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Wellington Capital PIF/Octaviar (MFS) PIF

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What was that battle cry from Bingle: "W.........the.............hell are you"?
I recall times when moderators on this thread used to intervene for grammar infringements, let alone for name calling.
Here we have a blatant smirch, discrediting one of our hard working support groups as "scam", and no reaction whatsoever.
There needs to be in the interests of Public Health, when one considers all the heart pulses raised in these past 3 days.

Regards
 
So as not to give anybody a heart attack, The PIF pro action group 'PIF Initiative' is a responsible bunch of people looking after the interest of their holdings and watching over the welfare of others. Somehow, it seems that the email, chain mail was compromised. I understand that they have plugged the leak.
I have spoken with several members and they are all looking at ways to get the best for unit holders

James W Byrnes
 
The rumour mill is not in overdrive, it’s in Hyper drive.
I have been advised by unit holders and forum contributors that they have very great concerns about JH.
I want to hear all unit holders concerns; I want to know every issue that investors think has happened
More importantly, if you have some proof or substance I would appreciate the info.
Several people have said they made complaints to the NSX and ASIC and others. Complaints must be backed with supporting evidence....
Don’t blog it...we will be shut down my email is j.byrnes@alfpl.com
Alternatively, go to www.alfpf.com.au, sign up log on,
 
from the companies constitution

Preference shares
(a) The Company may issue preference shares including preference shares that are, or at the
option of the Company are, liable to be redeemed.
(b) Holders of a preference share have the right to vote at any general meeting of the
Company in each of the following circumstances and in no others:
(i) during a period during which a dividend (or part of a dividend) in respect of the
share is in arrears;
(ii) on a proposal to reduce the Company’s share capital;
(iii) on a resolution to approve the terms of a buy back agreement;
(iv) on a proposal that affects rights attached to the share;
(v) on a proposal to wind up the Company;
(vi) on a proposal for the disposal of the whole of the Company’s property, business
and undertaking;
(vii) during the winding up of the Company; and
(viii) subject to the Listing Rules, in any additional circumstances specified in the
terms of issue of such preference shares by the Company relating to the share on
its allotment and issue.
(c) Holders of a preference share will be entitled to:
(i) a dividend in preference to holders of ordinary shares; and
(ii) a return of capital in preference to holders of ordinary shares when the Company
is wound up.
(d) Holders of preference shares have the same rights as holders of ordinary shares in
relation to receiving notices, reports and audited accounts, and attending general
meetings of the Company.
Whittens Lawyers and Consultants | Constitution of ALF PIF Finance Limited 14
2.4 Variation or cancellation of rights
(a) Subject to the Listing Rules, if at any time the share capital of the Company is divided
into different classes of shares, the rights attached to shares in any class of shares (unless
otherwise provided by the terms of issue of the shares of that class) may, whether or not
the Company is being wound up, be varied or cancelled by special resolution of the
Company and:
(i) by special resolution passed at a meeting of the class of Members holding shares
in that class; or
(ii) with the written consent of Members with at least 75% of the votes in the class.(b) The provisions of this Constitution relating to general meetings apply, with necessary
amendments, to each separate meeting of members holding a class of shares, except that:
(i) a quorum is constituted by at least two (2) persons holding or representing by
proxy not less than one third of the issued shares of that class or, if there is only
one (1) holder of shares of that class, that person; and
(ii) any holder of shares of that class present in person or by proxy may demand a
poll.
(c) The Company must give written notice of the variation or cancellation to the Members
of the class within seven (7) days after the variation or cancellation is made.
(d) The rights conferred on the holders of shares in any class are not altered or abrogated by
the creation or issue of further shares of the same class ranking equally with or in
priority to the shares already issued, unless expressly provided in the terms of issue of
the shares issued.
 

Unit holders were concerned that ALF PIF major ordinary unit holders could somehow amend the pref share entitlements.
Well as the three founding shareholders have no pref shares then they cannot amend the pref share entitlements.
Additionally there is a deed of agreement executed between the three founding shareholders that is mentioned in the offer.
ASIC would strip the founding shareholders of their interest ( and so they should) if they obtained the company by misleading unit holders
 
Returned from |Telstra Bigpond when I tried to log on to this page:-


What is this page?
Sorry! We could not find www.alfpf.com.au

It may be unavailable or may not exist. Try using the suggestions or related links below, or search again using our web search.
Recent deja vu???
 
simgrund said:
I also tried Armstrong Registry and checked out my holding there. Seems all in order and hope it stays that way till trustworthy resolution comes along.

Thanks Mr. Byrnes for quelling our heart rates with #5685.
Regards
Click to expand...

your welcome .
 

IMLO: I would rephrase that as ASIC could strip the founding shareholders of their interest. Based on ASIC's willingness to go in to bat for us unit holders so far I have strong doubts that ASIC would lift a finger to help us.

