Wellington Capital PIF/Octaviar (MFS) PIF

simgrund · 18 February 2010

Re: Octaviar MFS Premium Income Fund PIF

mellifuous said:
Well, with ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

I wish you all good luck. ..

"I wish you all good luck".
AS in TA TA, TOO ROO LOO, FAREWELL FOREVER,
PARTING IS SUCH SWEET SORROW???

Is this the gist of your yet another denigrading posting?
It may just be the smoking gun Duped was groping for when he said
"There's something about your posts that gets me off side. I don't know what it is."

After this cavalcade of posts, I am sure he (duped) remains in no doubt as to from which direction the unwelcome off-siding originates.
A propos your "I seem to have been attacked when I replied to Duped - he actually asked me a question to which I replied."; the elocution of Mellifuos started earlier with #4838. A friendly attempt at snipping the problem in the bud and which you were magnanimous enough to acknowledge with an apology.
How times have changed.

I take you at your word in wishing us good luck and leaving us to our own devices.

Duped · 18 February 2010

Re: Octaviar MFS Premium Income Fund PIF

I was only trying to help.

In case I have unintentionally mislead:

I'm not convinced that WC can't pay (is legally restricted from paying) the 3c as a return of capital. WC is telling me it will. But others are telling me it can't because e.g. of the way it treats our capital in the PIF accounts or something like that. I guess time will tell. It would be great to know asap so I can do some tax planning.

As for the business plan to grow the fund. I forgot about the Benchmark Asset Allocation on http://newpif.com.au/pifoverview.html. In the latest Update WC said the plan includes rebalancing the portfolio. Sounds reasonable. Is the benchmark balance a good one for us investors? That's another debate and I wouldn't have a clue. Will it attract investors to push up the NSX price and volume? I hope so.

seamisty · 18 February 2010

Re: Octaviar MFS Premium Income Fund PIF

quote Duped "In the latest Update WC said the plan includes rebalancing the portfolio":::

Along with a slightly different wording it has been used numerous times Duped!!!::"rebalancing the asset class allocations of the Fund

Pif update 31 Dec 2009
"rebalancing the asset class allocations of the Fund"

PIF update 31st Aug 2009
Wellington is working to rebalance the
portfolio in a systematic and progressive manner

Pif update 30 April 2009
Wellington is working to rebalance the
portfolio in a systematic and progressive manner.

RESTRUCTURE is another word that has been used since day one. I wonder how the court case is going? Seamisty

simgrund · 18 February 2010

Re: Octaviar MFS Premium Income Fund PIF

Duped said:
I was only trying to help.

In case I have unintentionally mislead:
I'm not convinced that WC can't pay (is legally restricted from paying) the 3c as a return of capital. WC is telling me it will. But others are telling me it can't because e.g. of the way it treats our capital in the PIF accounts or something like that. I guess time will tell. It would be great to know asap so I can do some tax planning.
As for the business plan to grow the fund. I forgot about the Benchmark Asset Allocation on http://newpif.com.au/pifoverview.html. In the latest Update WC said the plan includes rebalancing the portfolio. Sounds reasonable. Is the benchmark balance a good one for us investors? That's another debate and I wouldn't have a clue. Will it attract investors to push up the NSX price and volume? I hope so.

Quite correct Duped, 3 cents and quarterlies of 1.5 thereafter were definitely by way of CAPITAL RETURN.
Page 8, section 4 of Investor Information Forums booklet (Q & A) gives specific definition of 3 c Distribution.
To be recommenced October '08; not backdated; cash payment out of your holding; no longer a % calculation; etc etc. Back then they even provided for these cash payments to be re-invested, which amusingly meant, that you would be given opportunity to decline to receive a cash payment. That's foresight for you!!!
Regards,

seamisty · 19 February 2010

Re: Octaviar MFS Premium Income Fund PIF

ELS fights back to post loss of just $146,000

EARLY Learning Services came close to bouncing into the black in 2009 as its underlying profitability appears to have stabilised.

The Bundall-based childcare operator, which is subject to a $40 million merger with Payce Childcare, delivered a $146,000 loss for the 12 months to the end of December, a marked improvement from the $12.3 million loss in 2008.

That result was hit by massive writedowns in the wake of the collapse of ABC Learning Centres.

Normalised earnings before interest, tax, depreciation and amortisation in 2009 surged to $2.5 million from $72,000, mainly through efficiency gains.

Chairman Tony Hartnell, who will be replaced by Wellington Capital's Jenny Hutson once the merger is approved, yesterday declared the foundations for growth had been laid despite a turbulent 12 months.

Full article

http://www.goldcoast.com.au/article/2010/02/19/190261_gold-coast-business.html

marcom · 19 February 2010

Re: Octaviar MFS Premium Income Fund PIF

Direction from the Federal Court yesterday:

ORDER
JUDGE: Justice Perram
DATE OF ORDER: 18 February 2010
WHERE MADE: Sydney

THE COURT ORDERS THAT:

1. The matter be stood over until 9:30 on Monday 22 February 2010 for judgement.

seamisty · 19 February 2010

Re: Octaviar MFS Premium Income Fund PIF

selciper said:
AWB class action update. SMH this afternoon.

http://www.smh.com.au/business/awb-settles-with-shareholders-20100215-o1ec.html

Another update selciper::

Appeal court hands ASIC a major victory in AWB case
John Durie From: The Australian February 19, 2010 11:15AM
AUSTRALIA'S corporate cop will be able to pursue a second case against former AWB boss Andrew Lindberg after the Victorian Court of Appeal today reversed the original judgement denting the claim.

