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Ignore my last post. I misread the ASIC announcement
Wellington Capital PIF/Octaviar (MFS) PIF
- Thread starter breaker1
- Start date
"10-11CA ASIC says beware of unsolicited offers for units in frozen funds
Tuesday 30 November 2010
ASIC today warned consumers about unsolicited offers to buy units in frozen funds."
A timely warning. David Tweed is on the prowl again! see
http://en.wikipedia.org/wiki/David_Tweed
I doubt though that he will be making any offers for PIF.
Be wary of any correspondence from
‡ Country Estate and Agency Company
‡ National Exchange Corporation
‡ Australian and New Zealand Exchange
‡ National Share Purchasing Corporation Pty Ltd (NSPC)
‡ Direct Share Purchasing Corporation Pty Ltd (DSPC)
‡ Australian Share Purchasing Company Pty Ltd (ASPC)
‡ Prudential Nominees
‡ Colonial Capital Corporation Limited (in New Zealand)
‡ Share Buying Group (SBG) ‡ Hassle Free Share Sales Pty Ltd (HFSS)
Stokes (Australasia) Ltd (SKS)
Tuesday 30 November 2010
ASIC today warned consumers about unsolicited offers to buy units in frozen funds."
A timely warning. David Tweed is on the prowl again! see
http://en.wikipedia.org/wiki/David_Tweed
I doubt though that he will be making any offers for PIF.
Be wary of any correspondence from
‡ Country Estate and Agency Company
‡ National Exchange Corporation
‡ Australian and New Zealand Exchange
‡ National Share Purchasing Corporation Pty Ltd (NSPC)
‡ Direct Share Purchasing Corporation Pty Ltd (DSPC)
‡ Australian Share Purchasing Company Pty Ltd (ASPC)
‡ Prudential Nominees
‡ Colonial Capital Corporation Limited (in New Zealand)
‡ Share Buying Group (SBG) ‡ Hassle Free Share Sales Pty Ltd (HFSS)
Stokes (Australasia) Ltd (SKS)
Thanks for that JohnH, Poor old PIF looks like it has been cast aside by WELLINGTON CAPITAL PTY LTD. It appears now the illustrious PIF non leader Ms Hutson who promised so much and delivered so little has forgotten us and is occupied elsewhere now she has the previous S8 entrepreneur driving force back at the helm of her lastest foray , Chris Scott. Am I missing something or is Wellington Capital boutique investment merchant bank a failure? No website updates, no recent glowing accolades, stuff all, same as we have come to expect from WC in their capacity of RE to the PIF? The saying ' no news is good news' does not seem to equate to the PIF. No news appears to mean WC has nothing to spruick about and is keeping a low profile. UMNN, where are you IAC appointed reps, not one single response or reply to my emails on behalf of Action group members?(who it appears did not appoint you).
Seamisty
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The thing is: who are we going to replace WC with?
The way a numpty like me sees it, and you'll probably all have heard this before from me, is that this capital serfdom is wholly and solely the fault of the Federal Government and ASIC and their peddling in the market. They promised what they couldn't deliver. Why? Because they are conceited and/or foolish. Or worse, preying on us.
The basics of our stock exchanges evolved over centuries in societies long before and far away from Australia. (We imported someone else's expensive learning.)
People are only human. There's information asymmetry, resource asymmetry and ethics asymmetry. So to get money (capital) flowing, investing evolved over a long period of time into stock markets. And it has been a resounding success for humanity. No more pouches of gold (capital) stashed under floor boards. That capital was unleashed more safetly on the world by 100s of millions of citizens making decisions every day. Decisions that were improving their wisdom. And the wisdom of the whole organism grew accordingly.
In exchange for taking the type of risks like us PIF investors did, investors found that they had to demand immediate liquidity in stock markets and have the bid and ask prices made public for all to see. It's that way .... well ..... because .... it needs to be. Harsh but fair price discovery. Let the market decide. Because if you give the company managers an inch, they'll take the whole rope. You can't stand over their shoulders all day. But ASIC cut that feedback loop for us PIF investors. ASIC took price discovery away from us. MFSIM decided what the units are worth. And look where that lead us. Many PIF investors were lucky to get out in time but the rest of us are the collateral damage.
The Federal Government and ASIC believed they were smarter than 100s of years of collective learning. Of course they aren't and have, predictably, failed us. They haven't completely failed though, and I'm not convinced that it wasn't deliberate: they have succeeded in prising open our wallets and get our money flowing through the economy. Misallocated it away from where it would sensibly and more safetly go. (They probably have to pry our wallets open because our capital (savings) is already badly depleted by their taxes.) But either way, it benefits the Government. They may have failed us, but they haven't failed others.
