Wellington Capital PIF/Octaviar (MFS) PIF
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Re: Octaviar MFS Premium Income Fund PIF
Rick H is an adviser, JohnH is a unitholder. Facts not inaccuracy please. Oh and moderators rule OK.
Rick H is an adviser, JohnH is a unitholder. Facts not inaccuracy please. Oh and moderators rule OK.
Re: Octaviar MFS Premium Income Fund PIF
I did initially ian1328, but have since changed my mind. Perhaps it would be an idea to contact WC as to what their intentions are in regard to the Investor Advisory Committee. Seamisty
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Re: Octaviar MFS Premium Income Fund PIF
Yes there has been one person i know / Dane //
Re: Octaviar MFS Premium Income Fund PIF
If the Bond Street claim wins, where do you think the funds will actually come from?
Regards, RickH:couch.
Hi Burnt,
If the Bond Street claim wins, where do you think the funds will actually come from?
Regards, RickH:couch.
communique
From one to another
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Re: Octaviar MFS Premium Income Fund PIF
My vote is for Dora. Dora is always objective, analytical and doesn't waffle. Despite what some contributors have said, I don't believe Dora's intent is to permanently stick the n'boots into WC - rather to ensure protocol, regulation and promised results are adhered to. As far as I'm concerned that is good representation.
My vote is for Dora. Dora is always objective, analytical and doesn't waffle. Despite what some contributors have said, I don't believe Dora's intent is to permanently stick the n'boots into WC - rather to ensure protocol, regulation and promised results are adhered to. As far as I'm concerned that is good representation.
Re: Octaviar MFS Premium Income Fund PIF
If the Bond Street claim is successful, this would mean that the RE was in breach of the funds constitution by not paying the redemption. I'm sure PIF constitution doesn't allow costs to be taken from the Fund where this is the case. I could be wrong though.
If the Bond Street claim is successful, this would mean that the RE was in breach of the funds constitution by not paying the redemption. I'm sure PIF constitution doesn't allow costs to be taken from the Fund where this is the case. I could be wrong though.
Re: Octaviar MFS Premium Income Fund PIF
Dear Communique
There appears to be two problems PIF AG and PIFI of which I am a member of.
Without their official nomination it is all meaningless.
So individual nominations may take us nowhere and all the goodwill to go forward may be lost.
However recommendations must be seriously considered by the AG groups and be acknowledged as you present correctly in my mind.
Regards
Splitpin
Dear Communique
There appears to be two problems PIF AG and PIFI of which I am a member of.
Without their official nomination it is all meaningless.
So individual nominations may take us nowhere and all the goodwill to go forward may be lost.
However recommendations must be seriously considered by the AG groups and be acknowledged as you present correctly in my mind.
Regards
Splitpin
Re: Octaviar MFS Premium Income Fund PIF
Dear Seamisty
In that you have previously indicated your willingness to communicate with WC, would you please request and advise us of WC progress on this issue.
Regards
Splitpin
Dear Seamisty
In that you have previously indicated your willingness to communicate with WC, would you please request and advise us of WC progress on this issue.
Regards
Splitpin
Re: Octaviar MFS Premium Income Fund PIF
Sorry Splitpin, I'd actually prefer to pass on this one, I fully endorse what ian1328 proposes and I hope if he/she achieves this objective. Because of my previous willingness to communicate with WC I have been called a 'dictator, puppet, WC employee, JH's personal assistant,'and numerous others, so I am not prepared to source further information and post it publically until such times as it is fully appreciated and recipricated. Every unitholder has access to any information that is available to myself by doing what I do, and that is by e-mailing WC or calling the hotline. There has been in excess of 1100 hits to this thread in the last 24hours, surely the responsibility of sourcing information can be a bit more evenly distributed amongst unitholders. I am actually dissapointed at how little response ian has got. Seamisty
Re: Octaviar MFS Premium Income Fund PIF
Dear Seamisty
It was a simple request for communication with senior management of which you have - no strings attached.
As I recall I have been called worse than you in previous comms.
Please reconsider simple request to WC or maybe somebody will advise same.
