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Wellington Capital PIF/Octaviar (MFS) PIF

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Thanks seamisty. It's probably me that's the # tag culprit. I was editing them down to just the parts that I was addressing. I.e. to reduce the amount of scrolling required to navigate the page.
 
Wanted to let you regular folk posting here know you are much appreciated. It is such a valuable resorce to keep us informed of PIF happenings. I check in pretty much everyday since 2008.
Thanks for all your hard work. Bumblebee
 
Thanks to all the PIF posters who keep us informed of the ongoing saga of the fund and associated personnel of the regulators.
 
Thanks Bumblebee, Geoffrey D and others for your support. Information is an extremely valuable tool in my opinion. For example, we have PIF investors in total bewilderment asking themselves why, after in excess of 3 years of complaints to ASIC and other so called regulatory tax funded bodies meant to protect us, we still have some of the key personnel from MFS/Octaviar still involved in funds management ie Equititrust which appears to be struggling with similar financial circumstances which led to our downfall???
When are the so called regulatory 'idiots' paid for by us, the ripped off innocent individuals, going to hold accountable the unscrupulous, greedy, lying, thieving 'I'll scratch your back if you cover me and throw some business my way' fund managers and directors who continue to operate, going to actually act on our behalf!! Yes us, those tax payers paying your wages who are sick and tired of receiving generic reponses to well substantiated complaints which appear to be put in the 'too hard basket' and buried!! You, the so called regulatory bodies should be held accountable for ongoing losses incurred by investors by fund managers, directors and key personnel which occured after you failed to act on information and complaints concering those certain individuals!!

Another Seamisty rant for those interested and by the way, G8 education is in a trading halt, I guess something to do with the latest legal saga involving the original cherie hearts holding company and the aquisition of Singapore childcare centres.

S8 , G8, MFS/OCT, PIF, all involved in litigation. Key personnel, draw your own conclussions. Any film makers out there looking for the basis of a good aussie 'white shoe, black pant, red coat' block buster? All the info is on this thread and I sincerely hope that those looking to 'shine a light on the achievements of Queensland's leading business women' also do a follow up in relation to the thousands of ordinary people who valued and took on board that glowing achievement when they voted for Jenny Hutson to honour her committment. I just have to post this::
http://www.wellcap.com.au/assets/pif/updates/2008/InvestorInfoForumHandout.pdf
The Premium Income Fund has been an industry leader for eight years. It was Standard & Poor’s Mortgage Fund of the Year in 2006. Our aim is to drive a value recovery strategy that sees the full capital value returned to unitholders over the next 3 to 5 years.Overview
My Board took responsibility for your Fund on 2 May 2008. The previous Board had determined that receivership was the only other alternative open.
Since then, the following positive steps have been taken:
Wellington negotiated with MFS to ensure the MFS Support Facility of $50 million
remained in place for the benefit of Premium Income Fund unitholders with Wellington as
the Manager; reduced debt of the Premium Income Fund from $100 million to $55 million through the
orderly realisation of assets at market value;
reviewed the Fund’s insurance arrangements;
reduced corporate overheads;
secured all IT and Fund records;reviewed the assets and liabilities and taken professional
advice on the strategies for each asset in the portfolio;
commenced legal action against MFS to recover $147.5
million on the basis that zero value was received by the
Premium Income Fund; and
established the new Wellington hotline 1300 854 885.
Distributions – 3 cents before Christmas
Following repayment of the current debt facility, Wellington
proposes to reintroduce unitholder distributions. The first
distribution is proposed for October 2008 and a further distribution
will be made in December 2008 and thereafter quarterly. The plan
is to distribute 3 cents per unit before Christmas.:::
You get the drift?? And I draw your attention to' 'secured all IT and Fund records;'::

That was dated July 2008!! What was the problem then with providing our Class Action with all relevant documentation neccesary for the lawyers to proceed?
 
Thank you, Seamisty, for reminding us of all those promises given by JH to buy our votes.

Regarding the records: was the truth not being told in July 2008 or is it not being told now? It seems there is a huge conflict in information coming our way!

Cookie1
 
HMNN Cookie, I am still concerned the forum "quote police" are on my radar!! I am totally stuffed physically from tossing fish today but my brain is on high alert! I am not sure what the truth is re Wellington Capital or if we, the PIF nvestors have ever even been privvy to anything remotely honest re our current situation, I guess thats why so many PIF investors consider WC have failed?? Hi Jenny, its no credit to you that you can sleep of a night, but I do not need a so called personality profiling guru to slot me in anywhere on a 1-9 richter scale. Been golfing lately David or just propping up the bar??

