Wellington Capital PIF/Octaviar (MFS) PIF

http://www.nsxa.com.au/ftp/news/021722821.PDF

ALF PIF FAILS TO DESPATCH OFFER DOCUMENTS
The Bidder’s Statement and Takeover Offer served on Wellington Capital Limited in its capacity as
Responsible Entity of the Premium Income Fund on 17 May 2010 has not been despatched by the Bidder to
all unitholders in the Premium Income Fund as is required by Section 633 of the Corporations Act.
The Corporations Act requires that a Bidder’s Statement and Takeover Offer be despatched within 28 days
of it having been served on the Target. By not despatching its Offer, ALF PIF Finance Limited is in breach
of Section 633 of the Corporations Act, a section which requires strict compliance.
Managing Director, Jenny Hutson said:
‘The Bidder has failed to comply with its obligations under the Corporations Act. The Bidder’s Statement
and Takeover Offer which we received on 17 May 2010 is now unable to be despatched to unitholders in
accordance with the law as the Bidder has failed to comply with the timetable in Chapter 6 of the
Corporations Act.
Unitholders should not act on any communications received from the Bidder’ she said.

ALF PIF FAILS TO DESPATCH OFFER DOCUMENTS



Reminds me of the Michael Caine movie ------ "what's it all about ALFie???"

Bentley's Public examinations which resumed today will continue all this week with former MFS directors being examined. Nothing next week, will be a break, resuming the following week with David Anderson. Cheers, Seamisty

The daily quantity of news for PIF investors is unpredictable. Today, after a dearth of reported events, the whirligig starts up again. King speaks to the press, (surprisingly) Mr Adams of Dubai is to appear here this week and ALF apparently doesn’t meet a critical deadline. An interesting enough Tuesday. Let's have more of them.

MFS directors were still making deals through the investment group's companies over a year after it collapsed, Fairfax media reports.

The New South Wales Supreme Court was told that at one stage, a third of a company was given to one of the directors for free, Fairfax reports.

Full article
http://www.businessspectator.com.au...apse-re-pd20100616-6FQGQ?opendocument&src=rss

Deals made after collapse, court told KATE LAHEY
June 16, 2010



As examinations by the liquidator Kate Barnet resumed in the NSW Supreme Court yesterday, two former directors, Paul Manka and Christopher Eldridge, were questioned about the sale of MFS Alternative Asset Limited last year.

In June the former MFS chief financial officer, David Anderson, asked Mr Manka and Mr Eldridge, directors of McLaughlin Financial Services, an original MFS entity, to sell its 33 per cent stake in AAL to Mr Anderson's company, Management Finance, for $1. His company would then bill AAL a $1 administration fee, the court heard.

Full story::http://www.smh.com.au/business/deals-made-after-collapse-court-told-20100615-yde0.html

TO WHOM IT MAY CONCERN.

"Oh it is a tangled web we weave when we practice to deceive" Have faith justice will be done.

charles36 said:

TO WHOM IT MAY CONCERN.

"Oh it is a tangled web we weave when we practice to deceive" Have faith justice will be done.

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It appears that entangled web of deceit is being carefully unravelled charles36!!

Paul Manka doing deals with Anderson 12 months on after the MFS collapse?
I am sure more than one intricate deal will be revealed in due course.

The trough is all but empty, pigs squeal louder than ever when they think they are deserving of another feed.
A bit hard to distance oneself from that once full trough when the fat bellies are still evident I would think?:headshake Bring it on!!

Seamisty

I don't know if any other PIF investors have followed the Reef Cove Resort fiasco in Cairns?

MFS defaulted on providing ongoing financial support when the :fan .I never quite got to the bottom if it was a PIF asset or had some link to OPI or just what the connection was but here is an interesting development!!! Maybe Mr Byrnes associates could see better value here than the poor depleted PIF? This particular development has had huge problems with environmental groups, I think even Garrett poked his nose in at one stage. I also note that MFS blamed the Global Financial Crisis for not being able to provide the extra funding in 'late 2007'. WELL, we all know that is not quite correct!!!

Seamisty



ALF Group Holdings AG – Major Distressed Property Acquisition and Profit Upgrade

Sydney, Australia 14th June 2010 - ALF Group Holdings AG (ISIN: CH0044678180 / symbol: AG1) is pleased to confirm the following:

1. Major Distressed Property Acquisition

a wholly owned subsidiary, ALF Property 1 Pty Ltd, has agreed to resolve the matter by the acquisition of the underlying assets at a 95% discount to the current debt. A purchase contract with the receiver for Reef Cove Resort Pty Ltd has now been accepted and executed.