Forum will get more hits as only source of information of PIF.
I trust we will keep the forum informative only.
Regards
Splitpin
Dear Seamisty
It was a simple request for communication with senior management of which you have - no strings attached.
As I recall I have been called worse than you in previous comms.
Please reconsider simple request to WC or maybe somebody will advise same.
Forum will get more hits as only source of information of PIF.
I trust we will keep the forum informative only.
Regards
Splitpin
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Re: Octaviar MFS Premium Income Fund PIF
You are not alone Seliper . I have given up trying to get some info on the hot line from them We may have to wait till the ACM in about 11 months time / Dane ///
Re: Octaviar MFS Premium Income Fund PIF
Great Dame - Yes, the so-called hotline has become no more than a chat line, a sort of pseudo therapy session. JH put her hand up to fix things up, but she seems to have overlooked the importance of regular, reliable communication. The Board must also shoulder responsibility for this serious failure.
Re: Octaviar MFS Premium Income Fund PIF
Published 0:04 AM, 22 Nov 2008:::James Thomson
RICH PICKINGS: White shoe shuffle::::They’ve always done things a little bit differently on the Gold Coast. Flash cars, tall buildings, beautiful people, fast money – this flamboyant Queensland city could never be called boring.
But since the 1980s, the Gold Coast business community has fought hard to restore its somewhat tarnished reputation. A few years ago, mentioning the words “white shoes” on the Gold Coast was enough to get you a dirty look and a sharp dressing down. The explosive growth of listed companies such as MFS, City Pacific and Billabong had made the Gold Coast a legitimate business hub.
But just as the white shoe jibes were fading from memory, a series of corporate collapses – including MFS, Asset Loans Group and a string of property projects – have rocked the Coast again.
The credit crunch has not been kind to the city’s entrepreneurs, many of whom used debt to fund the expansion of their empires over the last five years. The losses are mounting.
Michael King and Phil Adams
The co-founders of MFS Group started the rot when their financial services, property and tourism group collapsed in a screaming heap earlier this year. King and Adams started out as lawyers in a Gold Coast firm before expanding into funds management.
In 2007, the pair’s wealth peaked at $370 million, but the credit crunch exposed the company’s debt-fuelled business strategy and the company unravelled in a matter of weeks. Both men could face legal action as a result of the collapse.
Phil Sullivan
The founder of City Pacific resigned in early November after pressure from unitholders and institutional shareholders made his position untenable. It was an ugly ending for Sullivan, who steered the company from a float at $1.10 in 2001 to a peak of $5.39 in October 2006. His fortune, which included a 30 per cent stake in City Pacific, reached a high of $339 million in 2007. Today, that City Pacific stake is worth just $5 million.
Clive Palmer
Palmer made his first fortune selling Gold Coast property before retiring in the early 1980s at the age of 29. His comeback as an iron ore billionaire has been spectacular and the Gold Coast has been a big beneficiary, with Palmer stumping up $5 million for a licence to get a Gold Coast team in A-League soccer competition.
Palmer was valued at $1.5 billion by BRW in May, and it is difficult to judge how much he has lost since then because of the private nature of his empire. However, the value of his stake in Australasian Resources Holdings has fallen from $496 million to around $94 million.
Gordon Merchant
Merchant is the founder of surfwear giant Billabong, which has been one of the best-performing Gold Coast companies in the last decade. Since the start of the year, the company’s shares are down 34 per cent, shaving $156 million of the value of Merchant’s stake, which is down to $303 million.
Soheil and Sahba Abedian
Father and son team Soheil and Sahba Abedian are the largest shareholders in Gold Coast property developer Sunland Group. James Packer also owns a large stake. At the start of the year, the Abedians' shares were worth $231 million, but the shares are down more than 75 per cent and the duo’s stock is now worth just $55 million.
Eddy Groves
Eddy divided his time between Brisbane and the Gold Coast, but his attitude was pure Surfers Paradise. Eddy’s fortune peaked at $325 million; now all he has left is a few property assets. Given his ex-wife Le Neve is suing Eddy for $44 million, he’ll be lucky to hold on to that.