You should all read up about the Velocity of Money. Higher velocity means more taxes and more jobs. More GDP. The cost: was a counter evolutionary increase of risk for us PIF investors. This isn't financial 'innovation', this is sending us back to the middle ages of finance. A time when life was more centrally controlled by elites. And the time of Guilds.
Look at how both sides of Federal Government are getting stuck into the Banks. Where do you think most of our capital (savings) would have gone if we hadn't invested in PIF? It would almost all have gone to the banks as deposits or for buying shares. Banks who have much tougher lending criteria. Banks who are being criticised for not lending more to businesses (ie loosening their lending standards). Banks who all federal political parties feel the need to contain.
Or we would have invested in companies like Westfield and Centro or into funds managed by trusted brands like AMP. Again, these are organisations that slow the velocity of money. We are ants trampled by the Federal Government and ASIC's game of push and shove with the free market in this 'mixed market'. Either that or ASIC are too stupid to realise they've been hustled.
There will be no knight in shining armour to save PIF. Until WE change PIF's constitution, our fund will remain in a different market. Out in the shadows with the shadowy managers who haven't made it in the more brightly illuminated, main stage market. The honourable knights are on the main stage: in corporations on the ASX. They are holding up despite being measured by things like AGMs, ROI and a liquid market. And being rewarded well for it. Any other business structure means the managers have something to hide. As we have found out the hard way. Our fund has always been a second rate investment.
Our only fault really was trusting the Government. Without the Government brand all over PIF (Constitutions, PDS, AFSL, Corporations Act, etc) many of us wouldn't have touched it with a barge pole. We should have trusted our instincts, the wisdom of our ancestors and the market. Not Commonwealth brands.
We're in an abusive relationship with the Government and their Commissions. We turn to them for help because they tell us they can help us, while not realising that they themselves are the cause of our suffering.
Even this latest ASIC release is contrary to the free market principles ASIC pretends to promote. The market is currently valuing PIF units at around 20% of WC's valuation. So what do ASIC think they are doing telling other frozen fund investors not to accept similar offers? I.e. offers down around 20% of the REs 'audited valuation'. The market has spoken re PIF. Who's to say all these other frozen funds aren't fairly valued at the same level? Risk and reward. The market has spoken and is saying that a fund like PIF is comparatively so risky (because of Cth rules and ASIC's policing) that you could expect to only pay 1/5 of the REs valuation. I disagree, but who's to say that this isn't an appropriate valuation of the risk? Who do ASIC think they are interfering with the market? Lords? Bishops?
ASIC shows itself as trying to distort the market. Why? The terrifying consequence is that ASIC is removing some of the market's downward pressure on the asset 'valuations' done by the REs. (How silly does WC's 35c valuation look compared to 7.2c by the market?) And the REs remuneration is based on these 'valuations'. By cutting the link with free market assessment of 'value', the REs just end up getting paid more than if it was left to the the market to decide. It's all so distorted, artificial and devolutionary. But ASIC keeps digging the hole deeper and deeper.
It all looks to me like ASIC hates the free market and hates us. But loves their licenced financial advisors, licenced REs, licensed valuers, licenced auditors, licenced administrators and licenced liquidators. They love anything they can licence. They want to be a master of Guilds. They don't want to be the police. And they're sacrificing us for their own benefit. They love their central control. They've failed us. All that liquidity was from stock markets that didn't grow because of central controllers like ASIC, it grew in spite of them. It grew from free cities like Bruges and Venice. And ASIC are peddling in the market and steering people like us away from the free market and into their own untested, Guild controlled schemes.
This ASIC announcment is just ASIC trying to hide the truth about ASIC's own schemes from the bright light of free market price discovery. And helping out ASICs RE Guild and AFSL Guild in the process.
As for the legal fraternity helping us? Well, they seem to be more concerned with stuffing their own pockets. Racketeering on the steps of the courts.
Thanks for making it to the end of this essay.
The way a numpty like me sees it, and you'll probably all have heard this before from me, is that this capital serfdom is wholly and solely the fault of the Federal Government and ASIC and their peddling in the market. They promised what they couldn't deliver. Why? Because they are conceited and/or foolish. Or worse, preying on us.
The basics of our stock exchanges evolved over centuries in societies long before and far away from Australia. (We imported someone else's expensive learning.)
