Wesley Conference Centre
220 Pitt Street, Sydney
11.00am
Registration from 10.30am
Date Location Venue Time
7 September 2011 Melbourne Bayview Eden Melbourne
6 Queens Road, Melbourne
11.00am
Registration from 10.30am
Date Location Venue Time
8 September 2011 Gold Coast Gold Coast Convention
Centre, Gold Coast
Highway, Gold Coast
11.00am
Registration from 10.30am
Premium Income Fund

http://www.nsxa.com.au/ftp/news/021724289.PDF

Seems that's all WC has to offer: words and then more well crafted words. I guess the NSX price reflects that. You can make words mean anything. (Like that amusing exchange between Baron Lawson and that Auditor over the meaning of 'belly up'. Thanks for that link selciper) But cash says only one thing: success or failure. I guess that's why it's been such a large part of our society for thousands of years.

Some more interpretations of WC's clever words. This time from WC's 12 August letter:

"No debt means we can act on the right sales opportunities ..." Yes you 'can' but whether you 'will' is a completely different capability.

"The contract for the sale of half of the Fund's interest in the trust ... is a very positve outcome for the Fund". Umm don't you mean that 'CONDITIONAL' contract. Really? You call that a "very positive outcome"? I don't.

A barrister once told an associate of mine about their opponent, "she is the type of person who will argue that red is green". I.e. these people never ever ever concede on any point. EVER. (IMO the ONLY action one can then take is avoid having anything to do with people like that. Well the PIFAG and CasCap tried to do that.)

The above invitation lists some steps for managing the fund. If that's not a 'winding up' of the fund then - what is? Anyone? Please? But of course IMLO, WC will NEVER concede to describing it's actions as 'winding up the fund'. Just like that Auditor wouldn't agree to Baron Lawson's definition of 'belly up'. Not when there's money to be made.

But more importantly, WC seems recently to have been wholly silent on the fund's objectives as stated on the Wellcap website (and PDS?) re "investment ranges and benchmark asset allocations".

Is this legal? Doesn't the website (and PDS?) define a target allocation for the assets? Is it legal for the WC website (and the PDS?) to define one set of on-going objectives (asset allocation) AND for WC to simultaneously say it's aim is to sell assets and return value to unit holders? Whatever happened to what we were being told by WC for a period up until about 15 September 2010:

"Our continuing focus is on the rebuilding of unit value. This will be achieved through a combination of further development of selected existing assets, selected realisations and with measured new investments aimed at rebalancing the asset class allocations of the fund in time.’"

If it isn't illegal then the next question is: is it ethical? Is this the sort of conduct a unit holder would want from an RE? I.e. quietly dropping previous investment strategies? Anyone else agree that WC appear to have back flipped?

What is WC's true objective for the fund because WC is sending mixed messages IMLO?

As for 'no debt'. It's called deleveraging. Just about every one is doing it.

 

[Duped]

... I would prefer the meeting take place after the release of the latest audited figures, due three weeks after the proposed meetings. Then there could be some meaningful debate....

Great point charles36. My guess is that the public pressure on auditors to pick up their game (in the light of all that Centro litigation) is translating to PIF's auditors putting downward pressure on WC's valuations of PIF's asset prices.

 

[selciper]

Can't help wondering whether Hutson will be travelling with outriders leading her limo to the three gatherings. Or will a deputy have to face the inevitable simmering hostility at the venues? No doubt all sorts of studies are taking place so as to design an agenda that gives WC the upper-hand during question time.

 

[charles36]

Can't help wondering whether Hutson will be travelling with outriders leading her limo to the three gatherings. Or will a deputy have to face the inevitable simmering hostility at the venues? No doubt all sorts of studies are taking place so as to design an agenda that gives WC the upper-hand during question time.