Tony Smith
Fomer AFL footballer Tony Smith sold his tourism business to MFS in 2006 and owned a large stake in the business. After MFS collapsed, Smith was forced to sell parts of his portfolio of prestige property, including a double block on the richest street on the Gold Coast, Hedges Avenue. While he reportedly received a whopping $30 million for the property, most agents said it was worth $50-70 million.
The outlook
Things look pretty ugly on the Gold Coast right now. The mayor is predicting unemployment will rise to 8 per cent in the region and the locals are referring to the abandoned building projects as “bomb sites”. Given the region’s huge dependency on property, financial services and tourism, it could be some time before the Coast’s economy gets back on track.
Not that you can dent the sunny optimism of the region’s entrepreneurs. As Soheil Abedian told investors at Sunland’s recent AGM: “The declinehas come much faster, so the recovery will come much faster.”
Published 0:04 AM, 22 Nov 2008:::James Thomson
RICH PICKINGS: White shoe shuffle::::They’ve always done things a little bit differently on the Gold Coast. Flash cars, tall buildings, beautiful people, fast money – this flamboyant Queensland city could never be called boring.
But since the 1980s, the Gold Coast business community has fought hard to restore its somewhat tarnished reputation. A few years ago, mentioning the words “white shoes” on the Gold Coast was enough to get you a dirty look and a sharp dressing down. The explosive growth of listed companies such as MFS, City Pacific and Billabong had made the Gold Coast a legitimate business hub.
But just as the white shoe jibes were fading from memory, a series of corporate collapses – including MFS, Asset Loans Group and a string of property projects – have rocked the Coast again.
The credit crunch has not been kind to the city’s entrepreneurs, many of whom used debt to fund the expansion of their empires over the last five years. The losses are mounting.
Michael King and Phil Adams
The co-founders of MFS Group started the rot when their financial services, property and tourism group collapsed in a screaming heap earlier this year. King and Adams started out as lawyers in a Gold Coast firm before expanding into funds management.
In 2007, the pair’s wealth peaked at $370 million, but the credit crunch exposed the company’s debt-fuelled business strategy and the company unravelled in a matter of weeks. Both men could face legal action as a result of the collapse.
Phil Sullivan
The founder of City Pacific resigned in early November after pressure from unitholders and institutional shareholders made his position untenable. It was an ugly ending for Sullivan, who steered the company from a float at $1.10 in 2001 to a peak of $5.39 in October 2006. His fortune, which included a 30 per cent stake in City Pacific, reached a high of $339 million in 2007. Today, that City Pacific stake is worth just $5 million.
Clive Palmer
Palmer made his first fortune selling Gold Coast property before retiring in the early 1980s at the age of 29. His comeback as an iron ore billionaire has been spectacular and the Gold Coast has been a big beneficiary, with Palmer stumping up $5 million for a licence to get a Gold Coast team in A-League soccer competition.
Palmer was valued at $1.5 billion by BRW in May, and it is difficult to judge how much he has lost since then because of the private nature of his empire. However, the value of his stake in Australasian Resources Holdings has fallen from $496 million to around $94 million.
Gordon Merchant
Merchant is the founder of surfwear giant Billabong, which has been one of the best-performing Gold Coast companies in the last decade. Since the start of the year, the company’s shares are down 34 per cent, shaving $156 million of the value of Merchant’s stake, which is down to $303 million.
Soheil and Sahba Abedian
Father and son team Soheil and Sahba Abedian are the largest shareholders in Gold Coast property developer Sunland Group. James Packer also owns a large stake. At the start of the year, the Abedians' shares were worth $231 million, but the shares are down more than 75 per cent and the duo’s stock is now worth just $55 million.
Eddy Groves
Eddy divided his time between Brisbane and the Gold Coast, but his attitude was pure Surfers Paradise. Eddy’s fortune peaked at $325 million; now all he has left is a few property assets. Given his ex-wife Le Neve is suing Eddy for $44 million, he’ll be lucky to hold on to that.