People are only human. There's information asymmetry, resource asymmetry and ethics asymmetry. So to get money (capital) flowing, investing evolved over a long period of time into stock markets. And it has been a resounding success for humanity. No more pouches of gold (capital) stashed under floor boards. That capital was unleashed more safetly on the world by 100s of millions of citizens making decisions every day. Decisions that were improving their wisdom. And the wisdom of the whole organism grew accordingly.
In exchange for taking the type of risks like us PIF investors did, investors found that they had to demand immediate liquidity in stock markets and have the bid and ask prices made public for all to see. It's that way .... well ..... because .... it needs to be. Harsh but fair price discovery. Let the market decide. Because if you give the company managers an inch, they'll take the whole rope. You can't stand over their shoulders all day. But ASIC cut that feedback loop for us PIF investors. ASIC took price discovery away from us. MFSIM decided what the units are worth. And look where that lead us. Many PIF investors were lucky to get out in time but the rest of us are the collateral damage.
The Federal Government and ASIC believed they were smarter than 100s of years of collective learning. Of course they aren't and have, predictably, failed us. They haven't completely failed though, and I'm not convinced that it wasn't deliberate: they have succeeded in prising open our wallets and get our money flowing through the economy. Misallocated it away from where it would sensibly and more safetly go. (They probably have to pry our wallets open because our capital (savings) is already badly depleted by their taxes.) But either way, it benefits the Government. They may have failed us, but they haven't failed others.
You should all read up about the Velocity of Money. Higher velocity means more taxes and more jobs. More GDP. The cost: was a counter evolutionary increase of risk for us PIF investors. This isn't financial 'innovation', this is sending us back to the middle ages of finance. A time when life was more centrally controlled by elites. And the time of Guilds.
Look at how both sides of Federal Government are getting stuck into the Banks. Where do you think most of our capital (savings) would have gone if we hadn't invested in PIF? It would almost all have gone to the banks as deposits or for buying shares. Banks who have much tougher lending criteria. Banks who are being criticised for not lending more to businesses (ie loosening their lending standards). Banks who all federal political parties feel the need to contain.
Or we would have invested in companies like Westfield and Centro or into funds managed by trusted brands like AMP. Again, these are organisations that slow the velocity of money. We are ants trampled by the Federal Government and ASIC's game of push and shove with the free market in this 'mixed market'. Either that or ASIC are too stupid to realise they've been hustled.
There will be no knight in shining armour to save PIF. Until WE change PIF's constitution, our fund will remain in a different market. Out in the shadows with the shadowy managers who haven't made it in the more brightly illuminated, main stage market. The honourable knights are on the main stage: in corporations on the ASX. They are holding up despite being measured by things like AGMs, ROI and a liquid market. And being rewarded well for it. Any other business structure means the managers have something to hide. As we have found out the hard way. Our fund has always been a second rate investment.
Our only fault really was trusting the Government. Without the Government brand all over PIF (Constitutions, PDS, AFSL, Corporations Act, etc) many of us wouldn't have touched it with a barge pole. We should have trusted our instincts, the wisdom of our ancestors and the market. Not Commonwealth brands.
We're in an abusive relationship with the Government and their Commissions. We turn to them for help because they tell us they can help us, while not realising that they themselves are the cause of our suffering.
Even this latest ASIC release is contrary to the free market principles ASIC pretends to promote. The market is currently valuing PIF units at around 20% of WC's valuation. So what do ASIC think they are doing telling other frozen fund investors not to accept similar offers? I.e. offers down around 20% of the REs 'audited valuation'. The market has spoken re PIF. Who's to say all these other frozen funds aren't fairly valued at the same level? Risk and reward. The market has spoken and is saying that a fund like PIF is comparatively so risky (because of Cth rules and ASIC's policing) that you could expect to only pay 1/5 of the REs valuation. I disagree, but who's to say that this isn't an appropriate valuation of the risk? Who do ASIC think they are interfering with the market? Lords? Bishops?
ASIC shows itself as trying to distort the market. Why? The terrifying consequence is that ASIC is removing some of the market's downward pressure on the asset 'valuations' done by the REs. (How silly does WC's 35c valuation look compared to 7.2c by the market?) And the REs remuneration is based on these 'valuations'. By cutting the link with free market assessment of 'value', the REs just end up getting paid more than if it was left to the the market to decide. It's all so distorted, artificial and devolutionary. But ASIC keeps digging the hole deeper and deeper.