In 2006, Cairns City Council consented to give Reef Cove Resort a development approval for a subdivision of 102 residential lots, 20 supa lots which are each individual large development sites in themselves, including areas for a resort hotel, townhouses, and resort village infrastructure on False Cape, which marks the eastern boundary of Cairns Harbour. On completion it is expected that there will be accommodation for over 1,500 people.

The claim originated when a funder advanced over AUD$ 60 million (inclusive of fees and interest) to a property developer, to fund a beachside development (Reef Cove Resort) with an end value of approximately AUD$ 120 million. Upon request for a further agreed drawdown, the funder (MFS) defaulted in late 2007 as it was unable to provide the balance of the funds that it had previously agreed to provide under the terms of the loan agreement due to the Global Financial Crisis. In 2009, both the funder and the borrower were placed into liquidation.
The matter has now been resolved by ALF Property 1 Pty Ltd entering into a contract to purchase the land (including existing improvements) for a total price of AUD$ 3million.


Article continues:::http://www.irw-press.com/en/news_9464.html

OOPS!!Spoke too soon!! Still interest from ALF PIF!! Seamisty


http://www.nsxa.com.au/ftp/news/021722823.PDF

JohnH said:

ALF PIF FAILS TO DESPATCH OFFER DOCUMENTS



Reminds me of the Michael Caine movie ------ "what's it all about ALFie???"

Click to expand...

Didn't realise until I looked up the words, how appropriate they were!!!

What's it all about, Alfie?
Is it just for the moment we live?
What's it all about when you sort it out, Alfie?
Are we meant to take more than we give
Or are we meant to be kind?
And if only fools are kind, Alfie,
Then I guess it's wise to be cruel.
And if life belongs only to the strong, Alfie,
What will you lend on an old golden rule?
As sure as I believe there's a heaven above, Alfie,
I know there's something much more,
Something even non-believers can believe in.
I believe in love, Alfie.
Without true love we just exist, Alfie.
Until you find the love you've missed you're nothing, Alfie.
When you walk let your heart lead the way
And you'll find love any day, Alfie, Alfie
would you tell me what's it all about?
what's it all about? Alfie, Alfie, Alfie.
What's it all about? Whats this all about?
what's it all about Alfie? tell me
what's it all about Alfie? what's it all about Alfie?
just tell me yeah. what's it all about?
what's it all about?

Good morning all. Not surprisingly we have the following article in todays Gold Coast Bulletin in relation to the ALF PIF take over bid. I nearly did a JohnH and choked on my cup of tea when I read "This is unfair, unreasonable and not in any way in the interests of PIF unitholders," said Ms Hutson.

She said unitholders who had contacted her office were 'distressed' that such a bid could be made and 'they don't propose to accept it'.

Ms Hutson said the original bidder's statement contained 'significant omissions and inaccurate statements'.
Full article in the link below:
http://www.goldcoast.com.au/article/2010/06/17/228951_gold-coast-business.html

How many existing Wellington Capital Premium Income Fund unit holders feel the same way under current management would you think Ms Hutson?

How many original statements contained in the Wellington Explanatory Mamorandum and verbally diarrheared oops, I mean delivered at the travelling road shows in person by WC were never forthcoming and were grossly inaccurate? Not to mention transparency etc. I can't imagine the ALF PIF offer will be accepted by PIF investors because it is a crap offer in my opinion but also why would PIF investors jump out of the fire into the frying pan? Every dog has their day and I think I can hear some faint barking in the background.

Shame on the Qld papers/journalists for not covering the current Bentleys public examinations where the real news is which may well deliver some positive results /news for PIF investors, but it is blatantly obvious our plight and personal concerns are of no particular concern.
Seamisty

There doesn't appear much in the media today in relation to yesterdays public examinations.

According to this report Phil Adams will be questioned on Friday. Seamisty
http://topnews.co.uk/26793-mfs-founder-ready-be-grilled-liquidator

The liquidator, Kate Barnet, from Bentleys Corporate Recovery, is all geared up to grill Mr Adams in the New South Wales Supreme Court on coming Friday, although he was not entailed in the Australian Securities and Investments Commission case, which was against the former MFS director and the executives in the Queensland Supreme Court. Such cases, involves MFS co-founder Michael King, centre of the loan transfers.

http://www.smh.com.au/business/in-a-constant-state-of-excitement-20100616-ygeg.html


'Jenny Hutson, was more than happy to add more details left out of the original bid.

Enclosed with her rejection letter, were two press releases from the Australian Securities & Investments Commission dating back to 1999 and 2006'.

I can hardly contain my excitement (NOT!!) over this article::
http://au.ibtimes.com/articles/2908...ndustry-to-provide-credentials-to-clients.htm


'According to the Financial Services Institute of Australia (Finsia), the Financial Services Professional credentials (FSP) will modify performances, professionalism, and standards of conduct in the sector.'