The move is a major victory for the Australian Securities and Investment Commission (ASIC).

Full article::http://www.theaustralian.com.au/bus...tory-in-awb-case/story-e6frg9io-1225832120227
Still no news on yesterdays class action/Wellington court case.
Cheers, Seamisty

selciper · 19 February 2010

Re: Octaviar MFS Premium Income Fund PIF

Federal Court:

22-Feb-2010 9:30 Judgment Justice Perram

https://www.comcourts.gov.au/file/Federal/P/NSD324/2009/actions

seamisty · 19 February 2010

Re: Octaviar MFS Premium Income Fund PIF

selciper said:
Federal Court:

22-Feb-2010 9:30 Judgment Justice Perram

https://www.comcourts.gov.au/file/Federal/P/NSD324/2009/actions

THE COURT ORDERS THAT:

1. The matter be stood over until 9:30 on Monday 22 February 2010 for judgment

Cheers, Seamisty

marcom · 19 February 2010

Re: Octaviar MFS Premium Income Fund PIF

In the Brisbane Supreme Court - Full Bench Hearing:

RE: OCTAVIAR LIMITED
Justice Keane
Justice Muir
Justice Chesterman
Banco Court
Floor 2 10:15 AM Monday 20/2 2010
(Hearing)

simgrund · 19 February 2010

Re: Octaviar MFS Premium Income Fund PIF

k.smith said:
http://www.smh.com.au/business/colonial-to-shut-852m-mortgage-fund-20100216-o7me.html

".....Colonial First State has told ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
so Colonial First State is not listing their fund, nor is it adopting a Variable Unit Price...
their chief executive believes it is in ALL its investors best interests to shut up shop after it was hit with "rising lending losses"...

Hi k.smith,
Just to clarify mildly the above; it is the mortgage fund that is being wound up.
Other products by Colonial First State continue as before. Is this correct?
Regards, simgrund

k.smith · 20 February 2010

Re: Octaviar MFS Premium Income Fund PIF

simgrund said:
Hi k.smith,
Just to clarify mildly the above; it is the mortgage fund that is being wound up.
Other products by Colonial First State continue as before. Is this correct?
Regards, simgrund

http://www.smh.com.au/business/colonial-to-shut-852m-mortgage-fund-20100216-o7me.html
".....Colonial First State has told investors it plans to shut down its $852 million mortgage fund after it was hit with rising lending losses......"

seamisty · 20 February 2010

Re: Octaviar MFS Premium Income Fund PIF

An interesting read::::

http://www.smh.com.au/business/act-on-frozen-funds-or-taste-grapes-of-wrath-20100219-olrr.html

Extracted from article::::

"Investors in frozen funds have spent too long in limbo. Those fund managers that haven't yet done so need to bite the bullet. They need to determine whether the fund is viable, and if not what they plan to do about it. To be viable, funds will need to attract new investors to replace those who have lost patience and want out regardless. Higgins says some funds have managed this and present good opportunities for investors. But funds that merely maintain the status quo will wither on the vine"

Jadel · 20 February 2010

Re: Octaviar MFS Premium Income Fund PIF

Would you believe I am also heavily invested in this Mortgage fund in my SMSF.

Thank God they are not going to list the assets
.
In one fell swoop the Rudd government has with its ill-conceived bank guarantee totally destroyed the mortgage fund industry

Who it their right mind is ever again going to invest in Mortgage funds , or property development funds for a supposed safe income stream .Even if these funds do decide to pay some sort of dividend there will be few retiree’s who will ever be persuaded to invest into these kind of funds .

The only investors willing to buy into these funds, will be the predatory vultures who can pick up shares for a pittance from distressed investors in the hope of a quick capital gain.

Duped ,it does not make one scintilla of difference what announcement WC makes or how they rebalance the portfolio.

The price on the NSX will never be equivalent to the value of the underlying assets in my or your lifetime.

simgrund · 20 February 2010

Re: Octaviar MFS Premium Income Fund PIF

Jadel said:
Would you believe I am also heavily invested in this Mortgage fund in my SMSF.
Thank God they are not going to list the assets .
In one fell swoop the Rudd government has with its ill-conceived bank guarantee totally destroyed the mortgage fund industry
Who it their right mind is ever again going to invest in Mortgage funds , or property development funds for a supposed safe income stream .Even if these funds do decide to pay some sort of dividend there will be few retiree’s who will ever be persuaded to invest into these kind of funds .
The only investors willing to buy into these funds, will be the predatory vultures who can pick up shares for a pittance from distressed investors in the hope of a quick capital gain.
Duped ,it does not make one scintilla of difference what announcement WC makes or how they rebalance the portfolio.
The price on the NSX will never be equivalent to the value of the underlying assets in my or your lifetime.

