Australian (ASX) Stock Market Forum

Wellington Capital PIF/Octaviar (MFS) PIF

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Re: Octaviar MFS Premium Income Fund PIF

zixo said:
Hi All

Any Investors Interested in printing and handing out flyer slips at the sydney forum I've managed to create something which may help add exposure to the PIF Action group.[

ATTACH]22124[/ATTACH]

Hope this works and helps us in getting our message out

Cheers
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Zixo thats great but I am sure it is now just Premium Income Fund no Octaviar since Wellington Capital has taken control. Looking foward to feedback from the Brisbane AG people tomorrow.(Jadel don't you hammer that red too hard tonight, we need you alert and well for tomorrow!!) Seamisty:bananasmi
 
Re: Octaviar MFS Premium Income Fund PIF

Just thought I would mention that reading through the December 2007 interim financials of the PIF, I came across a $5 million management fee advance.
I was under the impression that no management fees would be paid until we had our distribution.
Seeing we have not recieved a distribution since January I wonder whether this advance has been returned to the PIF.
Perhaps that devious CEO Hutchinson could elaborate on this advance.
 
Re: Octaviar MFS Premium Income Fund PIF

Dear Fellow investors

Yes the listing will take place on th 21st July on the God forsaken NSX a masterfull tactical move by Jenny Hutson before we can organise our forces and decide on a strategy at the group meetings

What we have to realise now is that the new buyers who purchase from the desperate and panic stricken at a pittence will have no allegiance to our cause

That is what i was trying so hard to explain to investors ,the composition and structure of the investor base could change dramatically over a short period of time ,making it extremely difficult to get a majoirity vote on any motion that we the original investors put forward

Action group members will have to now move really fast to have any chance of making any significant decisions regarding our own destiny .
 
Re: Octaviar MFS Premium Income Fund PIF

Jadel - I couldn't agree more. This latest NXS move by WC confirms my worst fears. We are being disenfranchised - unable to vote in a democratic manner on a truly important matter affecting our futures. How can WC expect us to feel confident in them if they start off a relationship in this way?

Good luck at the forum.!
 
Re: Octaviar MFS Premium Income Fund PIF

Bumblebee said:
JH has done it!
Here is the just released request to list our fund on the NSX.
Fancy that!... right on the eve of our first meeting in Brisbane.

http://www.nsxa.com.au/float_details.asp?nsxcode=PIND
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Did anyone note the website listed on the NSX details for the PIF - http://www.octaviar.com.au, why wouldn't it be WC?

Also does anyone know what 6month units means?

What power do we have on this issue - if enough investors contest it can we have the fund removed from the NSX. We certainly didn't sign up for it and I would have thought Jenny should have consulted investors first before making such a big change to the fund
 
Re: Octaviar MFS Premium Income Fund PIF

Rocky1 said:
Did anyone note the website listed on the NSX details for the PIF - http://www.octaviar.com.au, why wouldn't it be WC?

Also does anyone know what 6month units means?

What power do we have on this issue - if enough investors contest it can we have the fund removed from the NSX. We certainly didn't sign up for it and I would have thought Jenny should have consulted investors first before making such a big change to the fund
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Hi Rocky, knowing Jadel is vehemently opposed to the NSX listing of the PIF I would imagine this will be high on the agenda of questions at tomorrows meeting. I hope Jenny Hutson has a very good reason to justify taking this path without consultation with investors.I am extremely interested to see the outcomes of tomorrows Brisbane meeting.Seamisty
 
Re: Octaviar MFS Premium Income Fund PIF

Hi all, Was just sent this snippet from a WA AG member, Brett Heading is Jenny Hutson's husband.::: Regards, Seamisty
Brett Heading
Chairman of Partners / Partner
Telephone 07 3233 8956
Mobile 0409 608 966
Email bheading@mccullough.com.au

Brett is Chairman of Partners and is a Partner in the Corporate Advisory Group. Specialising in capital raising, takeovers, joint ventures, mergers and acquisitions, Brett has managed numerous capital raisings over his career, including many ASX listings.
As one of Queensland’s most experienced corporate lawyers, Brett is a member of the Takeovers Panel, with other federal government appointments that include the Board of Taxation.
Brett has extensive boardroom experience gained over the past 15 years as a company director of listed and unlisted companies in the biotechnology, property and agribusiness sectors. His experience in agribusiness is both from a legal and commercial perspective. Private interests include chairmanship of wine producer Clovely Estate Limited, as well as Burnett Valley Vineyards Pty Ltd and Burnett Valley Olives Pty Ltd.
Brett has advised on many complex company restructurings including prominent Queensland organisations including Primac, Darling Downs Bacon, QIDC, First Australian Building Society, Grainco and Golden Circle.
 
