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Wellington Capital PIF/Octaviar (MFS) PIF

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Re: Octaviar MFS Premium Income Fund PIF

Icee, this means that if property was provided as part or all of the compensation paid, it would be sold by IMF or the representatives of the applicant group at the then current market value on behalf of the Applicants (us) and converted into cash so a cash distribution can be made to all applicants who signed the funding agreement.

As the thrust of our class action is directed at the PI insurers for KPMG and MFS Directors it is unlikely that they would be surrendering property as a settlement of the claim.

However, if our claim was widened to seeking compensation from the Directors personally (where it is proven they traded while insolvent and are thus personally liable) it may be the case that property could form part of a settlement. Fancy a share in a used polo field anyone?

MARCOM
 
Re: Octaviar MFS Premium Income Fund PIF

Marcom,

Thank you for your reply. However, my reading of clause 10.3 is that the Applicant (us) has to pay the lawyers the market value of a non-monetary component of the 'Resolution Sum so received'. It does not specify 'received' by whom. Is this clause meant to cover the situation where, for example, shares are used as part settlement and are paid directly to each applicant rather than to the lawyers? If so, OK but if it covers the situation where shares are given to the lawyers but the applicants have to pay the market value and are then allocated their proportion of the shares, not OK by me.

regards
lcee
 
Re: Octaviar MFS Premium Income Fund PIF

Media Aricle in the SMH of interest for all PIF investors curious as to what the Peacock is up to these days!!! Cheers Seamisty

Feathers fly as Peacock faces putschCBD
August 17, 2009
Michael Evans finds any old political stoush a bit of frivolous fun.

AS FORMER Liberal party pony Andrew Peacock might once have noted, this is a very serious matter.

For the last few years, Peacock has been chairman of oil and gas explorer Amadeus Energy.

But he's found himself in something of a disagreement with a major shareholder - the listed investment company CVC Ltd (not to be confused with privateers of a similar name) - which is sitting on a 5 per cent stake in his company.

Peacock's crew wants to raise $25 million via a placement to institutional and ''sophisticated'' clients of the Perth-based broker Hartleys - but not to existing shareholders.

That hasn't greatly pleased CVC's boss, Sandy Beard, who is keen to point out, ahead of a shareholder meeting to approve the transaction, that the discounted private placement would dilute existing stakeholder somewhat by increasing the number of shares on issue by, oh, a cool 50 per cent.

Beard points out that the issue of new shares at 26c is at a bit of a discount to the 93c of Hartleys' own valuation of the stock and argues that the placement ''constitutes a transfer of wealth from existing shareholders of approximately $43 million''.

And he's not stopping there. Instead, he's asked the company to hold another special meeting to roll the current board, including Peacock.

Far from letting his feathers get ruffled, Peacock's chaps issued a statement pointing out the threats of ''recent global financial instability'' and how everybody else is also raising money while noting the money is needed to ''strengthen the balance sheet''.

A political showdown to woo the hearts and minds of shareholders beckons.

Question being, can a souffle rise three times?
 
Re: Octaviar MFS Premium Income Fund PIF

So Marcom, where are the MFS directors getting it from if it isn't personal? Surely insurance doesn't cover their fraudulent activities...
 
Re: Octaviar MFS Premium Income Fund PIF

seamisty said:
Media Aricle in the SMH of interest for all PIF investors curious as to what the Peacock is up to these days!!! Cheers Seamisty

Feathers fly as Peacock faces putschCBD
August 17, 2009
...
Click to expand...


Seamisty. Have a look at what Stephen Mayne has to say about this latest trend of SPPs. SM even has a shame list. http://www.maynereport.com/articles/2008/03/05-1155-9903.html

Playing one group of shareholders off against another to make capital raising and hence life for the Exec teams easier. Straight forward path-of-least-resistance behaviour. That's the status of business ethics in Australia for you.

Welcome to mixed market capitalism. Pray you've prepared yourselves enough and haven't let yourselves be disarmed. Teach your children.
 
Re: Octaviar MFS Premium Income Fund PIF

marcom said:
Duped re your post #4029 - sounds like misleading and deceptive conduct under the Trade practices Act.

MARCOM
Click to expand...


Absolutely .... but what if MFSIM could argue it was inadvertant? Certainly wasn't out of character. On the balance of probabilities, MFSIM had intention; IMLO. But I'm in a position which has a natural pressure to be biassed against MFSIM.
 
Re: Octaviar MFS Premium Income Fund PIF

Hello selcipher, thanks for the interesting paper. I think that some or all of the MFS/MFSIM Directors and Officers may have something serious to think about over our class action and the coming report of the Octaviar Liquidator.

On your earlier question re a requirement for an AGM, there is no requirement in our scheme constitution. I looked at the Corporations Act and that doesn't seem to extend the requirement to managed investment schemes. It does seem strange that public companies, incorporated bodies and bodies corporate all have the AGM requirement but not funds such as ours.

But if we did have an AGM here's what happens if you get it wrong. This is a video (only 33 seconds) of Fortis's recent AGM in Belgium where shareholders showed their disapproval by throwing shoes at the Chair.

http://www.youtube.com/watch?v=FuVAPQ7UVlQ&feature=player_embedded
 
Re: Octaviar MFS Premium Income Fund PIF

Marcom, Selciper, I was told by WC there will be no AGM this year and we are due an investor update at the end of April. Cheers, Seamisty
 
Re: Octaviar MFS Premium Income Fund PIF

Seamisty, Marcom -

I trust that there's always the option that we could call for an EGM.
 
Re: Octaviar MFS Premium Income Fund PIF

I wonder if we will at least see the financials of the PIF for the year end.
I suppose non of us really want to see how poorly the PIF has performed under the new IM.
Surely now that we are a listed public company on the NSX ,Wellington are compelled to hold an agm , and publicly announce the results for the year.
Strictly speaking we are no longer a fund , as if we were ,then the PIF would of been insolvent.
 
Re: Octaviar MFS Premium Income Fund PIF

Erniel I have been told that the end of year financials should be completed mid Sept. Seamisty
 
Re: Octaviar MFS Premium Income Fund PIF

Thank you Mary for Above.

An article in The Australian today advises ASIC will sue KPMG on behalf of Westpoint investors.
 
Re: Octaviar MFS Premium Income Fund PIF

My information is that Stuart Price has now been served with the Application and Statement of Claim. Regards, Seamisty
 

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