Wellington Capital PIF/Octaviar (MFS) PIF

[DepressedDad]

Re: Octaviar MFS Premium Income Fund PIF

Yes, Merry Christmas to all. And again a huge heartfelt thank you to those contributors here who are working so hard to unlock so much of the mysteries lurking around and for keeping us informed. You guys rock!!

It's been an interesting journey watching events (& particularly, contributor's responses to events) unfold on here. Because I can't follow all the 'deals' that blur past me, I can't help simplifying it to a basic level where we forget all the technical data & rules, administrative garbage & 'reports'. At a basic level, one investor here trusted $2 million of HIS dollars to supposedly 'experienced, clever, honest, savvy' business people to invest & hopefully grow. Reducing it to a one-on-one level, imagine the two parties sitting in a room, discussing how & where it could be best invested. Imagine lots of discussion, balancing risk & returns and agreeing to constantly monitor the ever changing situation together to be able to react & move with the market. Simple concept really.

Now fast forward to a situation where things start going badly. The same two people presumable are feeling pretty bad. (one more than the other). The one suffering the loss would be somewhat disappointed that the 'adviser' hadn't done a good job. But the important thing now is for the two of them to get together and for the adviser/professional to ensure the investor is aware of current available choices and THE INVESTOR is in on all the following decisions since, after all it is HIS MONEY.

Fast forward again to things now turning really badly. (To put it politely) Now it's REALLY important that COMMUNICATION is excellent & immediate and transparent between the two parties so the adviser/professional can do exactly what the investor wants, because it's STILL HIS MONEY.

Substitute 'investor' for investors, (even though one guy here has actually put in a very significant 2 mill) and that's us and yes we did request help/a service initially to grow our money from some so-called experts. But they need to now show some BASIC human respect in the way they are (NOT) communicating with the 2 million dollar investor & us little guys. It's OUR MONEY. Tell us, ask us if you want to buy, sell merge. BECAUSE IT'S OUR MONEY........

Do others find it flabbergasting,frustrating & incredulous that 'these people' can keep carrying on in their own world, marching to their own tune, without feeling any need to inform or include the investors, in any meaningful way, even though ITS THEIR MONEY???

 

[mellifuous]

Re: Octaviar MFS Premium Income Fund PIF

Merry Xmas and happy new year to all...

I guess you'll all be disappointed with ASIC's latest blunder:-

"... BRENDAN TREMBATH: But first, the corporate watchdog has suffered yet another humiliating legal defeat. The Federal Court today dismissed legal action by the Australian Securities and Investments Commission against the mining magnate Andrew Forrest and his company, Fortescue Metals.

Justice John Gilmour was highly critical of ASIC's conduct. He found there was no basis for its claim Andrew Forrest and Fortescue knowingly issued misleading statements to the Stock Exchange. And he attacked ASIC for making public allegations of deliberate dishonesty against Mr Forrest and his fellow board members without foundation. ..."
http://www.abc.net.au/pm/content/2009/s2779648.htm

If ASIC has so much trouble getting the facts right - what chances have we got in our respective funds?

I'd guess they wouldn't have much time to bother about our funds with all the mess they seem to be making in the courts.

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Merry Xmas and happy new year to all...

I guess you'll all be disappointed with ASIC's latest blunder:-

"... BRENDAN TREMBATH: But first, the corporate watchdog has suffered yet another humiliating legal defeat. The Federal Court today dismissed legal action by the Australian Securities and Investments Commission against the mining magnate Andrew Forrest and his company, Fortescue Metals.

Justice John Gilmour was highly critical of ASIC's conduct. He found there was no basis for its claim Andrew Forrest and Fortescue knowingly issued misleading statements to the Stock Exchange. And he attacked ASIC for making public allegations of deliberate dishonesty against Mr Forrest and his fellow board members without foundation. ..."
http://www.abc.net.au/pm/content/2009/s2779648.htm

If ASIC has so much trouble getting the facts right - what chances have we got in our respective funds?

I'd guess they wouldn't have much time to bother about our funds with all the mess they seem to be making in the courts.

Fortunately we have, Bentleys, IMF and Carney lawyers on the case as well, between them all ( and I do not include our illustrious leader and her token gestures costing PIF investors millions in fees to the likes of McCoughupRobertsons for legal representation!!) we should at least have access to all the facts pertinent to the case. At least ASIC has revealed the extent of the alledged fraud surrounding falsified documents etc relating to the missappropriation of PIF money. Two last quotes from Teddy for the year!!!

