Wellington Capital PIF/Octaviar (MFS) PIF

great dame · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

2CentsWorth said:
Hi Dane,
so far, no Record-Date has been received from WC, and hence, there can be no Ex-Date. (Normally 4 business days prior.) The only dates we have to work with are, 31st October 2008, which is the nominated payment date for the first installment, being 1.5 cents, and the 24th December 2008, being the payment date for the second installment of 1.5 cents. (Total of 3 cents)

If you have transferred your units over to your son, as you previously said you were going to do, you will have to ring WC and get details of when they settled on a Record date, to find out which one of you will receive the first Dividend, and who will receive the bigger Christmas present.

Best wishes,
2CentsWorth.

Thanks 2CentsWorth for that but if wc are going to pay a Div this Friday X div day has been and gone I might give them a ring today They probelly dont know what i am talking about when i speak about X div day & Record day will let you know how i get on Dane ///

DoraNBoots · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

Jenny said:
I have just received the following email from my financial advisor. We were put into the PIF through Avenue Capital Management, as I think many others were. I did not realise until now that we will not have a vote.

"I have attached the investor update which I assume you would have. Not mentioned in the attachment, however, is that retail unitholders will be given the opportunity to vote in August on the future of the fund (wholesale unitholders, of which you are one, cannot vote, though their custodian will vote on their behalf). THe custodian is Bond Street Custodians ( Macqaurie Bank). I am seeking further clarification on this point and will advise you in due course."

Any guesses about which way the custodian will vote, considering they are still charging us management fees and we don't seem to be able to extricate ourselves?

BTW I much appreciate the summaries and information AG members are posting. However I am becoming a bitter and cynical old woman!!

Hi Jenny,
Did you got an update from your financial adviser on the above info? I'm wonder if you were able to vote or if Bond Street decided on behalf of investors. If the latter do you know which way Bond Street voted?

Dowdy · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

DoraNBoots said:
Hi Dowdy,
I’m assuming you are not currently a unit holder in the PIF and I’m interested to know an outsiders point of view. Can you tell us what price you would pay for units in the PIF right now and how long you would expect it to take for PIF units to be selling for $1 on the NSX?

Actually i am a unit holder but i never really understood what was really going on but i see they're on the NSX now so that's why i'm wondering.

So since i don't fully understand what is going on maybe you can answer me a few question:

Is the NSX the only way to sell the PIF?
Will the fund ever recover to get a unit to be worth 1.00?

DoraNBoots · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

Dowdy said:
Actually i am a unit holder but i never really understood what was really going on but i see they're on the NSX now so that's why i'm wondering.

So since i don't fully understand what is going on maybe you can answer me a few question:

Is the NSX the only way to sell the PIF?
Will the fund ever recover to get a unit to be worth 1.00?

Does that mean you didn't vote?
Apart from an off market transfer the NSX is the only way to exit the fund.
Some on this thread are thinking the NTA will be $1 in 3 to 5 years as WC tell us they are comitted to do but I personally don't think it will be possible to sell for $1 on the NSX.
"Wellington IM Ltd is committed to the full return of investors capital in the next 3 to 5 years"

JohnH · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

DoraNBoots said:
Does that mean you didn't vote?
Apart from an off market transfer the NSX is the only way to exit the fund.
Some on this thread are thinking the NTA will be $1 in 3 to 5 years as WC tell us they are comitted to do but I personally don't think it will be possible to sell for $1 on the NSX.
"Wellington IM Ltd is committed to the full return of investors capital in the next 3 to 5 years"

Thank you Dora, for ignoring your personal disbeliefs, and reporting accurately what Wellington has stated.

DoraNBoots · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

JohnH said:
Thank you Dora, for ignoring your personal disbeliefs, and reporting accurately what Wellington has stated.

I didn't ignore my personal beliefs. " but I personally don't think it will be possible to sell for $1 on the NSX."
If I didn't mention Wellingtons statement at all that would have been fine. Dowdy was asking our opinion if the units will ever be $1.

Duped · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

selciper said:
Link to revealing 20 minute audio from BBC explaining financial fraud.

http://www.bbc.co.uk/worldservice/documentaries/

You beat me to it selciper. Heard it on ABC News Radio on the weekend. Very informative.

I love the bit where an interviewee said one fund was given a AAA rating in July and then a Junk rating in August. A 17 point drop. Love to know the facts behind that doosie.

My financial advisor is blaming the quality of the info provided by the Ratings Agencies and MFS for my losses. Ratings Agencies seem to be blaming the quality of the info provided to them by the funds/institutions they're rating. What a bunch of self serving weasels. The sort of weasels that go on about being 'glad they're out of the game' when they're retired and fishing - but perpetuated the problems and failed to fix the problems when they were in it up to their Saville Row collars.