Any person who thinks it is not "I love myself presentation" should re visit the DVD or hard copy of the transcript of the Melbourne meeting July, 2008. Use this as a guide and then decide whether you are dealing with a company in which you can have confidence. I note the Gold Coast Bulletin has a gloating article regarding the proposed meeting wherein it is stated there probably will be "fireworks." I take it they do not mean crackers. However, I think they are "crackers" if they believe unit holders will have any faith in what it is envisaged they will be told. Remember, 65 cents, 45 cents, 14 cents, circa 2008, now 6.6 cents and falling. The NTA is supposed to be 33.6 cents. Unit holders have bought on the assumption the NTA of the fund would support this decision. The auditors have signed off on this assumption. The valuation was made by Wellington Capital and their advisors and the auditors acted upon this advice. It will be very interesting to see what the next NTA reveals and the explanations given for the expected sudden drop.

 

[charles36]

Just one other matter when you may deliberating the merits or otherwise of the present RE. Upon appointment of Wellington Capital there was approximately $413 million NTA and now if you have faith the NTA is approximately $245 million. The unit holders have lost $168 million but for this loss we were rewarded collectively $15 million by way of 'RETURN OF CAPITAL" OUR OWN MONEY. As we are now in "firesale" mode can anybody out the in cyberspace enlighten me on two things. Firstly, how can our present loss be expressed in percentage terms against our reward. Secondly, any clue on what the final loss and washup of the fund will deliver to us. Perhaps, in time we will be able to find out what expenses and fees we have been debited to manage our Capital. We still have a chance to stop the rot and change the RE. Should this eventuate we will have the services of Forensic Accountants to detail to us exactly how we lost our life savings. Otherwise it may just be supposition.

 

[PIFholder]

Wrong Seamisty. The PIF will be in existence as long as their is litigation on foot. Also that includes the Class Action. Fees, limousines and Business Class travel will continue until the last cent has been exhausted. We should all pray that the Regulatory authority
identifies and acts upon the hundreds of complaints lodged by the unit holders of the PIF.

charles36, i like you am in despair about cascap. they have abandoned us. i rang today and got bri. who are they???????????????????

my friend who was in court said cascap will have to pay at least $700k for the costs of the court case because those the evil ones won. i am so worried about this how can cascap keep going when it costs so much.

i read the website today which says that it is to complex. what does that mean? surely we aren't just relying on asic to help us now?

do you know whether cascap have given up?

what elizaman says seems right to me what do you think?

 

[seamisty]

Just to refresh everyones memory of what was promised/recorded by JH at the original WC travelling road show in 2008 when we were conned I will post a few snippets from the now deleted meeting that was recorded and sent to us on CD and USED to be on avilable on the PIF website::

"we decided to commit to this fund for the long term and you will hear me so many times
today, if it is your will, I will be here in 2 years, 5 years and 10 years and it will be a very proud day when I can put a dollar back in your pocket"

"a unit in this fund is on a going concern basis worth between 45 cents
and 65 cents and with the right team in place it is our aim within 3 to 5 year timeframe to return that value to a dollar whilst along the way recommencing distributions which we plan to do in October"(2008)

"there will be distributions of capital in the beginning, but distributions will be
commenced in October with a second distribution to be made before Christmas(2008) and we are anticipating that that cash distribution will be 3 cents per unit."

"There would be a formal
meeting if the choice is not to go forward and not to reshape the fund and follow the course that would see distributions recommence, liquidation becomes the alternative"

"Our plan is to commit – is not to ever
disappoint again. So when we commit to a 3 cent distribution by Christmas it’s because we have a high degree of confidence that we can make sure that that in facts happens. So 3 cents per unit by Christmas, quarterly distributions thereafter and it’s reasonable to assume that 6 cents per annum is the board’s current target as a minimum."

"Structured growth, sensible growth, careful growth is the message understanding that we will need at the right time to be bold when the market turns so that we can take what is yours and turn it into something much, much bigger. Our plan is for 3 cents per unit before Christmas, quarterly distributions to follow and a special distribution this financial year above and beyond that dependent upon the cash received."