Nobody cares how much you know, until they know how much you care.
Theodore Roosevelt

To educate a man in mind and not in morals is to educate a menace to society.
Theodore Roosevelt

'Onwards and upwards'!!! Complacency is a thing of the past. Cheers all, Seamisty

 

[BABIHUTAN]

Re: Octaviar MFS Premium Income Fund PIF

From an article by Scott Rochfort for BusinessDay, December 25, 2009 & relevant to MFS/Octaviar matters/COLOR]
QUOTE

PALM IN A GALE

Philip Adams, the co-founder of the sunken Gold Coast financial engineer MFS (aka Octaviar), could be forgiven for
having a sense of deja vu.
Adams, who left Australia to help MFS's expansion into Dubai before the firm's multi-billion dollar collapse, might be
getting the wobbles living on one of the fronds of the giant man-made palm tree island which juts out of the emirate.
Yesterday Nakheel, builder of Palm Jumeirah, was desperately seeking a reprieve from the repayment of a $US3.52
billion ($3.9 billion) bond issue that is due. At the time of its listing, it was the largest listed sukuk (Islamic bond) on
issue.
Adams, meanwhile, continues to keep a low profile. Last month he was sent a bankruptcy notice from the liquidator
of Lift Capital, McGrathNicol.
Adams and MFS co-founder Michael King took $13.7 million in loans from Lift. Altogether, they had $127.2 million in
margin loans over their now worthless 13 per cent stake in MFS. While King struck a two-year insolvency agreement
with creditors in August to avoid bankruptcy, Adams has so far proved harder to track down.
PRICE IS RIGHT
Adams appears to be struggling to find clientele for his corporate consultancy in Dubai, Agilis Global. The firm still
has Stuart Price listed as its chief executive, despite the former head of MFS's international (aka Dubai) operations
having returned to Australia midway through the year.
Price is now chief executive of the Adelaide law firm Kelly & Co. On the Kelly & Co website Price appears coy about
his recent job history. It notes his time as head beancounter at Elders Rural Bank but makes no mention of MFS,
where he worked for two years before helping set up Agilis.
When the Herald contacted Price he said he was tied up in a business lunch and would have to call back. He failed to
call and also appeared to have his phone on message bank for a large part of yesterday afternoon. UNQUOTE

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

This is not PIF related but interesting. ::::::::::::::::::::::::::::::::::::::;Print Mail Logistics Limited Market Release http://www.nsxa.com.au/ftp/news/021722233.PDF
25 November 2009
Subscription for Minority Interest in Armstrong Registry Services Limited
Print Mail Logistics Limited has subscribed for a minority interest in Queensland based registry
services provider, Armstrong Registry Services Limited.
Armstrong Registry Services Limited provides tailored registry services solutions to listed and
unlisted companies and funds. With talented staff and first class technology, Armstrong Registry
Services Limited is equipped with the resources and skills to appropriately communicate with their
clients' key stakeholders in a personalised and timely fashion.
Managing Director, Nigel Elias said, 'both Print Mail Logistics Limited and Armstrong Registry
Services Limited are in the business of efficient, effective and precise communication. There is a
positive synergy existing between the work undertaken by Armstrong Registry Services Limited
and Print Mail Logistics Limited. This synergy has the potential to create additional income for
Print Mail Logistics Limited'.
For further information please contact:
Nigel Elias
Print Mail Logistics Limited ;;;;;;;


Why have I posted this? Read on my friends. Our JH has been very busy!!!

http://www.nsxa.com.au/ftp/news/021722325.PDF ;;;I think the following are all substantial holders in Armstrong Registry Services Jennifer Joan Hutson is a director of Armstrong Registry Services. She is also a director of Crossborder Investments
Queen Bee Enterprises
FUB Investments Pty Ltd
Wellington Capital LTD::::::::
Details of relevant interestsThe nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantialholder became a substantial holder are as follows:Holder of relevant interestNature of relevant interest (7)Class and number of securitiesArmstrong Registry ServicesLimitedRegistered HolderORD 2,720,000Nigel Benjamin Elias andBenjamin Nissim Elias<Elias Super Fund>Registered HolderORD 110,000Nigel Benjamin EliasRegistered HolderORD 3,290,720Jennifer Joan Hutson<James Andrew Heading A/C>Registered HolderORD 7,000Jennifer Joan Hutson<Thomas William Heading A/C>Registered HolderORD 7,000Jennifer Joan HutsonRegistered HolderORD 7,000Crossborder Investments PtyLtdRegistered HolderORD 140,334Queen Bee Enterprises Pty LtdRegistered HolderORD 7,000FUB Investments Pty LtdRegistered HolderORD 7,000<Wellington Capital LTD Registered Holder ORd 1,500,000