It all looks to me like ASIC hates the free market and hates us. But loves their licenced financial advisors, licenced REs, licensed valuers, licenced auditors, licenced administrators and licenced liquidators. They love anything they can licence. They want to be a master of Guilds. They don't want to be the police. And they're sacrificing us for their own benefit. They love their central control. They've failed us. All that liquidity was from stock markets that didn't grow because of central controllers like ASIC, it grew in spite of them. It grew from free cities like Bruges and Venice. And ASIC are peddling in the market and steering people like us away from the free market and into their own untested, Guild controlled schemes.
This ASIC announcment is just ASIC trying to hide the truth about ASIC's own schemes from the bright light of free market price discovery. And helping out ASICs RE Guild and AFSL Guild in the process.
As for the legal fraternity helping us? Well, they seem to be more concerned with stuffing their own pockets. Racketeering on the steps of the courts.
Thanks for making it to the end of this essay.
Hello to Jadel and thanks for your words of encouragement...only wish I was more educated re these things.
Duped you have put a lot into that last post ...some of your sentiment I follow and cant help but wonder how far behind our culture is to those that invented investing, shares etc.How fast these things are changing and the "increased velocity" of investing seems incomprehensible when I think of algorithmic trading etc.
I think many people are disallusioned with the superannuation concept and governments like the shortterm benefits, cant predict the longterm and have to play catchup when nice ideas hide nasty traps.
I wish that all the brilliant numbers people were concertating on these issues instead of playing dodge the taxman under our present tax system.
If labor promise a decisive 2011 ..I hope that they start fighting for our country on a financial front...
What I cant understand is how you can morph units into shares without affecting some sort of legal ownership status and other attributes? What were you told before voting on this?
and if you do morph them surely you would have to value at time of change...incurr tax...and then start with a new investment? at that new value? with new status? Thats what I would ask ASIC when they say that your investment is listed and under a new regeim of market forces....etc.
I had trouble thinking these things are now shares ...and grasping their new status/ etc
when PIF changed and listed on the NSX as PIN.
I understand that you voted on this and it must have been in the constitution? and qualified people must be handling this process ...
I have no expertise to question the process...but ASICs reply posted earlier, made me think more about the change that occured to your holdings..
The low price of shares does not reflect values imo it reflects sentiment and with uncertainty ...you get marked down..imo.
To me thats why some make 'offers' and ASIC is trying to alert investors in frozen funds ,that this is going on 'at large' in more than just one case perhaps. Thats how I see it anyway.
and frozen funds....are generally not listed with market forces in play.
Duped you have put a lot into that last post ...some of your sentiment I follow and cant help but wonder how far behind our culture is to those that invented investing, shares etc.How fast these things are changing and the "increased velocity" of investing seems incomprehensible when I think of algorithmic trading etc.
I think many people are disallusioned with the superannuation concept and governments like the shortterm benefits, cant predict the longterm and have to play catchup when nice ideas hide nasty traps.
I wish that all the brilliant numbers people were concertating on these issues instead of playing dodge the taxman under our present tax system.
If labor promise a decisive 2011 ..I hope that they start fighting for our country on a financial front...
What I cant understand is how you can morph units into shares without affecting some sort of legal ownership status and other attributes? What were you told before voting on this?
and if you do morph them surely you would have to value at time of change...incurr tax...and then start with a new investment? at that new value? with new status? Thats what I would ask ASIC when they say that your investment is listed and under a new regeim of market forces....etc.
I had trouble thinking these things are now shares ...and grasping their new status/ etc
when PIF changed and listed on the NSX as PIN.
I understand that you voted on this and it must have been in the constitution? and qualified people must be handling this process ...
I have no expertise to question the process...but ASICs reply posted earlier, made me think more about the change that occured to your holdings..
The low price of shares does not reflect values imo it reflects sentiment and with uncertainty ...you get marked down..imo.
To me thats why some make 'offers' and ASIC is trying to alert investors in frozen funds ,that this is going on 'at large' in more than just one case perhaps. Thats how I see it anyway.
and frozen funds....are generally not listed with market forces in play.
An interesting piece, Duped. It hardly makes me want to break open a bottle of champagne. You are so right in saying that many of us who invested in PIF did so in the belief that government and other so-called protectors of our money were being vigilant. How I remember being told by the PIF hotline that Perpetual was our "guardian", so we should feel relaxed at a time of crisis. The financial media in this country is supine compared to its counterpart writers and broadcasters in the US. The common nickname used by writers over there for bankers is the insulting "banksters." The golden age of investigative reporting seems to have disappeared from these shores. Journalists have become self-styled infotainers - quips and laughter and self-preservation rule the day Exceptions are few.