Seamisty
 
Of further interest re Cherie Hearts legal dispute where Jenny Hutson the CEO of Cherie Hearts was quoted as saying at the recent AGM ::the chances of Cherie Hearts winning the dispute were ‘beyond remote’ (http://www.goldcoastbusinessnews.co...NFIDENT OF MAJOR SINGAPOREAN ACQUISITION.html)


Well 'beyond remote' or not the outcome will be interesting. I am sure Ms Hutson is hoping this 'case is baseless' also???

Cherie Hearts Group International Pte Ltd

15th April 2011
MEDIA RELEASE FROM CHERIE HEARTS GROUP INTERNATIONAL PTE LTD TO SINGAPORE
MEDIA
We are pleased to inform that the Singapore High Court on 14th April 2011, granted various interim
reliefs in our favour at today’s hearing on our application for various injunctive reliefs against G8
Education Ltd (“G8”). At the hearing, we were represented by our lawyers, Allen & Gledhill LLP.
Pending the determination of the substantive dispute between Cherie Hearts Group International Pte Ltd
(“Cherie Hearts”) and G8, the Court ordered the following injunctive reliefs:
• The appointment of KordaMentha Pte Ltd as receivers of Cherie Hearts is set aside.
• G8 is not to exercise its right to appoint further receiver(s) until trial or further order.
• The shares and directorship in the following subsidiaries of Cherie Hearts, which were previously
transferred to G8’s subsidiary, were reinstated to Cherie Hearts’ Founders, Dr Sam Yap and Dr
Gurchran Singh:
o Cherie Hearts Kids Cottage (TK);
o Cherie Hearts Edukidz Pte Ltd (JT);
o Cherie Hearts Discovery School Pte Ltd (TS 42);
o Cherie Hearts Preschool Pte Ltd (TP);
o Cherie Hearts Sunshine Kidz Pte Ltd (TS 34);
o Our Juniors’ Schoolhouse Pte Ltd;
o Cherie Hearts Childcare (Limbang) Pte Ltd (LD);
o Teeny Tiny Child Care & Development Centre Pte Ltd (TT);
o Loving Child Care Centre Pte Ltd (LLC);
o Loving Development Pte Ltd (LDC);
o Gloryland Learning Centre @ Toh Tuck Pte Ltd; and
o Gloryland Learning Centre Pte Ltd.
We take this opportunity to express our gratitude once again to our parents, financial institutions, banks
and government authorities for your support all these years, and also for the understanding shown over
the past few weeks. We look forward to having your continued support.
Yours Faithfully
Sam Yap Soon Guan (Dr.)
Group Executive Chairman
Cherie Hearts Group International
 
A bit more on G8 as I know many PIF investors are following this:
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1123079/1/.html
Cherie Hearts suing Australian firm for breach of contract

SINGAPORE : Childcare operator Cherie Hearts is suing Australian firm G8 Education for breach of contract.

It has also successfully applied for a court order overturning a receivership appointment by G8, which the operator said was unlawful.

The move by G8 had put Cherie Hearts under threat of liquidation.

But while the operator appears to be out of the woods for now, its sale agreement with G8 is up in the air, with possible implications on future expansion plans by Cherie Hearts.

Lawyers for Cherie Hearts declined comment on the deal pending the outcome of the trial.

Last October, G8 agreed to buy over Cherie Hearts' Singapore operations for S$24.6 million, as part of a move by the Australian-listed firm to expand its childcare business into Singapore.

An affidavit submitted by Cherie Hearts detailed how, as part of the business acquisition contract, G8 would extend a S$12 million loan to Cherie Hearts and assume part of its outstanding debts.

The loan was to have been offset against the purchase price, and Cherie Hearts would receive some S$9 million once the sale was completed.

But on March 22, with a few weeks to go, receivers were called into the operator's Cecil Street headquarters, with G8 alleging a loan default of S$5.5 million.

This was disputed by Cherie Hearts, which said its loans had been effectively paid off as of March 1.

It later found out that G8 had also exercised its security over the alleged loan default, and, without its knowledge, assumed control of 12 of its subsidiary companies in Singapore.

Cherie Hearts has since assumed control of the 12 centres.

The case is now pending trial.
 
Thanks for the G8- Cherie Hearts updates, seamisty. All I can say about this developing drama is to mutter one word - crikey!
 

Maybe Jenny is comparing her "promises" collapses with Japan Earthquake/Tsunami; where many promises were made before, but few will be kept after the event.
Can't enforce against departed or missing. And vice versa. Tragic injustice.
It is beyond doubt, that THE TRUTH was known to WC, as she had insiders embedded in MFS long before casting her snarenet.
What a sad world.