Jenny Hutson from Wellington Capital Ltd has been appointed corporate advisor
Wellington :::Full announcement here http://www.nsxa.com.au/ftp/news/021722273.PDF

17 November 2009
Ms Jane Pollard
Settlements Manager
NSX
Email jane.pollard@tsxa. com. au
Dear Jane
PRINT MAIL LOGISTICS LIMITED (NSXNT) -FORMS 603
I confirm that I am contacting you in my capacity as corporate adviser to Print Mail Logistics Limited.
Print Mail Logistics Limited is due to commence trading on the National Stock Exchange of Australia (NSX)
on Monday, 23 November 2009.
I enclose Forms 603 for the following initial substantial holders:
1. Jeremy Capo-Bianco, Suzanne Capo-Bianco and NSS Trustee Limited as trustees for the Capo-Bianco
Retirement Trust;
2. Landav Pty Ltd;
3. Pumbaa Investments Pty Ltd;
4. Nigel Benjamin Elias; and
5. Armstrong Registry Services Limited.
I confirm that the above listed initial substantial holders are all of the initial substantial holders of the
Company.
Please do not hesitate to contact me or Simone Fraser of my office on sfraser@.wellcap.com.au or
07 3009 9877 inthe event you have any queries in relation to the enclosed documents.
Jenny Hutson

Print Mail Logistics (copy of prospectus http://www.nsxa.com.au/ftp/news/PNT_Prospectus_2009.pdf) is trading on the NSX as PNT and has had 4 trades to date. The listing price was 30cents and It commenced trading on the 23rd Nov 2009 at 33cents. The last trade was for 30cents on the 2nd Dec and there are no current bids.
I can only hope JH finds the time to update the long suffering PIF investors with some efficient, effective and precise communication.
Seamisty

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Hi all PIF Investors and I wish you all good health and better PIF outcomes for the new year.
I received the following from 'Ms Snow' on the 25th Nov 2009:::

Dear Ms Seamisty,

I confirm that your email has been received. The Fund receives a large volume of correspondence, and I apologise for the delay which has occurred in responding to your queries. A reply to your queries will be sent shortly.

Investor Updates are provided for the periods ended April, August and December, and are mailed to investors in the following month. The December update will be release to the market and mailed to investors in January 2010. In the intervening periods, market releases are made via the NSX and also posted on the Fund's website. These market releases are included in the investor updates.

Regards

Caroline Snow
Associate Director

Well my calender says its the end of Dec and no PIF update as yet although there are a few of hours left!!!
Bad enough the quarterly updates mysteriously became four monthly instead of three monthly. Oh well, I guess this could well be my first complaint to ASIC for 2010!!!

Happy New Year all PIF investors :bier: Seamisty

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

“In the end, you make your reputation and you have your success based upon credibility and being able to provide people who are really hungry for information what they want.” (Britt Hulme, US journalist.)

Is anybody listening in a certain boardoom?

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

“In the end, you make your reputation and you have your success based upon credibility and being able to provide people who are really hungry for information what they want.” (Britt Hulme, US journalist.)

Is anybody listening in a certain boardoom?

Reputations are worth nothing if you do not live up to them, whether they are earnt or self professed in my opinion. What matters are results based on promises and projections from supposedly qualified experts and if they are not forthcoming then reputations can be reassessed and judged accordingly to performance. From a PIF investors point of view WC has delivered nothing but empty promises and to add insult to injury it appears investors are being punished by Wellington Capital by way of lack of communication!! It is not our fault you did not live up to investor expectations and you failed to deliver. Obviously it is even too much to expect a four monthly update on time ( rather than the original three monthly one promised.) When does the IAG meet and report back to investors? What a joke!!! Yep, sure I am cynical, but just expressing my opinion as I see it, Seamisty://www.wellcap.com.au/articles/About%20Wellington.pdfWellington Capital has a reputation for high standards of client service, innovation and devising successful
commercial solutions to complex issues.
Our growth has been fuelled by strong, long standing relationships which have been built on trust, a commitment
to delivering commercial advice and focusing on helping clients and investors achieve their long term corporate
and growth aspirations.