Tony Smith
Fomer AFL footballer Tony Smith sold his tourism business to MFS in 2006 and owned a large stake in the business. After MFS collapsed, Smith was forced to sell parts of his portfolio of prestige property, including a double block on the richest street on the Gold Coast, Hedges Avenue. While he reportedly received a whopping $30 million for the property, most agents said it was worth $50-70 million.
The outlook
Things look pretty ugly on the Gold Coast right now. The mayor is predicting unemployment will rise to 8 per cent in the region and the locals are referring to the abandoned building projects as “bomb sites”. Given the region’s huge dependency on property, financial services and tourism, it could be some time before the Coast’s economy gets back on track.
Not that you can dent the sunny optimism of the region’s entrepreneurs. As Soheil Abedian told investors at Sunland’s recent AGM: “The declinehas come much faster, so the recovery will come much faster.”
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Re: Octaviar MFS Premium Income Fund PIF
FLATBACK, BURNT,
PERSONAL THANKS FOR YOUR POSTS 3698 & 3999 RESPECTIVELY.
THIS RESURRECTION OF COMMON SENSE IS COMING JUST IN THE NICK OF TIME.
IT SEEMS THAT A NON-DENOMINATIONAL AND COMMON DESIRE NOW IS TO ESTABLISH 3 MEMBER INVESTOR REPRESENTATION TO jh FOR WEEKLY OR FORTNIGHTLY BRIEFINGS.
LET'S CONCENTRATE ON THIS NOW AND SHOW RESULTS OF SUCH COMMON PURPOSE; BEFORE CHRISTMAS?
FLATBACK, BURNT,
PERSONAL THANKS FOR YOUR POSTS 3698 & 3999 RESPECTIVELY.
THIS RESURRECTION OF COMMON SENSE IS COMING JUST IN THE NICK OF TIME.
IT SEEMS THAT A NON-DENOMINATIONAL AND COMMON DESIRE NOW IS TO ESTABLISH 3 MEMBER INVESTOR REPRESENTATION TO jh FOR WEEKLY OR FORTNIGHTLY BRIEFINGS.
LET'S CONCENTRATE ON THIS NOW AND SHOW RESULTS OF SUCH COMMON PURPOSE; BEFORE CHRISTMAS?
Re: Octaviar MFS Premium Income Fund PIF
Simgrund thank you for your concern, which many have lacked over the past few weeks (in regard to our fund) my reasoning all along has been to try to keep a straight and narrow sensible line on our predicament, for some who haven't read my threads on this forum beyond number 5, surely would have seen that my concerns have always supported (Great Dame ) NO NSX, and for those that shafted me about the 3 ag members being given a chance to speak on our behalf ( which was touted at one of the meetings with JH) it was mentioned!!, my only other very strong feeling was forming an associated group and take control ourselves,(which in the present climate wuold have been a form of harikari) and finally i have never claimed to be a master of investment in funds of any kind, i am just like the rest of us, been hoodwinked by blo--- experts, as this issue we are in, has nothing to do with the global meltdown in the financial world , this came along well before anything started world wide. have a fine day dangler.
Re: Octaviar MFS Premium Income Fund PIF
One of the promises JH made in getting unit holders to vote for her resolutions, was the establishment of a 3 person Investor Advisory Committee. Unit holders nominated for positions on this committee on their proxy forms and the Committee members were to be democratically elected by unit holders.
The purpose of this committee was to ensure investor input into the decision making process of the Fund into the future. Taken from Explanatory Memorandum.
It has been stated here in the past that to press WC on the issue of establishing this committee is innappropriate as it is a minor issue.
Most of us are fed up with the lack of information from WC and what would appear to be a "closed door" policy they have adopted. I don't consider this a minor issue.
I agree with those that want to push ahead and establish a delegation of unit holders to meet with WC. However, it is WC's responsibility to act upon their committment to set up the Advisory Committee and we should push them to do it.
I personally think it would be unfair (and undemocratic) to those unit holders that don't participate on this forum & who may have nominated to be part of the Advisory Committee, for a few forum members to select a delegation of unit holders. It is a possibility that the outcome of this would be that WC would accept this delegation of unit holders as an alternative to the Advisory Committee. We are unsure what the exact rights and powers of the Advisory Committe would have, but at least what we have been told is that it will ensure investor input. What rights & powers will the delegation have, will they be there just to pass on information on behalf of WC ?