Conscience nowadays is equated with stupidity.
Conscience nowadays is equated with stupidity.
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Another one bites the dust. It seems early to mid 2008 period of financial collapses in Australia coincided with GFC as a convenient scapegoat.
Regards,
http://www.smh.com.au/business/chartwell-collapse-hoy-pleads-guilty-20101201-18fwd.html
Chartwell collapse: Hoy pleads guilty
December 1, 2010 - 10:56AM
Graeme Hoy, pictured leaving court in March. Photo: Paul Rovere
The director of an investment company that collapsed, owing $68 million to investors, will plead guilty to fraud-related charges.
Several investors lost millions when Chartwell Enterprises collapsed in April 2008.
The Victorian Supreme Court heard former company director Graeme Hoy will plead guilty to up to 47 charges.
Advertisement: Story continues below
Hoy had originally pleaded not guilty to 204 charges and was expected to face trial next year.
In August, Chartwell company secretary Ian Rau was jailed after pleading guilty to eight charges, including carrying on a financial services business without holding a licence, making a false document and obtaining property by deception.
He was sentenced to 18 months behind bars.
Hoy, who is on bail, did not comment outside court.
His pre-sentence hearing is expected to take place in Geelong at a date to be fixed.
Regards,
http://www.smh.com.au/business/chartwell-collapse-hoy-pleads-guilty-20101201-18fwd.html
Chartwell collapse: Hoy pleads guilty
December 1, 2010 - 10:56AM
Graeme Hoy, pictured leaving court in March. Photo: Paul Rovere
The director of an investment company that collapsed, owing $68 million to investors, will plead guilty to fraud-related charges.
Several investors lost millions when Chartwell Enterprises collapsed in April 2008.
The Victorian Supreme Court heard former company director Graeme Hoy will plead guilty to up to 47 charges.
Advertisement: Story continues below
Hoy had originally pleaded not guilty to 204 charges and was expected to face trial next year.
In August, Chartwell company secretary Ian Rau was jailed after pleading guilty to eight charges, including carrying on a financial services business without holding a licence, making a false document and obtaining property by deception.
He was sentenced to 18 months behind bars.
Hoy, who is on bail, did not comment outside court.
His pre-sentence hearing is expected to take place in Geelong at a date to be fixed.
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Ltd, we still all own units in a unit trust. They are listed on the NSX as units. They're not like shares in a company. Some of the disadvantages of a our unit trust compared to shares are scary. Like our liability. It's not limited like for a company.
If you need something to keep you awake but don't want to be frightened to death by our liabilities then read Clause 5.10 of the constitution. If the RE interprets 'value' as 35c per unit; then multiple that 1% by 5 if you sell at 7.2c. Just a little bit concerning isn' it. So why didn't WC propose to drop such clauses at the last EGM? Kinda suggests JH did everything she could to lock us in. Do you think Hutson might actually be mocking us with all those Roosvelt quote? I.e. that we are her enemy?
So does ASIC truly and genuinely believe that a "heavily discounted offer" isn't a fair offer for such a risky investment? Oops I forgot that ...well.... it's not a risky investment in fairyland ASIC where people obey the fairyland rules like 'commercial morality' even when they're not being held accountable by the free market's price discovery. Oh and ..... well..... of course ... well... ASIC designed this system.
How's greatdame look now that he got out at 20c? I should have listened to him.
If you need something to keep you awake but don't want to be frightened to death by our liabilities then read Clause 5.10 of the constitution. If the RE interprets 'value' as 35c per unit; then multiple that 1% by 5 if you sell at 7.2c. Just a little bit concerning isn' it. So why didn't WC propose to drop such clauses at the last EGM? Kinda suggests JH did everything she could to lock us in. Do you think Hutson might actually be mocking us with all those Roosvelt quote? I.e. that we are her enemy?
So does ASIC truly and genuinely believe that a "heavily discounted offer" isn't a fair offer for such a risky investment? Oops I forgot that ...well.... it's not a risky investment in fairyland ASIC where people obey the fairyland rules like 'commercial morality' even when they're not being held accountable by the free market's price discovery. Oh and ..... well..... of course ... well... ASIC designed this system.
How's greatdame look now that he got out at 20c? I should have listened to him.
Oh...Thanks Duped for clearing that up..shows how little I know.
Units that are listed...I am used to shares.
Did that JB offer involve shares somehow?
