Australian (ASX) Stock Market Forum

Wellington Capital PIF/Octaviar (MFS) PIF

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Re: Octaviar MFS Premium Income Fund PIF

seamisty said:
OK all, Maverick2802 kindly just rang me from the WC investor meeting to update everyone with what has happened so far. He said investors have nothing to worry about!!! Great news everyone.In a room of approx 700+ people a show of hands was called for in relation to the adjournment of the WC proposals we have all just voted on. SIX people voted in favour to adjourn the meeting!!!!! Everyone was overwhelmingly in favour of JH to take control and move ahead. Why am I not suprised? Investors will have the opportunity to re vote if they are not happy with the outcome from todays meeting after being provided with additional information regarding the proposed on going quarterly distribution, otherwise your previuos proxy will stand and you do not have to do anything. The results for the resolutions were 1. 95% For 2. 92% For and 3. 80%+For(to be confirmed)Maverick then spoke directly with JH and her solicitor, and they said providing everything goes ahead as planned, the proposed OCT 1.5cent distribution WILL GO AHEAD.(I guess that means no more unexpected intervention) Maverick said JH was very committed to the PIF and had massive support from those in attendance. I have to run, I have colour on my mums hair and if I stuff that up the forum will be minus a poster!!! Thanks Maverick2802 for keeping us updated) Seamisty:xyxthumbs
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Hi Seamisty and everybody,

Just re-read the above and thought I should put the record straight. The proposal by Jenny was to adjourn the meeting until October the 15th to enable Wellington to comply with the ASIC requirements. The voting was 700 + for, and 6 (I only counted 5) against.
 
Re: Octaviar MFS Premium Income Fund PIF

JohnH said:
Hi Seamisty and everybody,

Just re-read the above and thought I should put the record straight. The proposal by Jenny was to adjourn the meeting until October the 15th to enable Wellington to comply with the ASIC requirements. The voting was 700 + for, and 6 (I only counted 5) against.
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Thanks JohnH, thats what I meant LOL!!! Seamisty
 
Re: Octaviar MFS Premium Income Fund PIF

Three cheers for all you guys and girls who have done so much; You have tirelessly answeried queries for so long now....especially you Seamistry.

Thank you ALL so much.

Now lets get on with it.....BIG sigh!!
 
Re: Octaviar MFS Premium Income Fund PIF

Mary Lynch said:
Three cheers for all you guys and girls who have done so much; You have tirelessly answeried queries for so long now....especially you Seamistry.

Thank you ALL so much.

Now lets get on with it.....BIG sigh!!
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Yes,Thanks Mary, I am sure most of us feel the same, JH and staff included. JohnH and Maverick sound quite happy with the results from today. Be interesting to see what comes out in the media. Regards, Seamisty
 
Re: Octaviar MFS Premium Income Fund PIF

sugar3157 said:
thanks Seamisty...4 all u r hard work....
and what is mums hair colour now?
cheers sugar...
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Lol Sugar, it's so good to see concern for the colour of my mums hair!!!! I relayed that post to her and she cracked up!!!At the risk of getting off topic on the thread, she told me she dyed it herself once when we were all small and she had no money(which was most of the time) and it turned out like the lady on the redhead matchbox and my dad walked on the other side of the street when we went to town until it grew out!! Mums hair colour now, an acceptable shade of light brown as opposed to grey. Regards, Seamisty:fish:
 
Re: Octaviar MFS Premium Income Fund PIF

WOW! Just got back from the GC meeting (I flew from Sydney).

All I can say is PIFI is DEAD & BURIED!!!!

JH revealed that (for memory) 7000+ people voted by proxy, can't remember the exact units that represented but it was way way high. Even Jenny said that she was involved in the past with many previous company votes and she had never seen anything quite like the number of respondents by %.

Out of the votes FOR res 1 95% res2 92% res3 84% HUGE numbers. A very resounding YES to WC that want the future of this fund to be managed by Jenny.

When she asked for a show of hands. Dennis Chapman (the guy that sent that PIFI letter to us) plus a young couple with 2 kiddies that were standing next to him plus maybe 2 or so others didn't want the meeting adjourned and the existing resolutions. LOL @ PIFI and those that was JH out. You tried to destabilise us and you FAILED miserably!!!!!!!!

