Wellington Capital PIF/Octaviar (MFS) PIF

[danger danger]

Re: Octaviar MFS Premium Income Fund PIF

This is a long process, it has just started. What are you monitoring? Too early to guage performance. JH has stated one couple have taken up 70 hours of WC time. Sound familiar Cable Guy? That at this stage is pestering rather than 'monitoring'? Some groups have been a costly hinderance rather than a beneficial action group to the fund, and these individuals would not really be treated seriously or respected and definitely should not tout themselves as an action group representing the views and interests of the majority of the unitholders.

 

[Jadel]

Re: Octaviar MFS Premium Income Fund PIF

We have known all along where you stand Dangerous ???????????????????

But when you make remarks to the effect that you are so pally

with JH that she discusses the details of other investors on a

personal basis it becomes beyond a Joke

Why dont you just get a flag with her name on it and put it on a pole

outside your house

 

[CableGuy]

Re: Octaviar MFS Premium Income Fund PIF

This is a long process, it has just started. What are you monitoring? Too early to guage performance. JH has stated one couple have taken up 70 hours of WC time. Sound familiar Cable Guy? That at this stage is pestering rather than 'monitoring'? Some groups have been a costly hinderance rather than a beneficial action group to the fund, and these individuals would not really be treated seriously or respected and definitely should not tout themselves as an action group representing the views and interests of the majority of the unitholders.

Don't be so hard on yourself Dang! I'm sure that you are considered a valued customer by the RE as are the rest of us, no matter how many queries and concerns you have to be answered. I do not consider you a pest, a joke or unrespectable just because your views and needs are different.

An AG should be able to monitor without any RE involvement.

The RE as we all know is more than happy to blame others for their own shortcomings. What was the reason for the late October payment again?

-----
"Call it one guy doing another guy a solid."

 

[danger danger]

Re: Octaviar MFS Premium Income Fund PIF

We all have concerns. By hounding WC daily will not fix the problems that are causing those concerns. If WC did everything the way you wanted it done, you would not have a problem with the RE. Unfortunately things don't work that way.

You can ring WC every hour on the hour, won't solve the problems we have. You can get up 3 hours earlier tomorrow, don't mean the sun will rise any quicker!!

 

[CableGuy]

Re: Octaviar MFS Premium Income Fund PIF

SNIP...If WC did everything the way you wanted it done, you would not have a problem with the RE. Unfortunately things don't work that way...SNIP

Just some straight talk and honest answers is all I am looking for.

-----
"You know what the trouble about real life is? There's no danger music."

 

[simgrund]

Re: Octaviar MFS Premium Income Fund PIF

Simgrund

The PIFI have been spending many hours of dedicated research and effort into this matter
We are fortunate to have some very talented people who have been prepared to make this effort entirely at their own cost and time .
All PIFI members and supporters well be receiving details shortly
I think the best approach with ASIC is for every investor to take on the responsibility of keeping the pressure on ASIC.
If you have a compliant you can continue to add more information via email as it becomes available.

THANKS TO DANGER DANGER AND JADEL FOR REQUESTED INFO.
Regards

 

[danger danger]

Re: Octaviar MFS Premium Income Fund PIF

Just some straight talk and honest answers is all I am looking for.

Sure, I'm all for that. Just don't think you are going to get all the answers you seek from WC, nor the action required for that matter. Now if you have a plan to get some of our money via a class action where people / parties have been previously negligent / dishonest, then that is a different kettle of fish.

You would get my support and the support of others perhaps?

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

It does seem that the time is ripe for us all to be devoting our attention to vital matters such keeping ASIC on the PIF case and pursuing any possible other avenues to regain our lost money. Let's use our energies to fight MFS and not let ourselves be divided into factions!

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

Who are all these "Action Groups" - who is Philip Higson ???? He's not a unit holder and he doesn't seem to work for WC ??? (He's on the net - some kind of salesman.) Someone's employing him to "represent" unit holders - organising a staged protest with banners saying PIF OFF ASIC, giving interviews to the press, handing out flyers at meetings (encouraging people to call ASIC for help) for a group called "PIF Investors Support Group" that he runs. Who is this guy and who is paying him ?????

Who can be trusted with all this deception and misleading propaganda floating around ?

The only action I can see on here is people running off to JH to get reassurance that all their dreams will come true.

"Just got off the phone from JH........" ; "Just got an email from a really, really important person at WC........." looks like, maybe, planning on, probably, depending on, aiming to, but no guarantees - let's wait and see !!

