Wellington Capital PIF/Octaviar (MFS) PIF

Re: Octaviar MFS Premium Income Fund PIF

Juan Mortyme said:

Seamisty, this is what the Courier Mail reported on the 21/10/06 after the announcement of the MFS and S8 merger.

------excerpt of article by Melissa Maugeri (p. 78 Courier Mail, 21/10/06)-------

Ms Hutson said a successful completion of the MFS deal would see investors who have put in $1 get a return of more than $10 in five years.

``If shareholders want to stay for the ride they can, and if they want to cash in their chips they've been on an extraordinary adventure,'' she said.

-------------end of excerpt-------------

A case of deja vu perhaps??

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Well I can tell u I was part of that extraordinary adventure and took advantage of the ride!!!! I made $600,000 after I cashed in my chips!!! Maybe some of us are smarter than others and can recognise a winner when we see one. But don't listen to a winner, go with the losers and wear the consequenses. Seamisty

Re: Octaviar MFS Premium Income Fund PIF

seamisty said:

Well I can tell u I was part of that extraordinary adventure and took advantage of the ride!!!! I made $600,000 after I cashed in my chips!!! Maybe some of us are smarter than others and can recognise a winner when we see one. But don't listen to a winner, go with the losers and wear the consequenses. Seamisty

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But you are one of the unfortunate investors in OCV shares, no?

Re: Octaviar MFS Premium Income Fund PIF

newwwtrader said:

THIS IS EXACTLY RIGHT!!!!!!

A no vote does not rid the PIF of WC. Anyone who says that in order to vote no, you essentially need to have a new RE waiting in the wings is, in my opinion just spreading false and baseless information. All it is doing is trying to scare those who are teetering towards the yes vote.

WHAT THEY ARE SAYING IS WRONG.

The only thing worse than what WC is doing to investors in the PIF, is those that allow WC to do it.

I dont know whether to feel sad or angry to those that wish to vote yes. Im sad, that many feel that this is you're only option. Im sad that you have been so easily misled. But Im also angry for the same reasons. Weird isnt it!!

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You will feel both, sad and angry when you realise you could have done much better than the possible maximum 45cent gross before all expenses have been deducted to wind up the fund and you receive the pittance left over 4 or 5 years down the track. Fortunately for you this won't happen because there is a lot more smarter unit holders in this fund than a minority group of people who are willing to coerce a few vulnerable investors to prop up their ultimate aim of liquidating the fund. Seamisty

Re: Octaviar MFS Premium Income Fund PIF

Juan Mortyme said:

Seamisty, this is what the Courier Mail reported on the 21/10/06 after the announcement of the MFS and S8 merger.

------excerpt of article by Melissa Maugeri (p. 78 Courier Mail, 21/10/06)-------

Ms Hutson said a successful completion of the MFS deal would see investors who have put in $1 get a return of more than $10 in five years.

``If shareholders want to stay for the ride they can, and if they want to cash in their chips they've been on an extraordinary adventure,'' she said.

-------------end of excerpt-------------

A case of deja vu perhaps??

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seamisty said:

Well I can tell u I was part of that extraordinary adventure and took advantage of the ride!!!! I made $600,000 after I cashed in my chips!!! Maybe some of us are smarter than others and can recognise a winner when we see one. But don't listen to a winner, go with the losers and wear the consequenses. Seamisty

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Seamisty, you sure JH wasn't implying that the $1 would turn to $10 after 5 years of the MFS deal (i.e.2011) ?
I'm sure her friend CS probably thought so because he didn't cash in his chips!!

Re: Octaviar MFS Premium Income Fund PIF

Juan Mortyme said:

But you are one of the unfortunate investors in OCV shares, no?

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No way !!!I sold out at the peak and do not hold any OCV shares but have genuine sympathy with those who got caught holding and who are unit holders. That is why I can not believe a few are prepared to take another huge loss when there is a potential to do bettter by staying long term with the PIF fund . Seamisty

Re: Octaviar MFS Premium Income Fund PIF

Juan Mortyme said:

Seamisty, you sure JH wasn't implying that the $1 would turn to $10 after 5 years of the MFS deal (i.e.2011) ?
I'm sure her friend CS probably thought so because he didn't cash in his chips!!