 

[JohnH]

Re: Octaviar MFS Premium Income Fund PIF

Reputations are worth nothing if you do not live up to them, whether they are earnt or self professed in my opinion. What matters are results based on promises and projections from supposedly qualified experts and if they are not forthcoming then reputations can be reassessed and judged accordingly to performance. From a PIF investors point of view WC has delivered nothing but empty promises and to add insult to injury it appears investors are being punished by Wellington Capital by way of lack of communication!! It is not our fault you did not live up to investor expectations and you failed to deliver. Obviously it is even too much to expect a four monthly update on time ( rather than the original three monthly one promised.) When does the IAG meet and report back to investors? What a joke!!! Yep, sure I am cynical, but just expressing my opinion as I see it, Seamisty://www.wellcap.com.au/articles/About%20Wellington.pdfWellington Capital has a reputation for high standards of client service, innovation and devising successful
commercial solutions to complex issues.
Our growth has been fuelled by strong, long standing relationships which have been built on trust, a commitment
to delivering commercial advice and focusing on helping clients and investors achieve their long term corporate
and growth aspirations.

............. and we still believe in fairies??????????:cuckoo:

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

This Wikipedia rundown chronicles the demise of MFS. There appears to be no entry in Wiki for WC. (The Wiki KPMG section gives a useful overview the auditor's history and operations.)

------------------------------

1999: McLaughlins Financial Services Limited, founded by Michael King, receives ASIC AFSL 227010
June, 2000: Acquires Noosa Junction Shopping Centre
November, 2000: Launches MFS Premium Income Fund
July, 2001: Acquires MFS Leveraged Investment and Securities Trust
2002: MFS subsidiary, McLaughlins Financial Services Limited acquires over AUD$250 million of real estate assets
2003: MFS subsidiary, McLaughlins Financial Services Limited, acquires property at Queen Street, Melbourne and retail premises of Louis Vuitton at the intersection of Collins and Russell Streets.
March, 2004: MFS subsidiary, McLaughlins Financial Services Limited, acquires a number of homemaker centres in Queensland and New South Wales.
May, 2004: Acquires the AAE group of companies, which owns and operates the Victorian ski field businesses at Mount Hotham and Falls Creek
September, 2004: Acquired approximately 18.5% of the ASX listed BreakFree Limited.
October, 2004: MFS Premium Income Fund was sized at approximately $440 million
January, 2005: Re-lists a restructured MFS group on the Australian Stock Exchange (ASX) and announces merger with BreakFree Limited.
February, 2005: reaches 50.1% interest in BreakFree Limited
March 2005: acquire luxury accommodation group Peppers Leisure Limited and the Sheraton Mirage Resorts located on the Gold Coast and Port Douglas.
April 2005: BreakFree expands into Queenstown
May 2005: Completed BreakFree Limited merger
June 2005: HFA Asset Management announces the closure of its HFA Octane Fund Series Two which attracted over $90 million in investments.
July 2005: MFS wins the 2005 Hotel Investor of the Year Award for the Sheraton Mirage Resorts
September 2005: MFS subsidiary, McLaughlins Financial Services Limited is appointed the Responsible Entity for the PH Sydney Hotel Trust and the Challenger Howard Property Trust. The major asset of the Trusts is the Park Hyatt Hotel on Sydney Harbour.
October 2005: MFS launches a golf industry investment fund in conjunction with its title sponsorship of the 2005 MFS Australian Open.
February 2006: The MFS Living and Leisure Trust (MPY) announced that it has acquired the Melbourne based Oceanis Group, the world’s largest aquarium owner and operator.
January 2008: After a capital raising proposal is not well received by the market the company's shares are suspended and the CEO resigns.
September 2008: After a proposal to major creditors fails to get acceptance the Directors appoint voluntary administrators to the group with the aim of trying to reach an accommodation with the majority of creditors through a Deed of Company Arrangement.
August, 2009: Octaviar Limited is placed in liquidation.
November, 2009: Supreme Court of Queensland launches lawsuits againt former directors, among others founder Michael King, for illegally withdrawing AUD$130 million from the Premium Income Fund of which MFS Investment Managment was in control.
--------------------------------------

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

:topic:topic A bit of interesting reading while we are waiting for our Dec PIF update!!! Seamisty

Di Fingleton sues her lawyers for $20m
Michael McKenna From: The Australian September 20, 2008 12:00AM
FORMER Queensland chief magistrate Di Fingleton -- jailed for six months in 2003 after being wrongly convicted of threatening a subordinate -- is suing her star-studded defence team for almost $20 million after it took a High Court appeal to determine she should never have been charged.

