Wellington Capital PIF/Octaviar (MFS) PIF

[newwwtrader]

Re: Octaviar MFS Premium Income Fund PIF

Again, what is the definition of "positiveness"? To some people it means closing your eyes and ears and doing what you are told with a smile on your face and your heart full of hope. To others it means looking for the truth, uncovering hidden lies and exposing false statements.
The fact is Unitholders OWN the Fund. We have the right to hold our own meetings and vote on our own resolutions as to what happens with the Fund. Most of us oppose listing on the NSX - why should we be made to feel that we have to vote for it ?
Other alternatives have been put forward, some people are just to scared to acknowledge them, they feel safer doing what they're told.
If the RE can make the Fund perform as claimed, why do we need to list on the NSX. Why can't we make them report to us at regular intervals so that we can vote on the best action to take in regards to distributions and redemptions according to the Funds performance.

- We can vote to implement a buy back offer according to what audited accounts allow.
- We can vote to extend the freeze on redemptions for a further 180 days.
- We can vote to look at another buy back offer at the end of the current redemption freeze.
- We can vote to look at another buy back offer at the end of the extended 180 day redemption freeze.
- We can vote that distributions be made whenever profits are realised.
- We can vote to have an independant administrator appointed if we feel that the RE is not living up to its promises.
We don't have to do as we are told, particularly if we feel that is not in our best interests, and I believe that most see listing on the NSX as not being in our best interests.

Agree with what you say about the options.

All you have to do now is communicate that to all the unitholders

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

Tks Burnt for yr 2 replies to my posts - we R overseas 'til mid Sept. Went to ASIC site and tried lodge my bit online but for some reason link comes up with INVALID address. Not sure what tt is all abt but will try again later. Able download form but then need copy to a thumb drive and find somewhere to print off H/copy to mail. WAH!
Haven't been there yet - hope Senator/ LFMP links don't come up with similar rejections

Good on you mate, keep trying, all effort is greatly appreciated.

 

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

Looking foward to seeing everyone tomorrow....

...
If you would like to consider some serious initiatives on the future of our Fund PLEASE attend the QLD meeting on Saturday .

All Queensland AG members next meeting.

Saturday at 2 pm 30 August 2008.

Beenleigh RSL & Mt Warren Golf Course

13 Bardyn Halliday Dr, Mt Warren Park
Please note that you may be requested to provide your PIF current investor ID number

...The Qld PIF Action Group is holding a meeting this weekend. I think that some unitholders have sought professional advice and I am hoping that we will be able to utilise the media to enable all unitholders to be informed of their rights and to be made aware of misleading info given to them by WC. Everyone needs all information at hand in order to make a wise decision. Stay posted !!!!!

 

[Mary Lynch]

Re: Octaviar MFS Premium Income Fund PIF

A couple of quotes from an article by Marcus Padley in the Age this am.
In a bear market "Management stops telling the truth. Management doesn't Know the truth." And later in the same article "when it's a bear market everyone loses. The problem is not the research, the brokers, or the companies. It is the fact that we were in the equity market, and no one can be blamed for that. That's the game".

Whilst I appreciate enormously that some of you guys are doing a great job dotting i's and crossing t's (it would have been great if we'd all done it before, when we were happy with MFS management pocketing any profit, which we accepted in their PDS), where money is concerned people will avoid the truth, as long as their asses are turned to the ground. BUT it doesn't matter WHO we are dealing with....it is the very nature of money...it is power and greed based, and I am beginning to agree with my husband, who was taught that "too much money was vulgar".

God knows, I have learnt an HUGE amount with this whole experience,not the least of which is....how much I have that I don't need materialistically, and how many simple, free pleasures there are out there that I have never noticed before.

I think, before you vote no,no,no....it could be said about JH that it is "better the devil you know, than the devil you don't know".

 

[Calliope]

Re: Octaviar MFS Premium Income Fund PIF

Spot on Mary, it is all power and greed. Our financial system depends on two indispensable groups, those who are ripped off and those who rip them off. This time we are the former. There is nothing we can do but accept this and hope that next time we can be on the other side.

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

NEGATIVE THOUGHTS BRING NEGATIVE RESULTS.

HAVE YOU FORGOTTEN HOW YOU FELT WHEN OCV COLLAPSED AND IT LOOKED LIKE THE PIF WOULD GO IN TO LIQUIDATION WITH VERY LITTLE LIKELY HOOD OF US RECOVERING EVEN A SMALL PERCENTAGE OF OUR FUNDS, IMAGINE IF THEY WERE STILL RUNNING THE SHOW.

WELLINTON ARE OFFERING US THE PROSPECT OF RECOVERING OUR FUNDS OVER A PERIOD OF TIME (3-5-7YRS)WHAT PROSPECT DO YOU THINK OCV WOULD BEING GIVING US EXCEPT MORE GRIEF????
WE KNOW WELLINGTON AS RE AS OF YET ARE AN UNKOWN QUANTITY BUT REALLY WHAT IS THE ALTERNATIVE???