'What this credential is going to do is drive very powerful social norms, and will bring forward a credential that mum and dad investors and employers and regulators can have confidence in,” Dr. Fahy told AAP'


Confidence. HMMMNN, I think that means something to do with 'faith' and 'trust'.

I think it will be a long time before thousands will ever regain any 'confidence' in financial services and products no matter how much training is provided.

Seamisty

I wonder how much this ALF bid will coat us in expenses such as mailouts, colour printing, legals etc. That aside, the bid at least stirs WC into some action and probably lots of deep thinking. As for the Gold Coast Bulletin report about “distressed” PIF investors phoning in about the bid...WC shouldn’t read into such communications any sign of mass support for their inglorious performance since taking charge of PIF .

selciper said:

I wonder how much this ALF bid will coat us in expenses such as mailouts, colour printing, legals etc. That aside, the bid at least stirs WC into some action and probably lots of deep thinking. As for the Gold Coast Bulletin report about “distressed” PIF investors phoning in about the bid...WC shouldn’t read into such communications any sign of mass support for their inglorious performance since taking charge of PIF .

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selciper I bet the number of 'distressed' PIF investors in relation to the ALF PIF bid pale into insignificance to the amount of investors calling Wellington Capital Limited, not only 'distressed' but totally 'devastated' asking where their distribution is, who now know they have been well and truly 'duped' by our current manager!!! As for the Gold Coast Bulletin, do they give a rats rs to what PIF investors think?? Did thay even actually contact one single PIF investor and ask an opinion? Maybe Mr Nicholls sent an email to the PIF IAC for a report on current investor sentiment since they are our contact point?

The whole PIF is nothing short of a fiasco, more so now when there is no explanation apart from current management for its non performance and falling unit/asset value. How much has Wellington Capital Ltd cost us? Approx $150million plus what wasn't generated to pay the 'distribution'?

I imagine James Byrnes would not be happy with WC either!!!:bbat:

Seamisty

seamisty said:

selciper I bet the number of 'distressed' PIF investors in relation to the ALF PIF bid pale into insignificance to the amount of investors calling Wellington Capital Limited, not only 'distressed' but totally 'devastated' asking where their distribution is, who now know they have been well and truly 'duped' by our current manager!!! As for the Gold Coast Bulletin, do they give a rats rs to what PIF investors think?? Did thay even actually contact one single PIF investor and ask an opinion? Maybe Mr Nicholls sent an email to the PIF IAC for a report on current investor sentiment since they are our contact point?

The whole PIF is nothing short of a fiasco, more so now when there is no explanation apart from current management for its non performance and falling unit/asset value. How much has Wellington Capital Ltd cost us? Approx $150million plus what wasn't generated to pay the 'distribution'?

I imagine James Byrnes would not be happy with WC either!!!:bbat:

Seamisty

Click to expand...

It would be difficult to argue against your summary. One benefit we are deriving from the present whirlpool of events is the increasing appearance of the acronym “PIF” in broadsheets. This may mot be so welcome in certain quarters.

selciper said:

It would be difficult to argue against your summary. One benefit we are deriving from the present whirlpool of events is the increasing appearance of the acronym “PIF” in broadsheets. This may mot be so welcome in certain quarters.

Click to expand...

Especially when it is accompanied with the rest of its management team selciper, WELLINGTON CAPITAL LTD. The current RE can change the Fund name as often as it likes, but hit, **** or bust, the former and current RE performance will always be on record for its achievements (or lack of). The best thing about the internet is the ability to research info and record data !!! The down side is that anyone can pump up their credentials and post incorrect info.

At the end of the day, its transparency, performance and honesty that counts, online or off. Wellington Capital Ltd are obviously in denial if they even remotely think they still have a dedicated following of loyal subjects. Just because there remains a few persistant diehards regurgitating the same old rhetoric on here does not necessarily mean that it is a minority of PIF investors who remain dissatisfied with the current RE, far from it.
Actually, I don't think it is normal dogs I can faintly hear barking in the distance, (even above the pigs squealing), no, I think it is bloodhounds, hopefully they are getting closer!!

Seamisty

The saga continues. Who does David Anderson think he is!! I pity his new employer, people have LONGGGGGGGG memories and mud sticks!! Seamisty

DAVID ANDERSON, the former chief financial officer of the collapsed investment group MFS, has refused to provide a statutory declaration of his personal finances to liquidators, declaring he does not want the ''homework'' it would involve.

Full Article::

http://www.smh.com.au/business/director-offers-guesses-20100617-yjuq.html