Australian (ASX) Stock Market Forum

Wellington Capital PIF/Octaviar (MFS) PIF

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Towbar said:
Towbar I await to hear Jenny Hutsons answer to the NSX latest "Please explain !!
I will be making time to go to the Gold Coast Briefing,are there any other PIFAG
Members from North NSW & Sothern Queensland attending"?:):)
Click to expand...

It's probably a bit unfair of me to call the NSX notice a 'please explain'. It's more like the 'anything you want to tell me' routine that a teachers use. Really only a crude, toe in the water line of attack and only effective against those that are most fearful of being sued.

Any listed entity that knows their stuff will provide the standard response as WC did. And then there's entities run by lawyers. Like WC. They really know the deal. They really know how far to push. They know all the different shades of gray so can venture deep into the gray area with confidence.

So I don't hold out much hope for these NSX Price Queries helping unit holders much.
 
Towbar said:
Towbar I await to hear Jenny Hutsons answer to the NSX latest "Please explain !!
I will be making time to go to the Gold Coast Briefing,are there any other PIFAG
Members from North NSW & Sothern Queensland attending"?:):)
Click to expand...

Hi Towbar and John H,

I am turning up. Happy to see you and others there.

Cheers,
 
Duped said:
It's probably a bit unfair of me to call the NSX notice a 'please explain'. It's more like the 'anything you want to tell me' routine that a teachers use. Really only a crude, toe in the water line of attack and only effective against those that are most fearful of being sued.

Any listed entity that knows their stuff will provide the standard response as WC did. And then there's entities run by lawyers. Like WC. They really know the deal. They really know how far to push. They know all the different shades of gray so can venture deep into the gray area with confidence.

So I don't hold out much hope for these NSX Price Queries helping unit holders much.
Click to expand...

Spot on Duped!! http://www.nsxa.com.au/ftp/news/021724357.PDF
 
JohnH said:
Powerpoint presentation for the meetings http://www.nsxa.com.au/ftp/news/021724356.PDF

Preliminary financial report
http://www.nsxa.com.au/ftp/news/021724355.PDF

At least Melbourne and Gold Coast will have chance to look it through!!
Click to expand...

 [FONT=&quot]Page 6 of WC's presentation states "No further capital raising". Well that's a big back flip from WC's NSX announcement of 11 July isn't it? Will WC back flip again just as soon?

In brief:
Net Assets dropped another $31,475,000.
A net $7,551,000 of that went to unitholders.
So unitholders have lost another $23,924,000 under WC's management.
I.e. 10.6% of Net Assets in one year under WC.


Check out what's been happening under the title 'Current Liabilities - 3.9 Trade and other payables'. It's never been anywhere this high under WC:

at 31 December 2008 - $4.688 million
at 30 June 2009 - $1.993 million
at 31 December 2009 - $5.009 million
at 30 June 2010 - $5.6778 million
at 31 December 2010 - $2.189 million
at 30 June 2011 - $8.503 million[/FONT]
 
Hi all,

Just back from the meeting. Saw Breakeri1 there. I would guesstimate about 250 people in the auditorium. Lots of security. Yes, she did wear the infamous red jacket.

Points she touched on: 1) Emphasis will now be made on return of capital, after hearing what investors wanted. Has about $51million of conditional contracts, and if they proceed, this money will be returned to us. So she says. Has another $120 million worth of security to hit the markets as well.

2) There are 3 areas of litigation which could prove fruitful for investors.a) Class action. b) ASIC suing for $145 million and c) Bentleys recovering $200 million from Octavior. Any proceeds from any or all litigation will be returned to shareholders, who held shares at the time.

Her presentation was slick,and professional. Let us hope that she keeps her promises.

Atlas1950
 
atlas1950 said:
Hi all,

Just back from the meeting. Saw Breakeri1 there. I would guesstimate about 250 people in the auditorium. Lots of security. Yes, she did wear the infamous red jacket.

Points she touched on: 1) Emphasis will now be made on return of capital, after hearing what investors wanted. Has about $51million of conditional contracts, and if they proceed, this money will be returned to us. So she says. Has another $120 million worth of security to hit the markets as well.

2) There are 3 areas of litigation which could prove fruitful for investors.a) Class action. b) ASIC suing for $145 million and c) Bentleys recovering $200 million from Octavior. Any proceeds from any or all litigation will be returned to shareholders, who held shares at the time.

Her presentation was slick,and professional. Let us hope that she keeps her promises.