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Well I rest my case, I was a tad smarter than others!!!

Re: Octaviar MFS Premium Income Fund PIF

seamisty said:

Well I can tell u I was part of that extraordinary adventure and took advantage of the ride!!!! I made $600,000 after I cashed in my chips!!! Maybe some of us are smarter than others and can recognise a winner when we see one. But don't listen to a winner, go with the losers and wear the consequenses. Seamisty

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Hi Seamisty,
In regards to your post 2422, some might regard these statements as "hearsay". The only agenda I can see put forward by NO voters, is to promote the existing rights of unit holders and to encourage them to exercise these rights to have better options open to them. Also, in response to your comments :-
Anti WC postings - no, anti WC proposals,
Agenda - hmmmmm...the way I see it, voting yes to WC's proposals gives wealthy investors the opportunity to make a profit by buying up cheap units on the NSX at the expense of existing unit holders (including desperate, confused elderly investors).
Unbiased Opinion - hhmmmm....refer above comment and above quote from you.

Re: Octaviar MFS Premium Income Fund PIF

Anyway, it is quite obvious some have decided they are prepared to quit the PIF fund and be total losers, ok , thats your choice, I have wasted far too much time debating this with you. I have also had the opportunity to debate with some really sensible, patient investors and I am sure they wll be rewarded long term for demonsrating common sense and taking the only sensible option provided. It doesn't seem to matter that they are elderly, they still have their wits about them and are simply not prepared to wipe out more than half their original investment. by voting for any form of wind up. Seamisty

Re: Octaviar MFS Premium Income Fund PIF

If some posters do not get a response, my time is limited and please just accept you are on ignore.Seamisty:horse:

Re: Octaviar MFS Premium Income Fund PIF

seamisty said:

All I am giving WC at present is the Ok to demostrate her abilities, unhindered, that have already been recognised by being awarded Queensland Business Woman of the year 2007. I trawled the net for days looking for any information that would deter me from going with WC and found nothing but praise for the woman!!! If there was one skerrick of scandal or wrong doing it would have been plastered all over this thread by all and sundry. The other opportunities waiting to present themselves are heavily disguised and too slow off the mark. It's too late, the majority off investors have made their decision, many from as far back as the forums where they were satisfied with what they saw and were prepared to accept whatever was put to them from WC. At least I can recognize a dead horse when I see one. Seamisty:horse:

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Seamisty,

It looks like JH didn't spot the dead horse on time.

Here's an excerpt of what was written in the Courier Mail by Anthony Marx on 5/9/06. (note the quote by your goddess JH)

----start of excerpt------------------
ACQUISITIVE Gold Coast funds management group MFS has launched its most audacious takeover bid to date in a $700 million scheme to absorb fast-growing travel and accommodation group S8.

The friendly merger announced yesterday would create Queensland's seventh largest company, valued at more than $1.7 billion and placing it among the country's top 150 firms.

``This is a coming of age for MFS. We're excited by that. It's enormous for Queensland. I think it's huge,'' S8 chairwoman Jenny Hutson said.

MFS managing director Phil Adams described the deal as ``a win-win situation for both businesses''.

-------end of excerpt---------

Not very insightful from her wouldn't you say?
Correct me if I'm wrong, but wasn't JH also serving as deputy chair of the MFS board after the MFS/S8 merger?

Re: Octaviar MFS Premium Income Fund PIF

To Juan Mortyme (like the name),

Your research skills are great. Good Stuff !!!! Guess I'm on the "ignore" list. lol

Re: Octaviar MFS Premium Income Fund PIF

Burnt said:

To Juan Mortyme (like the name)

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Yeah, a great name Juan. Wish i'd thought of it... then i wouldn't be so Rancid!