This means that once the clarification paperwork for the qtrly dists is sent to us (just a formality per the judgement), if you are happy with your vote, NO need send a new proxy as your original vote will still be valid.

A great result today. I and the majority of people in that room felt we would be well served by Jenny Hutson. There was even a lady there that was being interviewed by the CM that travelled all the way from Tokyo Japan just to be there for the meeting and was flying back out tonight. Check out the story tomorrow, she posed for a photo with JH for the paper.

Oh and BTW the gentleman that was handing out those flyers at the end of the meeting is a JH / PIF supporter group NOT PIFI. He's a good gut that was behind the rally ouside the WC offices this week I think, so not a PIFI troublemaker at all. :)
 
Re: Octaviar MFS Premium Income Fund PIF

Rance said:
"Carrying value" is the book value of your assets; "realisable value" is the amount you will actually receive when you sell them, which can be higher or (in our case at the moment) lower than their "carrying value". Fees for managing assets are always based on the book or "carrying value". Our book would probably include loans we have made and an expectation of their repayment plus interest.

Our PIF's CA and RA are based on valuations taken at the time WC took over, ie. 31 May 08. Obviously, we would need to revalue these to take account of depreciation, interest, rates and taxes, and other costs etc associated with owning land and buildings, repaying loans from banks etc, etc. Quite a complicated exercise. I'd leave it to the accountants and auditors! Why didn't I choose those professions 55 years ago??? :banghead:

Rance :)
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Thank you Rance;
seems less unjust when explained this way.
Perhaps hard logic would still go with RA valuation for final fees and good luck to Manager if they happen to be higher than CA. That's when ALL would be winning. Then again, I too did not go into those professions.
With Best Wishes
 
Re: Octaviar MFS Premium Income Fund PIF/Seamisty

Hi Seamisty

I appreciate the work you have done in keeping us informed and up to date with this situation. It is not easy dealing with some people and as they say, we cannot please all of the people all of the time! Fortunately the majority rules.

If the opportunity should arise I would propose that you would be
the Investor Representative on the Advisory Committee. (Of course, not to say that you would want to be!)

As for the PIFI - they may or may not be aware (or for that matter care) of the anxiety they caused by jeapordising the proposed distribution. For me it is the difference of being able to purchase life saving cancer drugs or not. I anxiously await any payment so that I can obtain these drugs.

Others I am sure had reasons as important to them to have income from this fund.

With the financial world crashing around us we are perhaps more fortunate than some.

As someone said before, Jenny Hutson is not the tooth fairy, let's hope that she does well and in turn so should the investors in the PIF



regards

Sundale
 
Re: Octaviar MFS Premium Income Fund PIF

If there are no more ASIC / PIFI interuptions to the wishes of the majority of unit holders of this fund and the resolutions go ahead as they would have done today at the adjourned meeting on the 15th October, the first of the 1.5c payments WILL still happen 31 October, and I know a lot of people are sweating on it.

The 1.5c per quarter is the targetted rate for 2009. This may not be published in the soon to be received extra material.
 
Re: Octaviar MFS Premium Income Fund PIF

;)I would also like to add , another event that took place at todays meeting with J H.
There was considerable debate on the fees WC will be charging the PIF as well as the 2% exit fee (roughly $8 million)
Jenny categorically stated that should WC be found to be incompetent in managing the fund , and were removed for that reason , she would not charge the fund the 2% exit fee.
This in my opinion confirms her commitment to the fund and her integrity.

I would also like to add my appreciation to all of you who have worked so hard at keeping us informed.

I do not know what I would of done without this support network.
Breaker1, a big thanks to you for initiating this forum.
 