Its pretty complicated for the average person to understand but if I get time
I will take another look at PIN anns.
Thanks for your patience.
Units that are listed...I am used to shares.
Did that JB offer involve shares somehow?
Its pretty complicated for the average person to understand but if I get time
I will take another look at PIN anns.
Thanks for your patience.
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From memory the up front offer was to exchange our units for shares in a company that would then own the units. We'd all only own 20% of the shares in that company. So the 80% shareholders would be pretty much well free to do what ever they want with the company. Like pay themselves very well as directors and execs for a few years or sell assets in questionably arms length transactions and then collapse the whole thing long before we saw our 15c payouts or whatever the sum was.
Too risky for me. Show me the money.
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That's just my lay opinion anyway. But what would I know, I invested in PIF? So my creditability is blown.
An American description and derivation of the word "bankster," There are five paragraphs.
http://www.urbandictionary.com/define.php?term=bankster
http://www.urbandictionary.com/define.php?term=bankster
I notice Wellington Capital Pty Ltd web site appears to be off the air http://www.wellcap.com.au/ Perhaps it is being updated? The boutique registry service, Armstrong Registry Services client login is still 'coming soon'.
Seamisty
Seamisty
Seems I was right about there being a buyer for Kooralbyn! Nice to be kept informed (NOT) as usual by Wellington Capital.
Resort to be base for mine workers
Anthony Marx From: The Courier-Mail November 11,
A CHINESE-owned coal company is understood to have acquired a now-closed Gold Coast hinterland resort as part of a plan to provide fly in/fly out services for its workers.
Sources say Yancoal Australia and joint venture partners will settle their purchase of the old Kooralbyn Hotel Resort about 28km southwest of Beaudesert for more than $25 million in February and develop significant additional housing in the town.
It is believed the company hopes to use the 339ha property, complete with a 1500m airstrip, as a base to fly workers to and from mines in Queensland and NSW.
Last year Yancoal's parent company, Yanzhou Coal, paid $3.5 billion to acquire Brisbane-based Felix Resources, which operates four mines in Queensland's Bowen Basin and the Hunter Valley in NSW.
Yancoal director Murray Bailey and associate Ian Howard have held numerous meetings with stakeholders in the Scenic Rim Shire over the past six months as they carried out due diligence.
Mayor John Brent, who has met with the men, said the scheme could revitalise the small community, which has acutely felt the loss of the resort. It closed two years ago with debts of $60 million and has since fallen in to disrepair.
"We're just keen to see the heart of Kooralbyn reinvigorated and we'll work very positively with whoever it might be to improve the facilities and bring in new residents," Cr Brent said.
The resort includes a 100-room hotel, 36-room lodge, golf course and equestrian centre.
Watch out NorwayP34
http://www.golfindustrycentral.com....for-mine-workers/story-fn6ck51p-1225951928407
Resort to be base for mine workers
Anthony Marx From: The Courier-Mail November 11,
A CHINESE-owned coal company is understood to have acquired a now-closed Gold Coast hinterland resort as part of a plan to provide fly in/fly out services for its workers.
Sources say Yancoal Australia and joint venture partners will settle their purchase of the old Kooralbyn Hotel Resort about 28km southwest of Beaudesert for more than $25 million in February and develop significant additional housing in the town.
It is believed the company hopes to use the 339ha property, complete with a 1500m airstrip, as a base to fly workers to and from mines in Queensland and NSW.
Last year Yancoal's parent company, Yanzhou Coal, paid $3.5 billion to acquire Brisbane-based Felix Resources, which operates four mines in Queensland's Bowen Basin and the Hunter Valley in NSW.
Yancoal director Murray Bailey and associate Ian Howard have held numerous meetings with stakeholders in the Scenic Rim Shire over the past six months as they carried out due diligence.
Mayor John Brent, who has met with the men, said the scheme could revitalise the small community, which has acutely felt the loss of the resort. It closed two years ago with debts of $60 million and has since fallen in to disrepair.
"We're just keen to see the heart of Kooralbyn reinvigorated and we'll work very positively with whoever it might be to improve the facilities and bring in new residents," Cr Brent said.
The resort includes a 100-room hotel, 36-room lodge, golf course and equestrian centre.
Watch out NorwayP34
http://www.golfindustrycentral.com....for-mine-workers/story-fn6ck51p-1225951928407
Life in Trinity yet as it considers its options
Andrew Fraser From: The Australian December 02, 2010 12:00AM
TRINITY has stabilised its debt, cleared its legal backlog and is considering three options for its future over the next few months.
