Re: Octaviar MFS Premium Income Fund PIF
Hi Selciper,
I agree with you that Stuart Wilson in his article is reporting accurately on PIF investors' present feelings. I particularly agree with his point regarding three strikes
- no disclosure of the accurate value of the fund,
- no distributions,
- and no investor advisory committee.
All of these things were meant to be delivered prior to year end.
Stuart Wilson's reference to ASIC, is in relation to the outcome if PIF investors had of voted against Wellingtons resolutions. That is, if an administrator or receiver had of been appointed, investors may have only got the threatened 14c in the dollar (probably more as administrators have the necessary professional skills to manage funds for the benefit of investors), and as part of the administrators' investigations, the fraud and theft that had occurred would have been uncovered & then referred to ASIC (who may very well have instigated proceedings for prosecution and compensation).
As far as the reference to "fire sale" of assets, how may of the funds assets have been sold at a profit ?? Who knows - this sort of information is not being disclosed.
Danger, to suggest that what was inferred was that ASIC would step in because of a low return to investors is ridiculous. I'm sure that ASIC responds to complaints backed by facts and evidence of breaches of law.
By the way, how does one "research" Wellington's strategies ?
How is it that you are aware of Wellington's strategies and operations ?
Now that the fund is listed, isn't it a requirement that all such information is disclosed to the public via the NSX ?
If Wellington is disclosing certain information privately, then we should all make complaints to the NSX !!!