Yes folks, its all there on your CD paid for by the PIF. Those empty committments, does a leopard change its spots? Seamisty

 

[Harald]

This is a letter that I sended today to JH

Dear Jenny

My wife Susanne And I thought that there must be an end of all the negativity in
the way Your performance is criticised. We are pleased to declare Your performance
world-class. Only a Queensland Business Women of the Year could perform so
successful as You did and You really should get a trophy and here are the reasons:

After taking over in 2008 this messy fund You performed a real turnaround. You
declared at this time the value in every unit at 45 cents. Now it is 6.6 cents and
falling. My question is, how did You do this? You smart lady did set up this
Armstrong Registry to save us plundered unit holders some money. You should
be declared a Saint!
And now You are giving away assets for a fraction of money that MFS did invest
and You declare those deals as a good outcome for all unit holders. You are a
very smart thinking lady indeed and taking care for our needs.

And congrulations to Your planned road show. Only a genie could get this idea.
Your thinking could be: Because I want to wreck this fund completely, I and my
cohorts are going on the road, spend a lot of money from those ungrateful investors
and have fun.
No worries about some unpleasant questions that could be asked. Some of my good
friends will take care as in the Grace with those hired would like to be actors.
Very clever, those cohorts act on the border of criminality or maybe even criminal
and You know nothing.

But now enough of the praise because one seed of suspiciousness against Your
honesty is remaining: You declared on the NSX that You had the quorum at the
meeting at the Grace and had the support of more than 3000 unit holders. Our
question is: Why didn't You hand over those proxies to CasCap and instead got
this ridicolous court decision in an Queensland Federal Court? Don't You think that
this stinks?
Could it be that more than 95 % of investors wanted to throw You out and my wife
and I are some of the last fools who trust You?

Not so kind regards

Harald

 

[seamisty]

Harold, I can assure you and your wife that you are not in the minority that are highly suspicious of the latest WC intention to be 'on the road again'!! I strongly suspect that those sophisticated and professional investors who took up the placement issue (some in the little WC house perhaps?) are a tad pissed off!! Also a couple of fund managers that advised their PIF clients to support WC against CasCap as a prefered RE were left with egg on their face when it was revealed in the media that WC had to resort to fowl play (the egg shells are thinner than a goose egg) to garner support!! The problem is now, Octaviar aren't handing out a few million $ to Wellington Capital to sell themselves again!! Its coming out of our pockets!!! Class actions will dominate the legal profession for years to come!!
Seamisty

 

[Sutho81]

Maybe this upcoming meeting will be ideal for the PIFAG and members against Wellington to make themself known, and infiltrate this meeting to find other investors not aware of what is really going on. This could be the perfect opportuinity to find the people who turn up listening to Wellington, and to try and turn them to our side.

 

[charles36]

Now here is a good idea. I hatched it from your recent posts. Harald, you like writing letters, send , Dear M/S Hutson, Thanks you so kindly for arranging a "roadshow". As unit holders are paying for this jaunt we demand you provide equal time for CASCAP, the preferred RE of the majority of PROVEN voters, to speak at your roadshows. The PIFAG offered you equal time to debate with Mr. Ian Ferrier. Chairman of CASCAP, on the 23 June, 2011, you initially accepted. However, on being informed that a trial vote taken at the legitimate meeting overwhelmingly voted Wellington Capital OUT you hurriedly left the building to meet with your cohorts for a sumptous lunch and drinks until late in the afternoon. Now is the time M/S Hutson for you to show some of that humility and generosity that you often espouse to possess.
I eagerly await your response.
I would send a letter too but for some reason I never receive a response from Wellington Capital.

 

[Harald]

Maybe this upcoming meeting will be ideal for the PIFAG and members against Wellington to make themself known, and infiltrate this meeting to find other investors not aware of what is really going on. This could be the perfect opportuinity to find the people who turn up listening to Wellington, and to try and turn them to our side.