Rance

Re: Octaviar MFS Premium Income Fund PIF

seamisty said:

All I am giving WC at present is the Ok to demostrate her abilities, unhindered, that have already been recognised by being awarded Queensland Business Woman of the year 2007. I trawled the net for days looking for any information that would deter me from going with WC and found nothing but praise for the woman!!! If there was one skerrick of scandal or wrong doing it would have been plastered all over this thread by all and sundry. The other opportunities waiting to present themselves are heavily disguised and too slow off the mark. It's too late, the majority off investors have made their decision, many from as far back as the forums where they were satisfied with what they saw and were prepared to accept whatever was put to them from WC. At least I can recognize a dead horse when I see one. Seamisty:horse:

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Seamisty,
I guess it's nothing but praise that you've found on the web because you've probably just been reading what's posted on their website (I don't think I've seen a website where their founder or CEO is so conceited of themselves).

After the MFS debacle, I don't think they'll bother posting the following from the Courier Mail by Anthony Marx (9/9/06, p. 80)

------excerpt of article-------

``Combining the MFS and S8 businesses will allow an acceleration of the growth of both companies,'' S8 chairwoman Jenny Hutson says. The deal takes MFS a long way towards its goal of having about $5 billion in assets by the middle of next year. And like a hungry shark on the prowl, the company is widely tipped to push on with its buying spree.

``We expect MFS to continue targeting niche, scaleable acquisitions in the sub-$200 million range for its various vehicles and trusts, which (are) supported by its extensive retail network of around 42,000 investors,'' say ABN Amro Morgans analysts Fiona Buchanan and Belinda Moore.

While it's not clear what companies may be in MFS's sights, the company is likely to continue devouring assets for its three main divisions of funds management, tourism and structured finance.

MFS has already signalled the S8 deal dovetails nicely with plans to establish a new managed vehicle for its Stella Resorts Group, which includes the high-profile BreakFree, Peppers and Bale brands.

The combined group will have more than a dozen tourism brands, including Harvey World Travel, Sheraton Mirage and Outrigger resorts.

Most analysts concluded this week that there are strategic benefits for MFS by dramatically expanding its stock of holiday accommodation and gaining access to S8's distribution network, the most notable of which is travel agency chain Harvey World Travel.

But many stressed that MFS was taking a significant gamble that S8 had adequately integrated and consolidated the four travel companies it has gobbled up in less than a year. A Macquarie Bank client note described it as ``a big bet''.

-------end of excerpt------

I guess you have 600,000 reasons for feeling great for spotting the dead horse on time and that you didn't listen to JH.

Re: Octaviar MFS Premium Income Fund PIF

For those with short memories.

-------------------start of article-------------------------
MFS clinches S8 deal
by Nick Nichols business editor
Gold Coast Bulletin, The; 12/12/2006

Section: Business, pg. 027

IT was a cliffhanger to the end, but MFS last night secured the last few shares it needed to push its $700 million takeover of fellow Gold Coaster S8 over the line.

The financial services group has all but completed its acquisition of the apartment management company after receiving acceptances for more than 95 per cent of S8's shares.

By noon yesterday, acceptances were just shy of the mark, with MFS controlling just 85.5 per cent of stock.

A last-minute plea by S8 urging shareholders to accept the offer helped seal the takeover.

``Shareholders, optionholders and noteholders have voted with their feet,'' said S8 chairperson Jenny Hutson yesterday.

``There has been overwhelming support for the offer.''

The deal was thrown into disarray last month when the James Packer-backed Challenger Financial Services Group rejected the MFS offer for its S8 convertible notes as inadequate.

Challenger controlled the lion's share of notes, at 50.1 per cent, and about 7.5 per cent of the shares in S8.

The takeover was conditional on acceptance of 90 per cent of both the convertible notes and shares.

The deal received a last-minute reprieve last week when S8 founder Chris Scott decided `for the greater good' to forgo some of his entitlements to the deal, effectively sacrificing a whopping $20 million in the process.

Challenger has since accepted, but stragglers yesterday made for some anxious moments for the principle players in the deal.

MFS had originally offered 1.15 of its shares for each S8 share, or alternatively, one MFS share plus 70c cash for each S8 share.

It was offering one MFS note, 14 warrants and a cash payment equal to the amount of any accrued interest on the S8 note up to the issue date of the MFS scrip.

The revised offer, which helped get the deal over the line, was for one MFS note, 14 warrants, 0.94 MFS shares, $12 cash and a further cash payment equal to the unpaid interest for each note. S8 managing director Chris Scott was a relieved man yesterday.