Jadel,
How right you are! The only way Rudd government can redeem itself is to provide a realistic safe heaven for retirees savings, other than banks.
I switched to cash days before this announcement.
But I would rather have it continue in the fund albeit at lower earnings but with government protection currently with bank deposits.
Perhaps Wayne Swan could start working on this as his swan song of the future.
Good Luck, and thanks to k.smith for info

simgrund · 21 February 2010

Re: Octaviar MFS Premium Income Fund PIF

http://www.smh.com.au/business/why-did-awb-shareholders-settle-for-so-little-20100219-olx0.html

This article could be of interest to some; definitely for Carneys/IMF
Regards

seamisty · 22 February 2010

Re: Octaviar MFS Premium Income Fund PIF

WC states on their website 'Wellington Capital has total assets under management of more than $1 billion in assets under management'. http://www.wellcap.com.au/profile.html I just did a quick add up of Wellington Capitals Funds under management.

1.Wellington Property Securities Fund comprises Wellington Property Trust and Wellington Property Fund Limited. Units in the trust are stapled to shares in the company and are treated as a single security
The Wellington Property Securities Fund currently has $10 million in funds under management. (this could be less as of now as the $10mill was the original amount invested)

2.Rimcorp Property Limited is a wholly owned subsidiary of Wellington. Rimcorp was established in April 2002 and holds an Australian Financial Services Licence enabling it to be a responsible entity for direct property managed investment schemes.

Rimcorp is the responsible entity of four property trusts, which has $84 million in assets under management. (as at 30 October 2009 -
RG46 Disclosures http://www.wellcap.com.au/index.html I did a rough calculation and came up with the value at that time as approx $71mill)

3. Premium Income Fund value at June 2009 was approx $296mill

Total approx $377mill, a far cry from a billion or did I miss something? Has anyone else done the figures? If these figures are ( approxiamately) correct then WC has a possible impairment well in excess of $600million of the original 'more than $1 billion in assets under management'!!! (Or maybe my maths are really bad!!??) Seamisty

selciper · 22 February 2010

Re: Octaviar MFS Premium Income Fund PIF

That $1b sum is mentioned in the JH March 09 video at the 3 mins 40 seconds mark.

http://www.youtube.com/watch?v=H60lzsGvAW

marcom · 22 February 2010

Re: Octaviar MFS Premium Income Fund PIF

seamisty said:
WC states on their website 'Wellington Capital has total assets under management of more than $1 billion in assets under management'....Seamisty

From http://www.accc.gov.au/content/index.phtml/itemId/815335

What is misleading & deceptive conduct?

There is a very broad provision in the Trade Practices Act that prohibits conduct by a corporation that is misleading or deceptive, or would be likely to mislead or deceive you.

To be misleading or deceptive the conduct must contain a misrepresentation capable of inducing the relevant class into error. Generally, misrepresentations will be false statements of fact.

It makes no difference whether the business intended to mislead or deceive you””it is how the conduct of the business affected your thoughts and beliefs that matters.

If the overall impression left by an advertisement, promotion, quotation, statement or other representation made by a business creates a misleading impression in your mind””such as to the price, value or the quality of any goods and services””then the conduct is likely to breach the law.

I think I have been misled””what can I do?

Any claims or representations made by a business must be accurate and truthful. If you think a business has been dishonest, exaggerated the truth, or created a misleading impression, then you should report your concerns. You may not be the only consumer affected.

I think I was misled about a financial service. Can the Australian Securities & Investment Commission help me?

The Australian Securities and Investment Commission (ASIC) is the consumer protection regulator for financial products and services. ASIC has powers to protect consumers against misleading or deceptive and unconscionable conduct affecting all financial products and services...

Disobey my own decisions, I deserve all your suspicion
First it's yes and then it's no, I dilly dally down to duo
But I got no secrets that I babble in my sleep,
I won't make promises to you that I can't keep
Tim Finn, 'Stuff And Nonsense' (1979)

seamisty · 22 February 2010

Re: Octaviar MFS Premium Income Fund PIF

http://www.nsxa.com.au/ftp/news/021722507.PDF

Litigation Update - Class Action
Mercedes Holdings Pty Ltd & Ors v KPMG & Ors – Federal Court Proceedings NSD324/2009
(‘Class Action’)
A hearing of the Notice of Motion brought by both the current and former responsible entities of the
Premium Income Fund was heard on 18 February 2010. The Notice of Motion sought to have the former
responsible entity (currently the Third Respondent in the class action) discontinued as a party to the court
proceeding pursuant to an agreement entered into between Wellington Capital Limited and the Applicants of
the class action.
Justice Perram today declined to grant approval of the discontinuance sought by the former responsible
entity. As a consequence:
the former responsible entity remains a Respondent in the class action; and
the agreement between Wellington Capital Limited and the Applicants of the class action is at an
end.
Further updates will be provided as the matter progresses.

Wellington Capital PIF/Octaviar (MFS) PIF

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