Re: Octaviar MFS Premium Income Fund PIF

Rocky1 said:
Did anyone note the website listed on the NSX details for the PIF - http://www.octaviar.com.au, why wouldn't it be WC?

Also does anyone know what 6month units means?

What power do we have on this issue - if enough investors contest it can we have the fund removed from the NSX. We certainly didn't sign up for it and I would have thought Jenny should have consulted investors first before making such a big change to the fund
Click to expand...

Rocky 1, Yes I did notice the Octaviar contact and JH is listed as the 'Advisor".
The 6 months refers to the term. There are seperate applications made for each option of term for your deposit that was originally offered, eg 6 month up to 24 month . Bumblebee
 
Re: Octaviar MFS Premium Income Fund PIF

Javier said:
If you go back to the other week when i met with her, I already answered that YES she has a right to list on the NSX and yes Dora they are the only 3 choices we have. That is why I said WAIT and see what JH has to say. If we don't like it we can ask her to put it to a vote to wind it up. Changing the re is a choice. Look if she says that listing on the NSX is if you want your money now and that is the ONLY form at this stage of ANY liquidity, then so be it. Read your PDS folks, it states no guarantee of capital and no g'tee of distributions. So she is using the NSX as a way to unfreeze the funds and get something. NOW if this is only a secondary means and she has an orderly time frame for getting back our capital as investments mature and assets are sold and realised and it is a finite plan and we get distributions in the meantime, that is in effect winding it up AND in the meantime she tries getting misappropriated funds via the courts, then what is wrong with that. The NSX only screws people who have to sell their units, either way we get screwed, but if you can hold out, you get maximum value as the fund starts getting maximum value. This is the way I see it, and if she puts that to us and doesn't try and lock our money in forever in a day, then we should consider. Let's hear the woman out, then exercise our rights if we need to.
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Javier you are correct and agree with you totally, I have been reading all of the forum comments to date and I support your thoughts and look forward to the AG meeting to discuss the outcome of the unitholders meeting in Melbourne.:)
 
Re: Octaviar MFS Premium Income Fund PIF

One post on this forum on the eve of the meetings following the NSX listing ann by a Goldfinger !!!!!! Go figure
.
 
Re: Octaviar MFS Premium Income Fund PIF

Rocky1 said:
Did anyone note the website listed on the NSX details for the PIF - http://www.octaviar.com.au, why wouldn't it be WC?

What power do we have on this issue - if enough investors contest it can we have the fund removed from the NSX. We certainly didn't sign up for it and I would have thought Jenny should have consulted investors first before making such a big change to the fund
Click to expand...

Isn't McCullough Robertson Lawyers the same solicitor Octaviar use?

I think we can rule out investors having a say in the NSX issue. We know Jenny doesn’t have to (by law) ask us if we want to list and she has already told Breaker1 in his interview she does not plan on asking us, but that it is a decision for the board. You must realise Jenny has her own agenda which she will follow though. I don’t believe you would take on RE of a failing fund without having a plan of attack prior to taking in on. I feel that if we don’t agree with the current REs plans we have little chance of changing their mind but do have the option of finding an RE that has the same vision as we do. Lets just aim to get as much info as possible and as many members to our group to make sure our fellow investors are informed should a vote be needed.
 
Re: Octaviar MFS Premium Income Fund PIF

Bumblebee said:
Rocky 1, Yes I did notice the Octaviar contact and JH is listed as the 'Advisor".
The 6 months refers to the term. There are seperate applications made for each option of term for your deposit that was originally offered, eg 6 month up to 24 month . Bumblebee
Click to expand...