Regards,
 
selciper said:
Thanks for the G8- Cherie Hearts updates, seamisty. All I can say about this developing drama is to mutter one word - crikey!
Click to expand...

selciper said:
A news item on the Singapore site "Today Online" regarding G8.

http://www.todayonline.com/Singapore/EDC110331-0000067/Six-childcare-chain-staff-dismissed-by-SMS
Click to expand...

Thanks Selciper and Seamisty for your recent posts on the developing G8 drama. I too have been following reports in the Singapore media, and if in fact there is a smell of any wrong doing it will not be 'beyond remote'. Unlike here, Authorities can & do move fast to protect employees and other interests. Some actions taken by G8 have already been reversed pending court outcomes.
 
Well it will be interesting to see what announcement is made to the ASX re G8 education and Cherie Hearts. I don't think it will be 'beyond remote' that the share price could be affected, not to mention future dividends no matter how confident G8 Education is of its legal position. I hope GEM shareholders are not too badly affected because apart from the Cherie Hearts drama unfolding, Australian parents of children attending daycare reportedly now have the Gillard government considering setting an income test for the 50 per cent childcare rebate!! Seamisty
 
Hi All, I know this thread is dedicated to the PIF but I am absolutely amazed that 4 days on from a 'price sensitive' legal action involvolving Cherie Hearts and our very own WC PIF manager director, Ms Jennifer Joan Hutson re G8 Education (GEM) remains in a trading Halt with no announcement on the ASX?
Hello, its out there in the public domain!! See below!! I am sure G8 shareholders are starting to ponder if G8 management is not so Gr8 after all???(be warned, the cost of legal action soon mounts up, Wellington Capital Premium Income Investors will probablly never recover from legal liabilities wracked up by PIF management, unless who has 'the deepest pockets' is ultimately put to the test?) Well according to the ASX, tomorrow is 'D day' for G8 re an announcement for GEM. I hope they are not too L8 because Ms Hutson has certainly failed previously with ALL of her prior committments that were used to lure investors in the MFS /OCT PIF to support and vote for Wellington Capital to take over the Fund as Responsible Entity. Nothing like making a bit of noise on a thread that just appears to being need to be kept alive. What I really like is that the information on this thread along with other forums pops up when individuals research the associated topic. I just love the liberty of research on the internet, especially when so many individuals can touch base and share information when they realise they have common ground with others. Whats even better is that there are far more ordinary people who do not think they are a inferior race of people just because they did not become a lawyer, a financial adviser, a consultant, a fund manager, a CEO or a director etc, they were just hard working individuals that RELIED on others to do their job, the same as they all did theirs. They were willing to pay those certain individuals to do their jobs, expecting them to be as efficient as they professed, trusting those individuals to deliver pro rata etc. What they did not expect was to be misled, blatently lied to, robbed and then continued to be deceived by those claiming to be working in the best interest of those filling the trough!! Well trust me, when that trough has stuff all left in it, the droppings left along side of the trough will be well analysed. At the end of the day, all **** does not smell the same in my experience. I am sure there must be what? A 1-9 **** recognition scale?? Who knows? We might be able to tie it in with other non for profit research activities??? Maybe run some courses to see who smells/performs best? Or many already have their eyes wide open and can now recognise the parasites for what they are? I'll go with the latter. Seamisty

Cherie Hearts Group International Pte Ltd

15th April 2011
MEDIA RELEASE FROM CHERIE HEARTS GROUP INTERNATIONAL PTE LTD TO SINGAPORE
MEDIA
We are pleased to inform that the Singapore High Court on 14th April 2011, granted various interim
reliefs in our favour at today’s hearing on our application for various injunctive reliefs against G8
Education Ltd (“G8”). At the hearing, we were represented by our lawyers, Allen & Gledhill LLP.
Pending the determination of the substantive dispute between Cherie Hearts Group International Pte Ltd
(“Cherie Hearts”) and G8, the Court ordered the following injunctive reliefs:
• The appointment of KordaMentha Pte Ltd as receivers of Cherie Hearts is set aside.
• G8 is not to exercise its right to appoint further receiver(s) until trial or further order.
• The shares and directorship in the following subsidiaries of Cherie Hearts, which were previously
transferred to G8’s subsidiary, were reinstated to Cherie Hearts’ Founders, Dr Sam Yap and Dr
Gurchran Singh:
o Cherie Hearts Kids Cottage (TK);
o Cherie Hearts Edukidz Pte Ltd (JT);
o Cherie Hearts Discovery School Pte Ltd (TS 42);
o Cherie Hearts Preschool Pte Ltd (TP);
o Cherie Hearts Sunshine Kidz Pte Ltd (TS 34);
o Our Juniors’ Schoolhouse Pte Ltd;
o Cherie Hearts Childcare (Limbang) Pte Ltd (LD);
o Teeny Tiny Child Care & Development Centre Pte Ltd (TT);
o Loving Child Care Centre Pte Ltd (LLC);
o Loving Development Pte Ltd (LDC);
o Gloryland Learning Centre @ Toh Tuck Pte Ltd; and
o Gloryland Learning Centre Pte Ltd.
We take this opportunity to express our gratitude once again to our parents, financial institutions, banks
and government authorities for your support all these years, and also for the understanding shown over
the past few weeks. We look forward to having your continued support.
Yours Faithfully
Sam Yap Soon Guan (Dr.)
Group Executive Chairman
Cherie Hearts Group International
 