The troubled property group's chairman Brett Heading, who took over Trinity last year after several board divisions, said reports that the company was in full wind-down mode were off the mark.
He told The Australian that while an "orderly redistribution" was a possibility, the company was also looking at possibly acquiring a funds management company or merging with another company.
"We are in the position now where we've resolved all the outstanding issues and we have time to decide the future," he said.
"One possibility is an orderly realisation -- but if it was, it would be very orderly, as now is not a great time to be selling property. We're certainly not looking at a fire-sale or anything like that."
Trinity still has five properties under its control, and Mr Heading said it was actively marketing two of them.
The first is a Brisbane office building at 308 Queen Street which has a historic National Australia Bank facade. Trinity purchased it for $8.8 million in November 2007 and it has since been refurbished into 12 office suites, half of which are occupied.
The other project Trinity is marketing is its Cumberland Resort at Lorne on Victoria's Great Ocean Road which it purchased in 2007 for about $55m through then development subsidiary Consolidated Properties.
Mr Heading said that the company wanted to capitalise on the Christmas holiday period at Lorne, but the 2007 purchase also points to Trinity's broader problems over the past few years, which left it with a trail of litigation after Consolidated Properties, headed by Don O'Rorke, joined Trinity in 2005.
Legal action from the separation of the two has occupied much of Mr Heading's time, as well as that of his deputy at Trinity, Chris Morton, but it was resolved last week, although the settlement still needs to be endorsed by Trinity's shareholders.
Trinity owns $116m worth of property in Australia and $22.7m of managed funds, as well as having a debt facility with the NAB of $129m.
Mr Heading said that the company no longer had financial pressure on it, as NAB had been supportive and the company's debt had dropped from $151.7m a year ago to $73.8m now.
"We still have debt, but it's down to a manageable level," he said. "And we have cash to keep us going for a while. We'd anticipate being able to be a bit more definite in the next few months."
http://www.theaustralian.com.au/bus...ders-its-options/story-e6frg9gx-1225964137585
Andrew Fraser From: The Australian December 02, 2010 12:00AM
TRINITY has stabilised its debt, cleared its legal backlog and is considering three options for its future over the next few months.
The troubled property group's chairman Brett Heading, who took over Trinity last year after several board divisions, said reports that the company was in full wind-down mode were off the mark.
He told The Australian that while an "orderly redistribution" was a possibility, the company was also looking at possibly acquiring a funds management company or merging with another company.
"We are in the position now where we've resolved all the outstanding issues and we have time to decide the future," he said.
"One possibility is an orderly realisation -- but if it was, it would be very orderly, as now is not a great time to be selling property. We're certainly not looking at a fire-sale or anything like that."
Trinity still has five properties under its control, and Mr Heading said it was actively marketing two of them.
The first is a Brisbane office building at 308 Queen Street which has a historic National Australia Bank facade. Trinity purchased it for $8.8 million in November 2007 and it has since been refurbished into 12 office suites, half of which are occupied.
The other project Trinity is marketing is its Cumberland Resort at Lorne on Victoria's Great Ocean Road which it purchased in 2007 for about $55m through then development subsidiary Consolidated Properties.
Mr Heading said that the company wanted to capitalise on the Christmas holiday period at Lorne, but the 2007 purchase also points to Trinity's broader problems over the past few years, which left it with a trail of litigation after Consolidated Properties, headed by Don O'Rorke, joined Trinity in 2005.
Legal action from the separation of the two has occupied much of Mr Heading's time, as well as that of his deputy at Trinity, Chris Morton, but it was resolved last week, although the settlement still needs to be endorsed by Trinity's shareholders.
Trinity owns $116m worth of property in Australia and $22.7m of managed funds, as well as having a debt facility with the NAB of $129m.
Mr Heading said that the company no longer had financial pressure on it, as NAB had been supportive and the company's debt had dropped from $151.7m a year ago to $73.8m now.
"We still have debt, but it's down to a manageable level," he said. "And we have cash to keep us going for a while. We'd anticipate being able to be a bit more definite in the next few months."
http://www.theaustralian.com.au/bus...ders-its-options/story-e6frg9gx-1225964137585
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According to the WC's Investor update of 11 December 2008 a property in SE Qld Hinterland owed us over $41m @ 31 May 2008. Probably Kooralbyn.