The lawyer and author, who has since been returned to the magistracy on the Sunshine Coast, has taken aim at some ofAustralia's most distinguished legal brains -- including state Solicitor-General Walter Sofronoff -- after she was jailed despite being immune from prosecution under the Magistrates Act and Queensland Criminal Code.

The prosecution was overseen by then director of public prosecutions Leanne Clare, who was later elevated to the District Court bench.

It proved to be a huge embarrassment to the Queensland legal community after the damning High Court decision in June 2005 -- almost three years after charges were first laid.

Ms Fingleton, who was awarded a $475,000 ex gratia compensation payment in 2005 by the Beattie government, is alleging negligence and/or breach of contract by her defence team, led by one of Queensland's biggest legal firms, McCullough Robertson.

In a statement of claim filed in the Queensland Supreme Court, Ms Fingleton said her solicitors and barristers -- including two Queen's Counsels -- failed to discover her immunity from prosecution during the Crime and Misconduct Commission investigation, committal hearing, two trials and an appeal in Queensland.

Ms Fingleton says she is still receiving psychological counselling over her conviction and imprisonment.

She is seeking damages of $3.2million each from McCullough Robertson, barristers Russell Hanson QC, Walter Sofronoff QC and Glenn Newton (appointed to silk after the case) and solicitor Patrick Murphy for either negligence or breach of contract.

Ms Fingleton is also seeking several million dollars in damages, loss of earnings and legal expenses.

She could not be contacted yesterday by The Weekend Australian but in her claim said she had been humiliated, deprived of her liberty and proper medical care in jail, and robbed of future promotion to the industrial commission.

Appointed Queensland's chief magistrate in 1999, Ms Fingleton became Australia's first serving magistrate to be jailed when she was found guilty in June 2003 of retaliating against Basil Gribbin, the co-ordinating magistrate at Beenleigh, south of Brisbane.

The case centred on an email Ms Fingleton sent -- which she claims was written with the advice of McCullough Robertson -- to Mr Gribbin on September 18, 2002, asking him to show cause within seven days why he should not be sacked.

Mr Gribbin had produced an affidavit in support of another magistrate, Anne Thacker, who was fighting a transfer, ordered by Ms Fingleton, from Brisbane to Townsville.

She was investigated by the CMC and charged by the DPP with threatening retaliation against Mr Gribbin and an alternative charge of attempting to pervert the course of justice.

In May 2003, a Supreme Court jury failed to reach a verdict. A second jury found Ms Fingleton guilty.

In June 2005, a unanimous decision of the High Court ruled Ms Fingleton should not have been charged with the offence because she was entitled to immunity from prosecution under the Magistrates Act and the Queensland Criminal Code.

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

Anyone have a copy of the PIF PDS dated 13 December 2006? Can you scan and post the section on Fees and Costs.

Ta.

Following article from AFR a couple of weeks ago. I hope some of it will benefit us unit holders. Hope and trust is all we've got because we certainly don't appear to have a business plan.

