And yes, once a distribution is paid (if ever), WC will receive ongoing fees, which by the way are based on a 45c/unit valuation, while we get nothing.
I spoke to WC a short time ago and again it was confirmed that a 3c distribution will happen before xmas with the 1st one probably in the week of Nov...SNIP
SNIP….Very few people have the knowledge, credentials and experience of Jenny H. She deserves some respect...SNIP
message received loud & clear wont happen again GD ////dame, there is no need to call people fools. It would be appreciated if you wouldn't do it again
Maybe for this period but mayby not therafter. NSX listing requires a half yearly report, (see http://www.nsxa.com.au/documents/listing_rules/NSXLR2004.pdf) which requires reporting on "Net tangible assets per security with the comparative figure for the previous corresponding period."
The 45c valuation was in June 08 (from memory) so it falls outside the current 6 month period. So there should be another valuation soon. Right?
Cheers.
CenterLink told me over the phone that they value shares on the NSX in the same way they value shares on the ASX. This means:Sugar,
That's a great thought! I actually had another valued PIF AG member bring this up via a phone call today.
The thought put to me was, have we seen the 10-15c value on the NSX consistently enough to ask JH to advise Centrelink (C/L) of this new value over the 45 cent C/L value recorded now?
To the best of my knowledge, WC valued our units at 45c according to the value of assets still in the fund, so those on the assets test get valued at that 45% of former capital assets amount and those who fall into the income test get deemed interest on that 45c amount.
So, who wins out for C/L - what JH values our fund at or what the market values our fund at?
The other question I would ask is, is it really JH's responsibility to advise C/L on behalf of PIF investors receiving a part pension OR is it acceptable for each investor to advise C/L themselves? I ask this question because when my dad had shares before, all he had to do was ring and advise C/L from time to time when the value changed significantly on the ASX, like once every 6 mths and that was enough. All C/L did was to check the current value themselves to verify and they would change his capital amount to be assessed.
Remembering that when JH gave this valuation to C/L, the PIF had not yet been listed on the NSX.
WC will endeavour to pay us 1.5c in the full $ - not 1.5c of 45% of the $. So our 45c (45%) asset remaining amount passed onto C/L does not seem to have any bearing on the how the WC pays distributions.
If the only way we can presently get our money out of the PIF is via the NSX, would not that NSX price then be the funds real value in the eyes of C/L ?
To balance this thought train off, would WC not advise C/L that our assessed amount needs to go up, if our NSX value had increased to say, 60c per unit - you can't have it both ways if this be true
It might boil down to a legal point of how assets are valued for C/L in funds such as ours, but it's certainly worth following up with WC..
But wouldn't it be good if investors could get the 1.5c per qtr. distribution and only get deemed or asseted @ 10-15c based capital, thus receiving more from C/L?
i wouldnt be to worried about it sugar3157,(thats wrong you have every right to be worried about your money) because if the worst happens, the lady in red will end up beside her cronies from Mfs and oct, hopefully in the same cell, Dora is right, there is no way JH was not privy to information which has removed our ability to recieve a distribution in October, and im sure if proven we have the avenue to call a vote of no confidence in our so called RE, using the corporate bodies NSX and ASIC to demand this person and her group be called to task over these outlandish excuses (personally i hope there are enough of us left with a few bob to go after these crooks when the light at the end of the tunnel goes out)Flatbackwell well well
finally I can say good bye to all my money...
WC JH what a load of #@$% they told us...
promises promises...mmmm
very very depressed.....
Clause 23 of the new Constitution :
The RE is entitled to a fee equal to 0.7% p.a. of the value of the total funds under management as determined with reference to the preceding month and the most recent audited accounts. This fee will be calculated and payable monthly in advance. This remuneration accrues from day to day.
My assumption is that the number of units on issue would be determined by looking at the preceding month and their value would be determined by looking at the value as per the last audited accounts.
The next audited accounts will be done for the half year ended 31st Dec.2008 and will probably be finalised end of March going by past accounts. Therefore, WC will be paid a fee based on 45c/unit at least until end of April 2009 and it wouldn't surprise me if they backdate their fee to June 2008 when they took over - they're technically entitled to it.
Personally, I much preferred the old Constitution and the old fee structure. No profits - No distributions - No fees !
10,270 shares sold at 15cents (drop of 67% on previous close)
see : http://www.nsxa.com.au/prices_alpha.asp?nsxcode=PIN
Premium Income Fund
Tax Statement Clarification – 27 October 2008 Wellington Capital Limited has engaged KPMG as taxation advisers in relation to the Premium Income Fund.
To assist individual investors in completing their 2008 income tax returns,
:microwave ! ! !
Hi John,
I wonder whose head you are intending to place into the microwave ??? LOL...
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