MOST PEOPLE ON THIS THREAD LATELY DO A LOT OF CRITISIZING BUT OFFER NO SOLUTIONS, WHO CARES WHO COUNTS THE VOTES??? WHAT WE WANT IS THE FUND GIVEN THE CHANCE TO PERFORM.
REMEMBER THE FEES WE PAID OCV , WE PAID THEM TO STEAL OUR MONEY. AT LEAST WITH WELLINGTON TO INCREASE THEIR FEES IT WILL BE PERFORMANCE BASED.

HOW MANY PLAYERS ARE LEFT IN THE MORGAGE SECTOR?? LOOK AT ALLCO CITY PACIFIC ETC., WELLINGTON ARE WELL POSTIONED AND EXPERIENCED TO TAKE ADVANTAGE OF THIS CURRENT CLIMATE DUE TO THE LACK OF FINANCIERS FOR DEVELOPMENT, THIS COUNTRY IS ONLY GOING TO GROW AND GROW.

IN MY OPINION WELLINGTON WILL GO FROM STREGTH TO STREGTH, BUT SAYING THAT I ALSO MUST SAY WHO CAN GIVE BLACK AND WHITE FORCASTS TO FUTURE PROFITS,BUT GOD KNOWS WELLINGTON HAVE TO BE BETTER THAN WHAT HAS GONE DOWN BEFORE WITH OCV.
WHERE ARE YOU GONG TO GO WITH A NO NO NO VOTE INTO LIQUIDATION??
(D.A.D.S) SHOW ME A COMPANY THAT HAS LIQUIDATED AND UNIT HOLDERS HAVE RECEIVED A SUBSTANTIAL AMOUNT OF THEIR FUNDS BACK

NO GREAT DOOM I AM NOT ON WELLINGTON PAYROLL ,BUT IF THEY ARE SUCCESSFUL I SUPOSSE YOU WILL WANT TO BE???

MAYBE THE LADY IN THE RED SUIT IS SANTA CLAUSE

ON A FINAL NOTE FOR NOW LET ME SAY THIS. HOW LONG DO YOU THINK A.S.I.C WILL TAKE TO ACT??? THEY SHOULD BE LOOKING IN GREAT DEPTHS INTO OCV NOT WELLINGTON THEY HAVE NOT PISSED OFF WITH OUR MONEY

P.S. THANKS TO ALL THE POSITIVE CONTRIBUTIONS TO THIS THREAD I KNOW YOU HAVE ALL PUT IN A LOT OF YOUR TIME AND EFFORT.

OPTOMIZIME WILL ALWAYS OUTWEIGH THE PESIMIST

CHEERS OLDJAP (NOT THAT OLD THAT WE DONT WANT OUR 1/2 A MILL BACK)

Old jap Sorry to say but you are misinformed with your/5/years getting our funds back maybe 30 year plus would be closer oven if WC gets the the value to $2 you have to get a buyer on the NSX to give you a dollar if your lucky for your unit Every body are forgetting that /Dane //

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

To DoraNboots Dora have you heard back from WC about counting votes yet ??? /Dane //

 

[Maverick2802]

Re: Octaviar MFS Premium Income Fund PIF

Where do you always get this 30 year bit from?
There seems to be absolutely no foundation to your constant negative postings.
JH has taken this on with a lot more information than the likes of great dame and others here will ever have.
I have spoken to her personally and does not strike me as a con artist like some of you are painting her as. She also doesn't come through as someone who does not truly believe she cannot bring back the value to $1 by 7 years.
You will not get much value out of NSX, that is just for those that need cash now, no matter what. I don't think that will be many. Expect this fund to be listed on ASX within 18 months.
I believe in WC and I know the vast majority do also. You can have all the meetings you want, WC as this fund's RE is a done deal. You can take that to the bank!

 

[Rance]

Re: Octaviar MFS Premium Income Fund PIF

To DoraNboots Dora have you heard back from WC about counting votes yet ??? /Dane //

DoraNBoots & Great Doom

In the words of the great John McEnroe "YOU CAN"T BE SERIOUS!" about JH/WC rigging the votes!!

cheers
Rance (McEnroe in action: !#%&?/)

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

Where do you always get this 30 year bit from?
There seems to be absolutely no foundation to your constant negative postings.
JH has taken this on with a lot more information than the likes of great dame and others here will ever have.
I have spoken to her personally and does not strike me as a con artist like some of you are painting her as. She also doesn't come through as someone who does not truly believe she cannot bring back the value to $1 by 7 years.
You will not get much value out of NSX, that is just for those that need cash now, no matter what. I don't think that will be many. Expect this fund to be listed on ASX within 18 months.
I believe in WC and I know the vast majority do also. You can have all the meetings you want, WC as this fund's RE is a done deal. You can take that to the bank!