Re: Octaviar MFS Premium Income Fund PIF

Many thanks breaker1,seamisty,maverack and others who kept us so fully infomed through this difficult period and also those that were not so helpfull but added fuel for debate to make us come to the right decision. I just hope someone will be brought to justice for this debacle best of luck to all, pjay
 
Re: Octaviar MFS Premium Income Fund PIF

erniel said:
;)I would also like to add , another event that took place at todays meeting with J H.
There was considerable debate on the fees WC will be charging the PIF as well as the 2% exit fee (roughly $8 million)
Jenny categorically stated that should WC be found to be incompetent in managing the fund , and were removed for that reason , she would not charge the fund the 2% exit fee.
This in my opinion confirms her commitment to the fund and her integrity.

I would also like to add my appreciation to all of you who have worked so hard at keeping us informed.

I do not know what I would of done without this support network.
Breaker1, a big thanks to you for initiating this forum.
Click to expand...


Here Here!!!
 
Re: Octaviar MFS Premium Income Fund PIF

Maverick2802 said:
WOW! Just got back from the GC meeting (I flew from Sydney).

All I can say is PIFI is DEAD & BURIED!!!!??????????

JH revealed that (for memory) 7000+ people voted by proxy, can't remember the exact units that represented but it was way way high. Even Jenny said that she was involved in the past with many previous company votes and she had never seen anything quite like the number of respondents by %.

Out of the votes FOR res 1 95% res2 92% res3 84% HUGE numbers. A very resounding YES to WC that want the future of this fund to be managed by Jenny.

A great result today. I and the majority of people in that room felt we would be well served by Jenny Hutson. There was even a lady there that was being interviewed by the CM that travelled all the way from Tokyo Japan just to be there for the meeting and was flying back out tonight. Check out the story tomorrow, she posed for a photo with JH for the paper.:)
Click to expand...

Hi,
I have to admit to being conservative and regularly negative but it does appear to be a very good vote at this point in time. But there up to 3,000 non votes and I would just like to say it may be only three quarter time with a great lead and suggest that anyone who has not voted should forward their vote just in case.

The only reason I suggested voting YYN was because no-one should be paid if they are dismissed for being incompetent.

erniel #2774/139 - At the Adjourned meeting “There was considerable debate on the fees WC will be charging the PIF as well as the 2% exit fee (roughly $8 million). Jenny categorically stated that should WC be found to be incompetent in managing the fund, and were removed for that reason, she would not charge the fund the 2% exit fee.”

Personally I believe that if/when JH achieves her goals for the funds return to $1.00 value and achieves her targeted 6 cents p.a. distribution she probably deserves a bonus. The pressure now and going forward will be intense.

Regards, RickH:couch
 
Re: Octaviar MFS Premium Income Fund PIF

Tears amid fund rescue bid:::Nick Nichols

September 19th, 2008

THE emotion of four months at the helm of the embattled Premium Income Fund breached the normally composed exterior of Jenny Hutson on the Gold Coast yesterday.

While the outcome was the best she could have expected -- a postponement of the vote on three key resolutions until October 15 -- Ms Hutson fought back the tears as she detailed the road ahead for the fund's 10,300 investors.

"I've put my heart and soul into (this) over the past 139 days," she told the meeting of about 400 at the Gold Coast Convention and Exhibition Centre.

"It's about winning," she said, her voice quivering with emotion after investors clearly backed her vision. "I am not going to leave this battlefield until I am victorious."

It was the rhetoric an overwhelming majority of investors wanted to hear.

The Premium Income Fund, formerly operated by fallen corporate star MFS, has $755 million of their funds locked up until at least the beginning of next year.

At the latest count, those funds were worth just $340 million.



Since taking over the fund from Octaviar (formerly MFS) on May 2, Ms Hutson's Wellington Investment Management has slashed bank debt from $100 million to $9.5 million. "We are proud of what we have achieved," said Ms Hutson.

She has promised investors they will receive a 3c per unit capital payout by December 24, with part of that to be paid next month.

Yesterday's meeting was called to vote on three resolutions, including approval for a listing of the fund on the National Stock Exchange to allow cash-strapped investors an option to cash in their units.

But the Australian Securities and Investments Commission on Wednesday ruled the resolutions could not be put to a vote at the meeting.

It has sought clarification from Wellington on the proposed payout, saying that some investors could be confused into thinking they could expect continued quarterly distributions of 3c a unit.