He paid tribute to the company's chairperson for her 11th-hour push to secure the numbers.

``Jenny Hutson did a magnificent job,'' he said.

``She rounded up the troops.''

MFS began the day with acceptances for 85 per cent of S8 shares, 71 per cent of the company's options and 74 per cent of convertible notes.

By late afternoon, it had 95.2 per cent of the shares and 92 per cent of the convertible notes.

The company can now move to compulsorily acquire the remaining shares in S8.

-------------------end of article-------------------

Well that's what happened just over a year and a half ago. Shareholders were told to accept. They did and what happened to the shares some 13 months later?
Deja vu ?

Re: Octaviar MFS Premium Income Fund PIF

seamisty said:

I have heard that there is approx 30 paid up subscribers to the QLD PIFI and they are encouraging some to post anti WC on this thread. I would hope this is not the case as it means some are not taking them seriously and using them to further their agenda to promote the liquidation of the PIF. I have also heard some are looking to recoup their expenses for stamps and other costs involved in promoting the wind up of the fund. My information is only received from confused elderly investors looking for direction from some one they trust who has never done anything more than give an unbiased opinion as to which way they should vote. Seamisty

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Hi seamisty,
Well done.. give yourself a pat on the back for giving your unbiased opinion LOL???
I have spoken to PIFI (by the way its not the Qld. PIFI, all members throughout Australia are welcome to join so it could be called Aus.PIFI)
and can assure you that no one encouraged me to post in any particular way nor did they promote the liquidation of the PIF. That is only one option as has been repeatedly stated on here. You just had to throw that in didn't you!!!! There are o
Moreover,the PIFI members have been spending their own money to fund the only constructive initiative (putting their money where their mouths are) which is more that can be said about some other members on here) and are simply covering the LEGAL and other expenses incurred which is only fair.
Should protracted legal action be undertaken to maximise returns for unit holders, who is supposed to cover the costs??? they can't take moneys from the PIF like WC can. Do you expect the few to pay for, and carry the rest of us?.
Furthermore,I am skeptical that the alledged comments are coming from confused elderly investors. Could they be from some mischievous individual/s ????
In fact, if they are coming from elderly investors, it would only be ethical for you and others to provide really unbiased opinions/options to achieve the best outcomes.

Re: Octaviar MFS Premium Income Fund PIF

seamisty said:

I have heard that there is approx 30 paid up subscribers to the QLD PIFI and they are encouraging some to post anti WC on this thread. Seamisty

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Who are these people? If this is a 'rumour', please refrain from posting such. If it has any foundation, please provide evidence. Talk such as this is not helpful to your position. kennas

Re: Octaviar MFS Premium Income Fund PIF

kennas said:

Who are these people? If this is a 'rumour', please refrain from posting such. If it has any foundation, please provide evidence. Talk such as this is not helpful to your position. kennas

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I am sorry kennas I can not provide any evidence without breaching confidentiality, so I will be more carefull of what I post in the future. Seamisty

Re: Octaviar MFS Premium Income Fund PIF

Originally Posted by seamisty
I have heard that there is approx 30 paid up subscribers to the QLD PIFI and they are encouraging some to post anti WC on this thread. Seamisty

kennas said:

Who are these people? If this is a 'rumour', please refrain from posting such. If it has any foundation, please provide evidence. Talk such as this is not helpful to your position. kennas

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Seamisty

Please tell me who these people are ???

I can state to you categorically that in fact the opposite is the case we have been advised not to even post on this site , because in the larger scheme of things whatever is posted here is not going to make the slightest difference.

Re: Octaviar MFS Premium Income Fund PIF

kennas said:

Who are these people? If this is a 'rumour', please refrain from posting such. If it has any foundation, please provide evidence. Talk such as this is not helpful to your position. kennas

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Kennas, please see post 2417 - It was evidently quoted in the Telegraph

Re: Octaviar MFS Premium Income Fund PIF

JohnH said:

Kennas, please see post 2417 - It was evidently quoted in the Telegraph

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Thanks for that. Apologies for insinuation, just quite wary of 'rumors'....Carry on...