JH letter in EM 18/8/08 issued to unit holders: "Dear Investor, blah,blah,blah.......cash payments totalling 3c/unit will be made by 24th Dec. 1st payment in Oct. & 2nd payment in Dec., and quarterly thereafter".
Ooops, stuffed that up (that's OK I'll blame someone else). What I've been ordered to say is, quarterly payments made after Dec.08 are planned, however, it all depends on the financial circumstances of PIF at that time. (How do I know what's gonna happen ? I can't be expected to plan for the future !)

JH letter in Info.Memo. to NSX 18/8/08 not issued to unit holders: "Dear Unit Holder, blah,blah,blah.....due to changed circumstances, the RE does not envisage income returns being payable for the foreseeable future". (Gee, maybe it does look like I can makes plans for the future !).

Like I said, who can be trusted !!

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Are you a unit holder Burnt and can you verify that Phillip Higson is NOT a unit holder? Seamisty

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

Are you a unit holder Burnt and can you verify that Phillip Higson is NOT a unit holder? Seamisty

I am a unit holder and I'm sure you've kept the newspaper clipping of your mate Phil - he's got friends who are unit holders apparantly ?

What's his fee ?

 

[Juan Mortyme]

Re: Octaviar MFS Premium Income Fund PIF

From GC Bulletin

Title:
ASIC's actions; upset investors
Authors:
by Nick Nichols business editor
Source:
Gold Coast Bulletin, The; 16/09/2008
Edition: B - Main
Section: Business, pg. 029

A SPLIT in the ranks of Premium Income Fund investors spilled on to
the streets of Brisbane yesterday.

About a dozen protesters stationed outside Wellington Capital's Queens
Street office were howling down plans by the corporate watchdog
to pull the pin on a planned meeting on the Gold Coast this Thursday
to vote on the fund's survival.

The Australian Securities and Investments Commission has responded
to concerns by some investors that Wellington Capital, headed by
Jenny Hutson, was not acting in the best interests of unit-holders,
many of them elderly, who poured $770 million into the fund when
it was under the control of MFS.

However, yesterday, other investors - said to be the majority - were
angry that ASIC was meddling with the rescue plan proposed by
Wellington, accusing the watchdog of failing to act on behalf of
investors when it was under the control of MFS.

Placards waved by protesters yesterday denounced PIF's former management
team, which included MFS founders Michael King.

It was unclear how many of yesterday's protesters were PIF investors,
but spokesman Philip Higson said many of his friends were investors
and he was willing to support them, calling for this Thursday's
meeting to proceed as planned.

``If they go down, there's going to be a lot of mum and dads go down,''
he said.

Yesterday's protest was directly opposed to the views of a splinter
group of investors, known as the PIF Initiative, who want Wellington
Capital removed as responsible entity for the fund and plans
to list on the National Stock Exchange abandoned.

Wellington has proposed a listing to allow cash-strapped investors
to sell their units in an open market, but PIF Initiative has argued
the price would be at a sharp discount to the fund's value.

Ms Hutson, Wellington's executive director, has said the fund, which
has a $55 million exposure to the Raptis Group, was valued at
45c in the dollar as a going concern.

Liquidation would only deliver unit-holders 14c in the dollar, she
said.

This Thursday's meeting, which will draw investors from as far as
Japan, has been called to vote on whether the fund should continue
as a going concern and whether Wellington Capital can proceed with
its plan to recover all investor funds over the next three to
five years.

``What's disappointing from our perspective is that ASIC has left
this really late,'' said Ms Hutson.

She said Wellington had provided ASIC with all materials requested
at the end of a series of investor forums in July and it had been
`well considered' by investors since then.

``Here we are at the end of the 28 days with ASIC coming out of nowhere
and challenging it,'' she said.

ASIC last week lodged a Supreme Court action, to be heard tomorrow,
restraining Wellington from calling the meeting.

``The only people that are going to be hurt by this are the investors
themselves,'' said Ms Hutson.

She said Wellington was outlaying $120,000 to hold the meeting, which
could potentially draw thousands of investors to the Gold Coast
Convention Centre.

Ms Hutson said Wellington's planned resumption of distributions to
investors, who have been told they will receive a total of 3c a
unit by Christmas, was also in jeopardy following ASIC's actions.

ASIC yesterday declined to comment on the matter.

