Re: Octaviar MFS Premium Income Fund PIF
I spoke to WC today. I was told the following;
1. The advisory committee is still planned and will be discussed at the next board meeting in Dec. At present there are over 200 nominees who put their names forward under 'other business' when the 3 resolutions were voted on. Should there be any others who wish to be considered then submit their names directly to WC. A Ballot will be arranged as to who will be the representatives, however, how it will be done is yet to be said. Hence the board meeting.
2.One of the 3 loans which were due to be repaid last month has now been repaid. The other 2 are on track to be repaid in Dec.
3.Daily discussions take place with outstanding debtors, including Raptis.
4.Priority still lies with repaying the 9 million to B of S
5.The second priority is to make a 3c dividend to the unitholders before Xmas.
6. They have diversified the way in which property under their control can be sold. i.e. it has been broken down and is now being sold to individuals who are able to raise money, unlike large corporations who cannot get money from frozen mortagee companies.
7. Financial reports will be made at the end of year showing the current value
8. December is going to be a very busy time with court and hopefully a settlement from Octaviar.
Thats all I can relay. Basically they said they are working hard, some with flood problems, however we must try and be patient.
Its very, very hard to wait I know. But what is the alternative?
I spoke to WC today. I was told the following;
1. The advisory committee is still planned and will be discussed at the next board meeting in Dec. At present there are over 200 nominees who put their names forward under 'other business' when the 3 resolutions were voted on. Should there be any others who wish to be considered then submit their names directly to WC. A Ballot will be arranged as to who will be the representatives, however, how it will be done is yet to be said. Hence the board meeting.
2.One of the 3 loans which were due to be repaid last month has now been repaid. The other 2 are on track to be repaid in Dec.
3.Daily discussions take place with outstanding debtors, including Raptis.
4.Priority still lies with repaying the 9 million to B of S
5.The second priority is to make a 3c dividend to the unitholders before Xmas.
6. They have diversified the way in which property under their control can be sold. i.e. it has been broken down and is now being sold to individuals who are able to raise money, unlike large corporations who cannot get money from frozen mortagee companies.
7. Financial reports will be made at the end of year showing the current value
8. December is going to be a very busy time with court and hopefully a settlement from Octaviar.
Thats all I can relay. Basically they said they are working hard, some with flood problems, however we must try and be patient.
Its very, very hard to wait I know. But what is the alternative?