Do You really think that investors can be this stupid? Don't You realise that we
had the majority when JH started this court action in Brisbane?

 

[simgrund]

Any person who thinks it is not "I love myself presentation" should re visit--------------- I note the Gold Coast Bulletin has a gloating article regarding the proposed meeting wherein it is stated there probably will be "fireworks." ----------------

Hi Charles36,
I tried to access GGB article via their website; do you have a link?
And would the article be by N.Nichols per chance?
Thanks,

 

[Harald]

Now here is a good idea. I hatched it from your recent posts. Harald, you like writing letters, send , Dear M/S Hutson, Thanks you so kindly for arranging a "roadshow". As unit holders are paying for this jaunt we demand you provide equal time for CASCAP, the preferred RE of the majority of PROVEN voters, to speak at your roadshows. The PIFAG offered you equal time to debate with Mr. Ian Ferrier. Chairman of CASCAP, on the 23 June, 2011, you initially accepted. However, on being informed that a trial vote taken at the legitimate meeting overwhelmingly voted Wellington Capital OUT you hurriedly left the building to meet with your cohorts for a sumptous lunch and drinks until late in the afternoon. Now is the time M/S Hutson for you to show some of that humility and generosity that you often espouse to possess.
I eagerly await your response.
I would send a letter too but for some reason I never receive a response from Wellington Capital.

I really don't know why I'm not getting answers either.

At the beginning of the meeting in Grace I was telling Mr. Ferrier that JH wouldn't
attend after the meeting. Nobody should trust her. She will break every promise!

 

[Sutho81]

Do You really think that investors can be this stupid? Don't You realise that we
had the majority when JH started this court action in Brisbane?

I am sure we did have the numbers.

If Wellington is arranging this meeting then there is a high probability that new investors may attend who bought up shares on the NSX. There may be people turn up who we are able to get our message across to.

I really want Wellington out and I think we need all the numbers we can get plus many more.

Unfortunately there are people out there who voted for Wellington. If these people turn up to the meeting then this may be our best opportunity to sell our messaget o them.

 

[selciper]

It's worth considering the possibility that the calling of these meetings is a Wellington misstep. They are most unlikely to receive good publicity from the events (GGB excluded) and any members of the "team" speaking from the stage risk being ridiculed.

 

[charles36]

Hi Charles36,
I tried to access GGB article via their website; do you have a link?
And would the article be by N.Nichols per chance?
Thanks,

Seamisty tried to find the link to no avail. I was informed of the article by one of our faithful lot who read it. It is a small article in the GCB. I think she said Friday's edition.

 

[selciper]

Five handy pieces of free advice on the matter of crisis management. Will WC be able to adhere to*these basic guidelines at the coming meetings? It strikes me that this check list demonstrates the very least that we should expect from the WC "team". Anything less would be unsatisfactory.

http://www.socialedge.org/blogs/reid-on-marketing/crisis-management-my-top-10-advice-1-5

 

[Harald]

Five handy pieces of free advice on the matter of crisis management. Will WC be able to adhere to*these basic guidelines at the coming meetings? It strikes me that this check list demonstrates the very least that we should expect from the WC "team". Anything less would be unsatisfactory.

http://www.socialedge.org/blogs/reid-on-marketing/crisis-management-my-top-10-advice-1-5

Didn't You get it? JH doesn,t know what it means to be honest, straightforward and
forthcoming! You can only expect that those meetings will cost us unitholders a fortune for nothing.

 

[selciper]

Didn't You get it? JH doesn,t know what it means to be honest, straightforward and
forthcoming! You can only expect that those meetings will cost us unitholders a fortune for nothing.

Harald - unfortunately the meetings with their costs are locked in. Perhaps this will be an opportunity for you to ask questions directly to the RE. Of course, WC will most likely warn the audiences that any questions must be devoid of slanderous statements. That hurdle, as you know, can be jumped by well-crafted use of language.