One Sydney investor, who would only identify himself as Javier, yesterday
slammed ASIC's actions and backed Wellington's plans for
the fund.

``ASIC has intervened to the detriment of investors,'' he said.

Javier said investors have `had enough'.

``They just want stability in their life.''

The 43-year-old businessman who said he was invested `substantially'
in the fund, said ASIC would better serve investors by investigating
the activities of the previous management of the fund.

 

[Garpal Gumnut]

Re: Octaviar MFS Premium Income Fund PIF

I know you guys and girls have been screwed over my Octaviar/MFS.

Many on Aussie Stock forums have similar stories.

To increase the reach of ASF, please consider voting for ASF in a poll being conducted at Compareshares.

A knowledgeable investing community independent of advisers and brokers is a powerful entity.

Here is the link

http://www.thebull.com.au/the_stockies/forums.html

gg

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

Interesting job ad placed by Philip Higson on 15th Sept :-

http://www.ployme.com.au/SearchEmployers.aspx?ind=40&dis=50&nod=1&pg=3

 

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

http://www.businessspectator.com.au/bs.nsf/Article/g-KMP58?OpenDocument
More mortgage funds freeze redemptions
Published 5:17 AM, 22 Oct 2008
Investment and Financial Association chief executive Richard Gilbert told the paper that the group is going to meet with treasury officials in Canberra to lobby for the government to provide support to "reassure investors."

Here's an interview with Richard Gilbert on the ABC yesterday.
http://www.abc.net.au/news/video/2008/10/21/2397038.htm

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Interesting job ad placed by Philip Higson on 15th Sept :-

http://www.ployme.com.au/SearchEmployers.aspx?ind=40&dis=50&nod=1&pg=3

Even if Philip Higson is not a unit holder and was representing others who were, paid for his effort or otherwise, I personally don't see much difference than if some investors choose to pay lawyers for example, or call on ASIC to intervene to represent them, or see fit to do mailouts lobbying for support. So what? It is all past history now, what is relevent is what is ahead of unitholders and the ability of WC to stabilise our Fund. Seamisty:

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

http://www.businessspectator.com.au/bs.nsf/Article/g-KMP58?OpenDocument
More mortgage funds freeze redemptions
Published 5:17 AM, 22 Oct 2008
Investment and Financial Association chief executive Richard Gilbert told the paper that the group is going to meet with treasury officials in Canberra to lobby for the government to provide support to "reassure investors."

Here's an interview with Richard Gilbert on the ABC yesterday.
http://www.abc.net.au/news/video/2008/10/21/2397038.htm

Wonder if any support will be provided to "listed funds" ???

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

Even if Philip Higson is not a unit holder and was representing others who were, paid for his effort or otherwise, I personally don't see much difference than if some investors choose to pay lawyers for example, or call on ASIC to intervene to represent them, or see fit to do mailouts lobbying for support. So what? It is all past history now, what is relevent is what is ahead of unitholders and the ability of WC to stabilise our Fund. Seamisty:

It is very relevant for people to be accurately informed and not mislead. This is an ongoing issue. Everyone deserves the truth, particularly when being asked to place their trust in others who are going to act in ways that will effect their lives.

Personally, if I were looking to obtain support and advice, I know I'd prefer to go to professional experts - not stunt pullers. Anyway, got to go now & call PIF Investor Support Group to see if they'll pay me $75 to join........I could use the money !

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

I see on the NSX that 2,000 units have been sold@ 45cents and there is another 81,015 on offer for sale @ 45cents. Seamisty

 

[CableGuy]

Re: Octaviar MFS Premium Income Fund PIF

Interesting job ad placed by Philip Higson on 15th Sept :-

http://www.ployme.com.au/SearchEmployers.aspx?ind=40&dis=50&nod=1&pg=3

I tried the above link but alas could not find the add! Nice to see WC are monitoring this thread For those of you who missed it:
View attachment 25002
The successful applicants, what's $75 divided by 12?:
View attachment 25004
I had a chat with one of them:
Me: What are they picketing about (gesturing at the students on the step)?
Student: Oh, we are just showing our support (looks around for support)...
Me: Are they PIF investors?
Student: I don't know (still looking)...
Me: Do you know them, are they your friends?
Student: Yes.
Me: Are you a student?
Student: Yes.
Me: Where do you attend?
Student: QUT.

Luckily, Seamisty has me on ignore so we won't be hearing from her on this!