Kennas i dont know how you can allow this childish retoric to go on, i havent been reading for a few days, and i cant believe that its gone to the levels of absolute rubbish, which has no bearing upon which the forum was opened for, in my view these people who have hijacked the forum for their own personel reasons are destroying the credibility of the site , its either a group of silly old men and women, or the other end of the scale, a few smart Ar-- young people, who are determined to shut this down, the lot of you if you have nothing to talk about (the PIF? )then find some other avenue for your rubbish, (probably play school) flatback
Duped if you believe the statement that you just made is true( the days of easy cash and minimal disclosure are over ) i tell you what, i have three geese in my yard that lay, gold silver and diamond eggs, which one do you want to buy. as long as there are corporate lawyers,( who will bend every law to suite their own whims) and an asic body that doesnt have the kahoonas to use the power that has been bestowed on them , and there are a group of people (us ) who believe that there are gov agencys to look after us, and unfortunately the white shoe brigade that runs the financial world on the gold coast is allowed to operate as they do ,IT WILL HAPPEN UNTIL I SUCK IN MY LAST BREATH, i liken this form of investment to investing my money into the poker machines,you may say, well you were caught too you know ,and you are right, but because of my age and my health i can guarantee, it will not be physicaly possible for me to ever get caught again, and unfortunately its my wife and her well being that concerns me more than anything.
i have put many threads on this forum trying to instill some sense and order to the retoric that has materialised but to no avail, constantly we hear from the same people cutting and pasteing exerps from papers etc etc, WHY when everything is out of our control. i wont say have a good day , have a bad day like i have to suffer.
It's certainly not a pretty picture at the moment. . I understand that there are legal limitations in this respect, but better communication from the top (yes, the Board too) is essential and urgent. By not doing so, WC's image also loses out in the end.
Those hardship figures are shocking. JH said on the 22 Aug 2008 that WC had a meeting on the 21 Aug to review the hardship cases and that there were just over 160 cases which represented about 15 mill units or 2% of the fund. I was wondering if the Sept vote would impact on the hardship cases being paid and in particular if the buy back going ahead would impact on the hardship cases. JH response was that the hardship cases would be paid before the vote. Now WC are saying they only paid 0.01 percent of the fund to hardship. WC are also saying that now that the constitution has been modified removing redemption clauses that no more hardship cases can be paid - they now advise unit holders sell on the NSX....
Have also just been informed by someone that had received an email from WC, that the hardship cases that were paid out, totalled $51,427.80 in all. That is 114,284 units at .45c.
What a pathetic effort that really goes to show just how unconcerned they were for the struggling unit holders. This amount of money would look insignificant in comparison to the huge PR bill that WC would have accumulated.
There is an answer to this. A new thread called
WC PIF ONLY USEFUL INFORMATION POSTS
OGL (Our Great Leader) has told the NSX conference today that the $9.5m debt to RBOS will be cleared by December and that "this will enable us to resume distributions to unit holders".
I look forward to this coming to pass.
demodocus -
Your information is usually very good. so what's the source of your latest news about the $9.5m? Is it on a website somewhere?
Friday 14 November 2008
Octaviar set to clear debts
by John Wilkinson
Wellington Capital managing director Jenny Hutson said the mortgage fund’s debts should be finally cleared by December.
“Today, the fund has debts of $9.5 million and we hope to repay this shortly,” she told the National Stock Exchange (NSX) conference in Melbourne.
“This will enable us to resume distributions to unit holders.”
Hang on, WC told us that we couldn't be paid the October distribution because settlement on 3 outstanding loans had not occurred.
Who is this refinancing loan with. As Unit Holders we are entitled to know as it is our money that is being used to repay it. What are the terms and conditions of the loan - could it be that WC has breached a condition of the loan enabling the lender to prevent WC from distributing any funds until they are repaid ? (sound familiar !). We are entitled to know the facts about this loan - what are the terms and who is it with (at 20% interest maybe Cash Converters)
When Wellington was invited to become the responsible entity of Octaviar there were two options, a listing or liquidation.
Who invited Wellington to become RE and why didn't unit holders get any information about it.
“But redemptions had to remain frozen if the fund was to continue, otherwise we wouldn’t realise the true value of the assets.”
This is not true, redemptions had to remain frozen until the RBOS loan was repaid - condition of loan empowering RBOS to appoint a receiver if they chose to. (wish they had of).
“We had to change the fund to create liquidity and if we had wound the fund up, investors would only have got a third of their investments back,” she said.
Hang on, where's the liquidity ? And weren't we told that if the unit holders did not vote to list the Fund then WC would liquidate it and we would only get 14c / $1 unit ?
“So we asked then to forego the right of redemption and in three to five years we will liquidate the assets at a better price.”
HANG ON, unit holders weren't told anything about liquidating assets, we were told that the full $1 value would be restored ! If liquidating the assets over 3 to 5 years was the plan, why did we have to list the fund ?
“Our aim is to get the asset backing of the fund back to $1 a share.”
Ohhhh,.....
Hutson said the listing has given the fund transparency while protecting the privacy of the mortgagees.
"transparency" - does that means unit holders have to hunt around the internet to try and get any kind information on what's happening with their investments.
“The listing has also created a platform for the future to protect the investor’s interests.”
How are we protected when market value has now dropped to 20c / unit ?------------------------------------
Source: http://www.moneymanagement.com.au/Article/Octaviar-set-to-clear-debts/430766.aspx
Burnt would you please clarify who edited the article posted by Juan Mortyme? SeamistyDoes this article represent hope ? Represents proof of misleading information if you ask me.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?