Status was mortgagee in possesion. I doubt that WC would dare accumulate interest and add it to our 'asset value'. If we get the full $25m then it's not a bad result IMO. I couldn''t see how Kooralbyn was ever worth $40m; except to ticket clippers like MFSIM and KPMG of course. Probably why WC moth balled it whereby it "has since fallen in to disrepair". Will have to get myself a new Avatar now. Just need to dig up that piccy of our Main Beach property.
I wonder if the Chinese would also be interested in our property at Yeppoon. Yeppoon is even closer to the coalfields and the massive Gladstone coal port.
How long do we think WC will keep the $ on our books so it can skim fees? I just pray that it gets paid out to us because I have no confidence in WC. We get no payments and nothing but secrecy. WC can't have both.
When do we get our $ from LLC. $10m isn't it? That's well over 2 years ago and 2010 was a spectacular ski season. Where's our money?
Status was mortgagee in possesion. I doubt that WC would dare accumulate interest and add it to our 'asset value'. If we get the full $25m then it's not a bad result IMO. I couldn''t see how Kooralbyn was ever worth $40m; except to ticket clippers like MFSIM and KPMG of course. Probably why WC moth balled it whereby it "has since fallen in to disrepair". Will have to get myself a new Avatar now. Just need to dig up that piccy of our Main Beach property.
I wonder if the Chinese would also be interested in our property at Yeppoon. Yeppoon is even closer to the coalfields and the massive Gladstone coal port.
How long do we think WC will keep the $ on our books so it can skim fees? I just pray that it gets paid out to us because I have no confidence in WC. We get no payments and nothing but secrecy. WC can't have both.
When do we get our $ from LLC. $10m isn't it? That's well over 2 years ago and 2010 was a spectacular ski season. Where's our money?
Released just now on the NSX site. I feel I ought to comment, but what does one say???!!! JohnH
Bond Street Custodians Limited – Federal Court Proceedings
Wellington Capital Limited as responsible entity of the Premium Income Fund is pleased to advise that a
commercial settlement has been reached in the proceedings commenced by Bond Street Custodians Limited.
On 16 October 2008, Bond Street Custodians Limited filed a claim against the responsible entity of the
Wholesale Premium Income Fund for $16.254 million in relation to a redemption request for 16.254 million
units in the Wholesale Premium Income Fund which was lodged on 21 January 2008. This was shortly prior
to the suspension of redemptions.
On 1 October 2010, Bond Street Custodians Limited has filed an amended Statement of Claim in these
proceedings reducing the compensation sought to approximately $465,000 plus interest.
This matter was set for trial in the week commencing 13 December 2010.
A settlement has been reached whereby Bond Street Custodians is paid the sum of $150,000 without any
admission of liability of either party.
Managing Director Jenny Hutson said, ‘This is a commercially satisfactory outcome in a matter which would
have incurred significant costs in the both the lead up to trial and the trial itself, regardless of the final
outcome, and in excess of the settlement amount. This is a sensible outcome in a matter which has been
before the courts for in excess of two years.
Bond Street Custodians Limited – Federal Court Proceedings
Wellington Capital Limited as responsible entity of the Premium Income Fund is pleased to advise that a
commercial settlement has been reached in the proceedings commenced by Bond Street Custodians Limited.
On 16 October 2008, Bond Street Custodians Limited filed a claim against the responsible entity of the
Wholesale Premium Income Fund for $16.254 million in relation to a redemption request for 16.254 million
units in the Wholesale Premium Income Fund which was lodged on 21 January 2008. This was shortly prior
to the suspension of redemptions.
On 1 October 2010, Bond Street Custodians Limited has filed an amended Statement of Claim in these
proceedings reducing the compensation sought to approximately $465,000 plus interest.
This matter was set for trial in the week commencing 13 December 2010.
A settlement has been reached whereby Bond Street Custodians is paid the sum of $150,000 without any
admission of liability of either party.
Managing Director Jenny Hutson said, ‘This is a commercially satisfactory outcome in a matter which would
have incurred significant costs in the both the lead up to trial and the trial itself, regardless of the final
outcome, and in excess of the settlement amount. This is a sensible outcome in a matter which has been
before the courts for in excess of two years.
I was referring to the out dated, obsolete, redundant? Wellington Capital Botoxique Investment Bank website selciper, not the PIF and it is still not loading http://www.wellcap.com.au/
Seamisty
That was very Jennearous of Wellington Capital JohnH, no explanation as to if the gesture was justified. WC haven't shown the same concern at wasting PIF dwindling dollars fighting and delaying other very expensive court action which possibly could have been avoided.
Seamisty