As far as I'm concerned the quality of the info provided by Ratings Agencies has gone from AAA to JUNK.

great dame · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

Hi folks just go of the phone from WC and boy am i pissed off with them was told they have not got an X div date yet let alone a record date i then told them you wont be paying a DIV this Friday Was told its looks like it then At that stage i guess i lost my cool and told them what i thought of them All your all good for is delivering junk mail Some one high is going to contact me so i wont go to the media still waiting for the call Dane ///

Dowdy · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

DoraNBoots said:
Does that mean you didn't vote?
Apart from an off market transfer the NSX is the only way to exit the fund.
Some on this thread are thinking the NTA will be $1 in 3 to 5 years as WC tell us they are comitted to do but I personally don't think it will be possible to sell for $1 on the NSX.
"Wellington IM Ltd is committed to the full return of investors capital in the next 3 to 5 years"

I voted.

Is the NSX the only way to sell the units or can you do it through Wellington

DoraNBoots · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

Dowdy said:
I voted.

Is the NSX the only way to sell the units or can you do it through Wellington

No you can't sell through Wellington. Redemption clauses were removed from the Constitution.

great dame · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

Dowdy said:
I voted.

Is the NSX the only way to sell the units or can you do it through Wellington

NSX EXCHANGE IS THE ONLY WAY Dane //

Jadel · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

It is really very sad to see that investors like Dowdy are so ill informed that they do not yet understand the full consequences of being listed on the NSX

This is one aspect that the PIFI continually attempede to highlite

The majority of investors just do not realise what they have let themseves in for.

Unfortunately Dowdy you can only sell through the NSX you will have to find a special Broker that deals on this index .

And the bid is 10c

danger danger · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

Jadel said:
It is really very sad to see that investors like Dowdy are so ill informed that they do not yet understand the full consequences of being listed on the NSX

This is one aspect that the PIFI continually attempede to highlite

The majority of investors just do not realise what they have let themseves in for.

Unfortunately Dowdy you can only sell through the NSX you will have to find a special Broker that deals on this index .

And the bid is 10c

Maybe Dowdy isn't a top shelf investor that PIFI only sent the generic letter to?? WC have sent plenty of literature to ALL investors, the only reason Dowdy would have of not being informed is if their details were not current.

JohnH · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

DoraNBoots said:
I didn't ignore my personal beliefs. " but I personally don't think it will be possible to sell for $1 on the NSX."
If I didn't mention Wellingtons statement at all that would have been fine. Dowdy was asking our opinion if the units will ever be $1.

You misread me Dora, If you reread my post, you will see I said "disbeliefs"!

great dame · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

JohnH said:
Thank you Dora, for ignoring your personal disbeliefs, and reporting accurately what Wellington has stated.

Talking about disbeliefe We are all lead to believe we wre getting a payment this Friday from the fund Now WC dont seem to know when it will be John could you give them a ring You may get an answer i think they like you Dane //

JohnH · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

great dame said:
Talking about disbeliefe We are all lead to believe we wre getting a payment this Friday from the fund Now WC dont seem to know when it will be John could you give them a ring You may get an answer i think they like you Dane //

GD, I have just spoken to their switchboard (my first ever call to them) and they said their "Investment team" would get back to me within the half hour. Will keep you posted.

Duped · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

Dowdy said:
I voted.

Is the NSX the only way to sell the units or can you do it through Wellington

Dowdy. To clarify Dora's response. If you find a buyer you can sell the units to them off-market. Ask WC for the form. I'm not exactly sure of the details. I'm guessing the buyer needs to get a stamp to show duty has been paid and then send it to WC who will then record the new owner.

Just make sure you have the cash/bank cheque in your hand when you sign because you could be in a world of hurt if they do the dirty on you. A convencing lawyer relayed a story of a transaction where the bank cheque was slid across the table as the Deed for the house was slid in the other direction. Sad isn't it.

Trust is an amazingly valuable thing isn't it? Imagine a world without it.

JohnH · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

JohnH said:
GD, I have just spoken to their switchboard (my first ever call to them) and they said their "Investment team" would get back to me within the half hour. Will keep you posted.

Have now spoken again, and Wellington have confirmed that they still intend to make a payment as near to Oct 31 as possible. As to how much now and how much on 24th 12th, I believe that is why they are hesitant about the exact time. - I suppose it depends on how much that is due to come in, comes in.

SPLITPIN · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

Dear Members

Can anybody enlighten us all as to the progress and status of the 3 PIF Unit member respresentation team to be appointed to WC and how it will function etc.

Regards

Splitpin

JohnH · 27 October 2008

Re: Octaviar MFS Premium Income Fund PIF

SPLITPIN said:
Dear Members

Can anybody enlighten us all as to the progress and status of the 3 PIF Unit member respresentation team to be appointed to WC and how it will function etc.

Regards

Splitpin

As far as I can remember from the meeting this month, they received c. 200 nominations. Presumably they will hold a ballot.

The experience should make voting for the senate next time seem comparitively easy!!

Wellington Capital PIF/Octaviar (MFS) PIF

Similar threads

Privacy & Transparency

Privacy & Transparency