Atlas1950
Click to expand...
Thanks Atlas, How did she respond to curly questions?? Or did she not permit any?
 
Hi all,

She was saying things that people wanted to hear. But will see carry it thru.????????Breaker1 was cut short and later was refused a second question. I was surprised a lawyer from Ebsworth (the firm assisting IMF with our CA) was the moderator.

She spoke for about 90 minutes and the investors were very civil during her presentation. After that we had a coffee break for 30 minutes, then a Q&A.

She kept emphasizing "a return of capital once settlements takes place". She was referring to the conditional contracts she has in place.

Michael
 
atlas1950 said:
Hi all,

Just back from the meeting. Saw Breakeri1 there. I would guesstimate about 250 people in the auditorium. Lots of security. Yes, she did wear the infamous red jacket.

Points she touched on: 1) Emphasis will now be made on return of capital, after hearing what investors wanted. Has about $51million of conditional contracts, and if they proceed, this money will be returned to us. So she says. Has another $120 million worth of security to hit the markets as well.

2) There are 3 areas of litigation which could prove fruitful for investors.a) Class action. b) ASIC suing for $145 million and c) Bentleys recovering $200 million from Octavior. Any proceeds from any or all litigation will be returned to shareholders, who held shares at the time.

Her presentation was slick,and professional. Let us hope that she keeps her promises.

Atlas1950
Click to expand...

I.e. building up unitholders hopes? Exactly what she did that 3 years ago. Why wouldn't she, it worked last time on us dopes.

Seems like she's just throwing lots of big numbers around with little attention to the likelihood of actually getting close to those numbers.

Is it just me or didn't the 'Forum Presentation' seem a bit desperate to get the word 'million' next to each $ amount. Like on page 27 "$0.25 million".

This is supposed to be a $225 MILLION fund. So why are contracts of $250K getting so much air time. Seems like a filler to fill a void or distract. Spin? Compared that number to the Outstanding Liabilities 'Trade and other Payables' of $8.5 million. A number 34 times bigger. How much attention did she give to that LIABILITY given that it will take the sale of 34 such $250K properties to cover that LIABILITY?

How would the unit value look in such nomenclature:

Net Assets Per Unit $0.00000027 million per unit

Thanks for the post atlas1950
 
Jenny Hutson defends Premium Income Fund trustee performance


http://www.theaustralian.com.au/bus...stee-performance/story-fn91wd6x-1226130886099

C'mon Australian media. Pick up your game. The units traded at 20c - not 2c.

If the media did some more research on PIF then perhaps these articles might start using phrases like 'She alleges' or 'She claims' rather than 'She said' or 'Hutson has argued'. And the media can get all the info right here on this forum if they could be bothered. Counter positions to what Hutson claims are all here in the one spot.

Yes we know that WC or Hutson or PIF or whatever didn't rent the crowd. We also know that Hutson is a highly acclaimed lawyer. Youngest ever partner of her old firm right? And we know that a lawyer's job is to know how long your arm needs to make things at 'arms length'.

Hutson was involved with the stacking of the meeting (rent a crowd). After all, she did address the rent a crowd right?

Hutson, why did you address the rent a crowd?

Last night I enjoyed watching the UK committee of MPs interview the News Execs. It's nice to watch how the UK operates. Not like this copy of the UK system we call Australia. That's certainly not the insipid interrogation PIF's REs have received over here by our institutions. Including our Fourth Estate. We certainly are a copy. Not like the original.
 
A thought or two about today's Australian report on the Sydney meeting: Andrew Main is quite senior as a business writer. He is also heard often on ABC 702. So, it's surprising that he made a mistake with the share prices. I found it interesting that he used direct quotes from the gathering. How did he obtain the exact spoken words? At least the Australian is keeping a file on PIF, but their reports can hardly be classified as investigative. Their lack of follow-up on the "extras' hiring" has been disappointing.
 
In my last post I meant to mention that Hutson's use of the GFC as an excuse for failure was entirely predictable. Lehman Brothers collapsed around 15th September 08.
 
I will be at the meeting tomorrow on the Gold Coast. I hope Hutson doesn't bore me and probably everybody else with a list of her previous accomplishments.

I hope we can get straight to the point which is the Premium Income Fund and trust that she will have proper answers to questions no doubt being repeated in Sydney and Melbourne.

For Example:

Hutson's most recent accomplishment an asset drop of 28 million dollars in two months!!

In the words of the NSX "Please Explain"
 

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