G8 upd8, Gem shareholders, welcome to Wellington Capital Premium Income Fund investors life, one legal battle after another, in our case swallowing $millions of our money!!


ASX Announcement
G8 Education Limited
(ASX:GEM)
G8 Education Limited | ACN 123 828 553
A Suite 27 Pegasus Centre, 42 Bundall Road, Bundall QLD 4217 P PO Box 7092 Gold Coast MC QLD 9726
P 07 5581 5300 F 07 5581 5311 W www.g8education.com E reception@g8education.com
19 April 2011
Cherie Hearts
A special hearing occurred in Singapore on 14 April 2011 in relation to legal proceedings commenced by
Cherie Hearts International Pte Ltd. As set out in earlier announcements Cherie Hearts Group International
Pte Ltd is not directly involved in operating the Cherie Hearts childcare centres and primarily acts as a
holding company for the Vendor. It is and has been since this dispute arose business as usual at the centres.
The court in Singapore ordered that the status quo pre the commencement of the proceedings be
preserved pending a trial. The statement of claim in relation to the trial is to be filed by Cherie Hearts
Group International Pte Ltd by 27 April 2011.
The consequences of this for G8 Education Limited are that pursuant to the court order all revenue from 1
March 2011 will be received by G8 Education meaning that it will continue to derive the profits of the 13
childcare centres operated by the 12 holding companies. Its senior security position will be reinstated. The
receivership has been set aside pending the hearing.
The shares in the 12 companies which hold the 13 childcare centres will be held ie transferred to Cherie
Hearts Group International Pte Ltd pending the trial but are not able to be transferred without further
orders of the court.
At a practical level this means that the 13 childcare centres will contribute to G8 Education's profit as
anticipated from 1 March 2011 and that the legal proceedings to resolve the position will follow.
The five corporate centres in Singapore being acquired from third parties are not affected in any way. Nor
are the 52 Cherie Hearts franchised centres which have been operated by G8 Education Limited since 1
December 2010 affected by the proceedings in any way.
ENDS
Jenny Hutson
Chairperson
P: 07 3009 9888
E: jhutson@wellcap.com.au
 
I wonder when the G8 dispute will go to trial. Without knowing much about the Singapore judicial systen, I would say, however, that it seems to move quite fast.
 
Correct me If I'm wrong, but, wasnt JH once Queenslands business woman of the year?
I wonder what the heck criteria they decide the winners by?
 
zixo said:
Correct me If I'm wrong, but, wasnt JH once Queenslands business woman of the year?
I wonder what the heck criteria they decide the winners by?
Click to expand...
Just checked out some of my earlier research zixo, as always, draw your own conclusions::Mirvac introduced in 2006 and is the 'generous sponser' of the 'Top MBA Awards' of which JH got (business woman of the year and all that crap) in 2007. JH was a non executive director for Mirvac PFA in 2006/2007 ::Can we request a follow up??? It has been put to me in the past "What was the calibre of the other contestants"? My flippant response was 'it is not what your qualifications are, it is who you know and what the best benefits are that you may derive from promoting that person'. Well, considering Wellington Capital merchant bank has had absolutely nothing to claim fame to re its expertise and capabilities in the last few years (quite the contrary), if I was a contestant in the Queenslands business women of the year award in 2007 and missed out I certainly would be having the last laugh? (and questioning the decision???) Oh well. As my old nanna often said, 'It is honesty that prevails, the size of the stomach is only an indicative measure of the size of the mouth, not to be mistaken for prosperity, more to be defined as a result of glutiny feeding on opportunity'. I think you got it right nanna. Seamisty
 

That is very very naughty Seamisty, - but I reckon your Nanna knew a thing or two!!~
 
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