Let me remind everybody that the ASIC action against the former RE is crawling along. Those public investigations in the Federal Court are being paid for out of what $ are left in OCV. That is reducing the $ available to be divided amongst the creditors like us. And the only reason the investigation is proceeding is because of the PTQ's persistance. I've seen nothing that indicates ASIC is doing any of the heavy lifting. I.e. ASIC is getting a free ride at our expense. Bunch of lightweights. Easily put off in any fight.

From my perspective the Federal Govt and ASIC themselves have WAY oversold ASIC's capabilities and capacity. Anthony Albanese said on NewsRadio yesterday (something along the lines of): we've been open when we haven't been able to meet our comitments. Says it all really: over promise, under deliver and then apologise. I'm soooooooooooooo over that.

"Preference shares
(a) The Company may issue preference shares including preference shares that are, or at the option of the Company are, liable to be redeemed."

What's stopping the company issuing billions of new preference shares before we get our 15c? Thanks.
 
Article entitled "Jim Byrnes connected to PIF takeover offer" from The Australian Financial Review Wednesday 19 May 2010 attached.

Sorry for the quality of the scanned document; it was emailed to me and I've tried to make it more legible.

Cookie
 
Thanks Cookie. Ms Hutson mentioned 'long suffering unit holders'. No mention that the looooooong suffering is as a direct result of Wellington Capitals inability to deliver on one solitary promised committment as proposed by MS Hutson personally!!! OOPS:bonk: I forgot, we did get an IAC appointed.

Four of the five unfinished projects are now completed after two years. Whoopee, the money should be gushing into the PIF at a great rate of knots (er maybe NOTS!) as a result of this great achievement by our dedicated team of highly skilled professionals

Seamisty
 
Is anybody else having trouble getting on to the NSX site today? I'm being asked for a user name and the rest of the page is nlank..
 
mate i have been burnt twice, the first time by MFS,the second time by WC, on both of those occasions was led up the garden path by a very cunning group of people, it will snow in hell before i am caught again, by trusting my money with another shonky offering,sorry my trust will rest with IMF.
(you can fool some of the people some of the time but you cant fool all of the people all of the time).
 
Hi All, I have been busy with off forum business etc, but it appears there has been some thread intervention by mods as some posts with personal information/data have been removed.
I think WC are obliged to further respond to PIF investors regarding the proposed takeover bid.

While the current ALF bid/offer does not look at all tempting this does not mean that the majority of PIF investors are content with the current resposible entity, Wellington Capital in any context. Don't kid yourself WC, your performance to date is remotely far from promises touted by yourself as being 'acheivable'. Quite the contrary in fact and several issues will continue to be actively pursued, hopefully returning a better alternative.
The ALF offer just draws further attention to us and the abysmal financial state of the PIF directly attributed to current management.
What I do regard as a positive is that some PIF investors are far more dilligent and will never be so easily brainwashed again.

I am sure that in time there will be many more individuals remotely or closely connected to MFS/OCV/WC called to answer questions over PIF related issues.

It is not too late for some to come forward http://www.shoalcoast.org.au/faq/whistle.html) and expose the truth surrounding this sad story, although I personally have little faith in the integrity of past and present fund related employees to do anything but cover their own well paid bums.

Pretty sad really, that humble, hardworking people from all wakes of life, previously considered 'valued investors', showered with attention and promises of accountability, stability and free caps were abandoned so easily by those who appear to have only been interested in the financial rewards associated with 'baby sitting' and exploiting their recruits.
Seamisty

When good people in any country cease their vigilance and struggle, then evil men prevail.
Pearl S. Buck
 
I have been trying for some months now to get a specific answer from WC regarding the election of the IAC. At the outset let me say the performance of the IAC has been somewhat less than spectacular, both updates unsigned and nothing of any consequence posted. I endeavoured to ascertain how the votes were compiled and counted. One email I received informed me that the vote was handled in the same manner as for the election of the RE and change of Constituion etc. To my mind , if that was the case we, that is, unit holders should have been informed by way of a press release prior to the result being officially announced and a memorandum announcing the exact voting results. You will recall the press release attributed to M/S J Hutson some days prior to the meeting of the 18 October, 2008 that the RE received 90% of the votes etc. I questioned this information and was informed that all information relating to the vote for the IAC has been released to unit holders. I again questioned this statement and was "fobbed off" and virtually told to make a complaint elsewhere. I really never felt the IAC were really going to be helpful as there is a shroud of secrecy that prevails, I guess for various reasons but to let interested unit holders who took the time to nominate and vote, at the funds expense of course, should have at least been afforded the courtesy of knowing the actual result of the polling. Where is the secrecy in that, I did not nominate but if I had I would not mind anybody knowing how I polled. The candidates that I have spoken to have certainly not asked for secrecy or privacy in this regard. Perhaps the IAC could turn their mind to ascertaining the results for the unit holders. Now that would be a good exercise for them. I persisted with my inquiries because I believe there is a serious principle of transparency not being applied as promised in the 'EXPENSIVE CARAVAN TOUR' during May, 2008 by M/S Hutson and her team. Any support for this unsatisfactory state of affairs would be much appreciated. CHARLES 36 ORGANISER PIFAG
 
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