Sorry 'JH" should read 'WC'. Hard to understand this concept of seperation....Seems like 'people' are still in bed with each other???
 
Re: Octaviar MFS Premium Income Fund PIF

goldfinger38 said:
Javier you are correct and agree with you totally, I have been reading all of the forum comments to date and I support your thoughts and look forward to the AG meeting to discuss the outcome of the unitholders meeting in Melbourne.:)
Click to expand...


Sorry about the choice of name, an Austin Powers fan, in any case Guy Hutchings and Marilyn Watts have had theirservices terminated by wellington Capital as of Friday so no further conflict of interest with those two given they have been there since way back.

And as you said how can the CEO NOT be aware of all that has gone on, if he wasnt aware he wasnt doing his job properly.

And yes, those related party loans that were lent out could not have honestly been approved according to the normal lending policy guidelines and procedure..
 
Re: Octaviar MFS Premium Income Fund PIF

goldfinger38 said:
Sorry about the choice of name, an Austin Powers fan, in any case Guy Hutchings and Marilyn Watts have had theirservices terminated by wellington Capital as of Friday so no further conflict of interest with those two given they have been there since way back.

And as you said how can the CEO NOT be aware of all that has gone on, if he wasnt aware he wasnt doing his job properly.

And yes, those related party loans that were lent out could not have honestly been approved according to the normal lending policy guidelines and procedure..
Click to expand...
Goldfinger I am pleased to hear that Hutchings and Watts are no longer involved with the PIF.This is welcome news. Did they leave of their own accord or were they removed?Where did you get this information from please? Holders have no respect or trust left with people who were directly responsible for the PIF that let it deteriorate to where it is now. Lets hope their replacements demonstrate a higher standard of management. Seamisty
 
Re: Octaviar MFS Premium Income Fund PIF

One thing is for certain, the departure of Guy Hutchings and Marilyn Wells doesn't mean that the recent benefits they bestowed on PIF investors will easily be forgotten. Far from it!
 
Re: Octaviar MFS Premium Income Fund PIF

seamisty said:
Goldfinger I am pleased to hear that Hutchings and Watts are no longer involved with the PIF.This is welcome news. Did they leave of their own accord or were they removed?Where did you get this information from please? Holders have no respect or trust left with people who were directly responsible for the PIF that let it deteriorate to where it is now. Lets hope their replacements demonstrate a higher standard of management. Seamisty
Click to expand...

Received advice from a BDM who formerly worked for MFS & Octaviar - Stephen Hart. And their services were terminated, they did NOT leave of their own accord, in fact from as late as last Wednesday Guy Hutchings had indicated he was still intending to be present at the investors forums, in Melbourne.

Given his services have been terminated I will be interested to see if he shows up at all as I am sure there are a large number of investors who would like to vent their anger at his actions or lack of it.
 
Re: Octaviar MFS Premium Income Fund PIF

goldfinger38 said:
Received advice from a BDM who formerly worked for MFS & Octaviar - Stephen Hart. And their services were terminated, they did NOT leave of their own accord, in fact from as late as last Wednesday Guy Hutchings had indicated he was still intending to be present at the investors forums, in Melbourne.

Given his services have been terminated I will be interested to see if he shows up at all as I am sure there are a large number of investors who would like to vent their anger at his actions or lack of it.
Click to expand...
Thanks for that goldfinger. If Hutchings had the gall to turn up at an investor meeting he would have to be heavily disguised or surrounded by body guards! If ASIC was doing it's job properly, he should be struck off from ever being able to hold such a position again!He was grossly incompetent and his actions in my opinion, weren't much better than King and White in regard to deceiving investors. Him and Watts will have plenty of time to drink coffeee and tea now(refer page 21 Issue 02 of MFS Investor magazine) and quote Watts:::"Well I think there are plenty of good fund managers who, like us, are well positioned for the opportunities which will no doubt arise over the next few months"::::I don't think they will be inundated with job offers!!!! Seamisty
 
Re: Octaviar MFS Premium Income Fund PIF

Anyone heard anything from Brisbane?

The meeting is probably still going?

The wait is killing me.
 

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