Wellington has 28 days to clarify this point before investors gather again in October.

Yesterday began auspiciously for Ms Hutson despite tight security as about 400 filed into the auditorium. Investors applauded her as she took to the podium.

As questions were called, one woman described Ms Hutson as 'like a breath of fresh air'.

Another investor voiced his anger at MFS founders Michael King and Phil Adams, describing them as 'two average solicitors' who amassed an incredible fortune on the savings of small investors.

He described the MFS debacle as the equivalent of Mr King and Mr Adams 'building a plane and then crashing it'.

Ms Hutson yesterday said the Premium Income Fund was not looking at legal proceedings beyond the initial action to recover funds owed to the fund by Octaviar, but she said it was understood ASIC had been investigating some aspects of the MFS collapse since January.

While it was 'not the right time' for such action by the fund, Ms Hutson did lay open the possibility of legal proceedings against individual parties.

On the question of the fees to be charged by Wellington for operating the fund, one investor was clear.

"We don't personally give a stuff how much you make, as long as we get our money back," he said.

Wellington will not be paid until investors receive their initial 3c payout and Ms Hutson has vowed she will return full value to unit-holders over the next three to five years.

After the meeting, one woman said she would like to see Ms Hutson take the reins of City Pacific's First Mortgage Fund and the funds operated by another troubled Gold Coast company, Asset Loans.

She said she and her husband had diversified their nest-egg into 10 funds, with six of them now in financial strife.
 
Re: Octaviar MFS Premium Income Fund PIF

Octaviar investors back Wellington:::Anthony Klan | September 19, 2008
BRISBANE finance company Wellington Investment Management will push ahead with plans to entrench itself as manager of the failed $750 million Octaviar Premium Income Fund after investors yesterday supported the move.

Wellington founder Jenny Hutson said 500 Octaviar PIF investors, who attended a unitholders' meeting at the Gold Coast yesterday, expressed "huge support" for her company to remain as manager of the group.

"The mood of the meeting was upbeat and (investors) are pleased we have stepped in. They recognise the fund would have gone into receivership if we hadn't stepped in in May," Ms Hutson said.

Corporate regulator the Australian Securities and Investments Commission on Tuesday went to the Queensland Supreme Court in a bid to restrain that meeting, claiming Wellington had engaged in misleading and deceptive conduct.

That move by ASIC followed an independent report by Hicksons Lawyers partner Kalinda Cobby which claimed Wellington was attempting to impose onerous restrictions on PIF that "fetter" the ability of investors to remove the financier as manager.

Those restrictions include an attempt by Wellington to alter PIF's constitution so that Wellington would be paid up to $8 million by unitholders if it was removed as manager.

Queensland Supreme Court judge Philip McMurdo dismissed all concerns raised by ASIC, except for one concern relating to the time line of distributions to be made to investors.

Justice McMurdo allowed yesterday's meeting to proceed but ruled investors were not allowed to vote on the proposed resolutions at the meeting.

Ms Hutson said PIF investors instead met to vote on whether another meeting should be rescheduled.

She said of the 500 investors present 497 voted in favour of adjourning the meeting, which she said would be held on October 15.
 
Re: Octaviar MFS Premium Income Fund PIF

Article from todays Gold Coast Bulletin::::Jenny's Confident Money will be repaid:::::The Raptis Group may owe the PIF $55 million, but Jenny Hutson is comfortable she will see that money repaid. The Fund has mortages over three Raptis assets, including the Sheraton Mirage and the Holiday Inn, with the Sheraton Mirage held through a second mortgage. " I think we're well secured and I think Jim (Raptis) is a great man," said MS Hutson at yesterdays PIF meeting at Broadbeach. "I am a huge Raptis supporter." "We're going to work with Jim on the three projects we are financing."
 
Re: Octaviar MFS Premium Income Fund PIF

Hi all,
long time reader, but I dont comment as trying to keep up with this down here in Tassie is hard enough. Some wonderful work by some on this forum. I spoke to WC this morning. They are very happy with yesterdays outcome. I asked about tax statements. They will be sent out next week.
Things are looking positive. Onward and upward:)
 

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