"Global funds catch the Australian wave
Ben Wilmot

Worldwide investment capital for commercial property will double to $US315 billion ($353 billion) next year as major pension funds reenter the market.
Local property is expected to grab a disproportionate share of the funds as overseas investors view Austrlia as one of the few stable markets globally and see the potential for rental growth as a result of the resources boom.
Real estate group DTZ estimnates $US630 billion will be invested over the next two years. Much of this is relatively certain, with $US535 billion already raised.
Some will be taken out of pension funds but even more is expected to be forthcoming.
DTZ said that as new capital oured into the sector, sentiment shifted from extremely pessimistic earlier this year to be more constructive. It expects buying pressure to emerge in 2010. "The weight of capital targeting rea; estate in the next year is equivalent to $2 of total available capital in 2010 for every $1 of deal volume in the last 12 months," DTZ said.
Asian and European markets are also slated to attract a greater shar of capital. Managed funds are expected to dominate as they account for about 60 pre cent of capital. Othe institutions constitute another 28 per cent, while the remainder has been raised by sovereign wealth funds, German open-ended funds, pubilicly listed companies and private investors.
DTZ regional director, capital markets, Alistair Meadows said that on a regional basis, Australia, alongside Japan and more recently China, was at the top of allocations by global investors.
He said investors were buying Australian office buildings and shopping centres and taking stakes in companies at this low point in the cycle because they could get healthy capital appreciation and income growth.
"Now, instead of chasing opportunistic returns from distressed assets, they're looking at enhanced returns frm more stabilised assets," he said.
DTZ also noted that there was a "comsiderable amount of commercial real estate lending due for refinancing over the nest two to four years".
But it said the amount required by real estate groups to rebuild their balance sheets would depend on government and central bank policies, which would influence bank lending."

Too late for the Sheraton Mirage.

 

[simgrund]

Re: Octaviar MFS Premium Income Fund PIF

Anyone have a copy of the PIF PDS dated 13 December 2006? Can you scan and post the section on Fees and Costs.

May be able to help there duped.
Have 3 PDS, last one sent to me by Mr. Zielinsky in 2008.
It is NOT identified as 13 Dec 06, but page 2 has:
"The size of the Fund at 31 October 2006 was $755,870,765."
so it may be assumed as PDS for the date you require. It has 5 pages on Fees & Costs.
I am unable to scan (HELP utility did not help), but will make copies and mail them out to you.
Let me know.
Regards, simgrund

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

I don't have a copy of the PDS but the 2006 annual report is found here Duped, it may be of some help:::::http://www.nsxa.com.au/ftp/news/021720767.PDF ;;; It won't copy. Cheers, Seamisty

 

[Cookie1]

Re: Octaviar MFS Premium Income Fund PIF

I don't know if it will help, but attached is a copy of the 2 July 2007 PIF PDS. I don't have the Dec 2006 PDS.

Hope it helps!

 

[The Owls]

Re: Octaviar MFS Premium Income Fund PIF

Good morning. I have just received and read the email from Carneys re the class action being organised by IMF. I would appreciate it if someone more informed in these matters could please explain in simple language what it means to the class action.. Is it to our advantage what happened with Multiplex or not. Is it still full steam ahead on the class action with IMF still funding the whole thing. I apprecaite any advice. Enjoy the day ahead.

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Good morning. I have just received and read the email from Carneys re the class action being organised by IMF. I would appreciate it if someone more informed in these matters could please explain in simple language what it means to the class action.. Is it to our advantage what happened with Multiplex or not. Is it still full steam ahead on the class action with IMF still funding the whole thing. I apprecaite any advice. Enjoy the day ahead.

I spoke with Breaker last night Owls regarding the email from Carneys. PIF AG will try and get some clarifications/interpretations today from Carneys and IMF which hopefully will be easier to understand. Alternatively investors could contact the Investor Advisory Committee members to discuss this current issue, Mr Mangan, Ms Woodford or Ms Andrejic at iac@newpif.com.au The answers could be included in the overdue Dec 2009 PIF Investor update or.........maybe not!!! Cheers, Seamisty

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

I found the Carneys email quite complex to interpret. However, the link they give to ASIC is useful as ASIC explain the situation in simpler terms.

 

[atlas1950]

Re: Octaviar MFS Premium Income Fund PIF

Could somebody please post email from IMF.

For some odd reason, I didn't receive mine.

Michael

 

[simgrund]

Re: Octaviar MFS Premium Income Fund PIF

I found the Carneys email quite complex to interpret. However, the link they give to ASIC is useful as ASIC explain the situation in simpler terms.

This yet another maddening example of concepts of Justice in Australian jurisdiction reminds me of case where John Singleton avoided speeding fine by arguing that his Rolls Royce could do so "safely" and the Magistrate accepting that argument.
Here, we, the injured party seek redress and are injured further by the same judiciary entrusted with dispensing Justice.
For our sake let's hope Multiplex digs dip for an Appeal and does not allow such disgraceful precedent to be recorded in the annals of Australian legal history.
That's my view in a nutshell.