I think we should all get on the phone to WC this week and press them for the voting date for members of the Advisory Committee. If we don't push them, it may not happen. Those on the Forum that have nominated for the committee will then have their chance to have a go and we can all let them know what we would like them to do for us.
One of the promises JH made in getting unit holders to vote for her resolutions, was the establishment of a 3 person Investor Advisory Committee. Unit holders nominated for positions on this committee on their proxy forms and the Committee members were to be democratically elected by unit holders.
The purpose of this committee was to ensure investor input into the decision making process of the Fund into the future. Taken from Explanatory Memorandum.
It has been stated here in the past that to press WC on the issue of establishing this committee is innappropriate as it is a minor issue.
Most of us are fed up with the lack of information from WC and what would appear to be a "closed door" policy they have adopted. I don't consider this a minor issue.
I agree with those that want to push ahead and establish a delegation of unit holders to meet with WC. However, it is WC's responsibility to act upon their committment to set up the Advisory Committee and we should push them to do it.
I personally think it would be unfair (and undemocratic) to those unit holders that don't participate on this forum & who may have nominated to be part of the Advisory Committee, for a few forum members to select a delegation of unit holders. It is a possibility that the outcome of this would be that WC would accept this delegation of unit holders as an alternative to the Advisory Committee. We are unsure what the exact rights and powers of the Advisory Committe would have, but at least what we have been told is that it will ensure investor input. What rights & powers will the delegation have, will they be there just to pass on information on behalf of WC ?
I think we should all get on the phone to WC this week and press them for the voting date for members of the Advisory Committee. If we don't push them, it may not happen. Those on the Forum that have nominated for the committee will then have their chance to have a go and we can all let them know what we would like them to do for us.
Re: Octaviar MFS Premium Income Fund PIF
To digress for a moment. This a resume of JH handed out by the Aust. Institute of Company Directors quite some time ago for a function.
JENNY HUTSON
Managing director and founder of Wellington Capital Limited, a merchant and investment bank.
Precis
Jenny Hutson is the managing director and founder of Wellington Capital Limited, a merchant and investment bank.
Wellington Capital has been corporate adviser on over $1.5 billion in projects in the last 12 months. Jenny has led the team on each of these projects.
Jenny also chairs Wellington Funds Management the manager of the ASX listed S8 Property Trust, which owns $118 million of property and the Wellington Property Securities Fund.
Jenny was previously a partner for 10 years in the corporate division of McCullough Robertson Lawyers, which has 31 partners, over 300 staff, and is a top 20 Australian law firm. Jenny headed the Corporate Advisory practice from 2003 to 2006.
Jenny is the former Chairperson of ASX listed company S8 Limited, which is a global integrated travel company. S8 Limited prior to its take over by MFS in December 2006 was capitalised at in excess of $700 million. The group had staff of 2,700
To digress for a moment. This a resume of JH handed out by the Aust. Institute of Company Directors quite some time ago for a function.
JENNY HUTSON
Managing director and founder of Wellington Capital Limited, a merchant and investment bank.
Precis
Jenny Hutson is the managing director and founder of Wellington Capital Limited, a merchant and investment bank.
Wellington Capital has been corporate adviser on over $1.5 billion in projects in the last 12 months. Jenny has led the team on each of these projects.
Jenny also chairs Wellington Funds Management the manager of the ASX listed S8 Property Trust, which owns $118 million of property and the Wellington Property Securities Fund.
Jenny was previously a partner for 10 years in the corporate division of McCullough Robertson Lawyers, which has 31 partners, over 300 staff, and is a top 20 Australian law firm. Jenny headed the Corporate Advisory practice from 2003 to 2006.
Jenny is the former Chairperson of ASX listed company S8 Limited, which is a global integrated travel company. S8 Limited prior to its take over by MFS in December 2006 was capitalised at in excess of $700 million. The group had staff of 2,700