OK i can answer your questains But first just where are you getting your info from?? Saying the fund will be listed on the ASX thats news to me show me where WC have written this ???? You say WC will get the value to $1 in 7 years some say 5 years That means the fund will have to grow by 125% to get back to a $1 right Thats an average growth per a year of 17.85% right now that is just growth forgetting the 6 cents you may or may not get OK now the Australia share market has had an average growth rate over the last 50 years of 10% i am not countings the Divs payed Just growth Now you see just why it just cant be done On growth I shall continue There is talk when the fund is listed It could sell between 10 & 15 cents a unit But lets say it goes for 20 cents So to get back to a $1 on the exchange it has to grow by 500% Yes thats right 500%and over 30 years thats an average growth rate of over 16% Remenber when it is listed you are at the mercy of he market not what the value of the fund is worth I hope that has cleared it up for /Dane //

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

DoraNBoots & Great Doom

In the words of the great John McEnroe "YOU CAN"T BE SERIOUS!" about JH/WC rigging the votes!!

cheers
Rance (McEnroe in action: !#%&?/)

Gee Rance nice to hear from you Your still kicking ??? JH/WC rigging the votes ??? O perish the thought They would never do that WOULD THEY ?????????????

 

[Maverick2802]

Re: Octaviar MFS Premium Income Fund PIF

Your figures just don't stack up.
If the fund is worth $335m now and we get at least $45m from OCV = $380m at a min growth of 10% pa (and when all this turns around it will be more than that) you can add a min of $38m per year, and that's just a basic non compounding on the $380m base will then be $760m..there's your $1 NTA in just 10 years NOT 30!!! So I believe 7 is realistic and doable with very conservative growth and no other upside from OCV or further insurance /Lloyds paypouts which I am sure will come later.

Yes it will be on the ASX, it is not written anywhere..YET!

 

[Sean K]

Re: Octaviar MFS Premium Income Fund PIF

Next insult will result in the entire thread being shut down.

 

[Maverick2802]

Re: Octaviar MFS Premium Income Fund PIF

Next insult will result in the entire thread being shut down.

Sorry, but where are the insults?

 

[Mutchy]

Re: Octaviar MFS Premium Income Fund PIF

Hello All.
With respect to the RE nominating that the proxies be returned to WC's registered office and not Computershare's office.

As I read it, Section 252Z(2) of the Corporations Act says that the nomination of a proxy must be returned to the RE's registered office or any other place nominated in the notice of meeting and the RE can specify where and by which means the nomination of a person as a proxy will be accepted.
Also Section 252Z(4) says that sending the nomination to any other place and by any other way means that the nomination of proxy is "ineffective" (the Acts word)

It appears that we have no alternative but to send the nomination of proxy ie the whole voting form as directed in the notice of meeting.

The Corporations Act can be found here:
<http://www.comlaw.gov.au/ComLaw/Legislation/ActCompilation1.nsf/0/D67570263332A334CA257498001DB56C?OpenDocument>

Mutchy

 

[Sean K]

Re: Octaviar MFS Premium Income Fund PIF

Sorry, but where are the insults?

They were deleted.

Play on.

 

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

To DoraNboots Dora have you heard back from WC about counting votes yet ??? /Dane //

Hi GD,

No, I left another message today. I think someone else should try and call them because I find they will often not return my calls. (for example they know I have a lot of question with JH at the moment which won't be answered till after Monday as she is out of the office, so I think they will avoid me till then.)

If anyone is going to ask this question can you also ask how one can change their vote if they have already sent in their form.
Thanks!

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

Your figures just don't stack up.
If the fund is worth $335m now and we get at least $45m from OCV = $380m at a min growth of 10% pa (and when all this turns around it will be more than that) you can add a min of $38m per year, and that's just a basic non compounding on the $380m base will then be $760m..there's your $1 NTA in just 10 years NOT 30!!! So I believe 7 is realistic and doable with very conservative growth and no other upside from OCV or further insurance /Lloyds paypouts which I am sure will come later.

Yes it will be on the ASX, it is not written anywhere..YET!

My figures dont add up ??? Gee do i have to go over it again OK The NTA is supposed to be 45 cents that a drop of 55% from a $1 For the NTA to get back to a $1 it needs to grow by 125% divide 125 by 7 years and you get17,85% thats the average growth return per a year now you know that will never happen The rest i have explained about the growth on the exchange /Dane // You still have not told us where you get your info about the ASX ?????

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

Maverrick The 30 years is where it counts on the Stock Exchange That is where the money is Realy a company Or fund is only worth what it is selling for on the exchange So lets say it is selling for on the exchange at 20 cents a unit that would make the fund worth about $152 mill Remenber something is only worth what someone will pay for it So realy just forget the NTA //Dane //

 

[JohnH]

Re: Octaviar MFS Premium Income Fund PIF

My figures dont add up ??? Gee do i have to go over it again OK The NTA is supposed to be 45 cents that a drop of 55% from a $1 For the NTA to get back to a $1 it needs to grow by 125% divide 125 by 7 years and you get17,85% thats the average growth return per a year now you know that will never happen The rest i have explained about the growth on the exchange /Dane // You still have not told us where you get your info about the ASX ?????

Sorry GD your figures don't add up - I think you are forgetting that each year you are dealing with a higher figure. Just 10% growth would reach $1 in just under 9 years, and 12% just over 7. ....JH