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Wellington Capital PIF/Octaviar (MFS) PIF

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Mine went yesterday Blueboy1, Cheers, Seamisty
 
PIn announcement http://www.nsxa.com.au/ftp/news/021724001.PDF
Mortgagee in Possession Contract –Dry Dock Road, Tweed Heads South
Wellington Capital Limited as responsible entity of the Premium Income Fund is pleased to announce that a
contract has been exchanged in relation to the property located at 136 Dry Dock Road, Tweed Heads South.
The property, known as Reef Cove, was taken to market in November 2010 by Colliers International where it
was passed in after it did not achieve the reserve price. It has now been sold via a local agent.
Reef Cove is security for one of the Fund’s mortgage loans.
The contract is subject to a 45 day finance condition, followed by a 60 day settlement and will contribute a
net $7 million to the Fund on settlement.
Managing Director, Jenny Hutson said ‘the exchange of contracts on the Reef Cove property is a pleasing
result. This is a positive outcome for the Fund’s Unitholders.’

Yes, very good WC, this should negate the need for the issue of new shares to capital raise? Or will it allow WC just enough to make the next 3 cent payment so WC can draw management fees? Mind you, if after all the sales at Port MacQuarie and Wollongong didn't achieve that, I can't see $7mill going too far, what with all the pending court costs and not to mention those ASTRONOMICAL OPERATING EXPENSES!!
Seamisty
 
Lodged my complaint with ASIC (QLD) on line last Tuesday.
I also phoned and was told I cold increase the 'priority' by going back on line and through their "ask a question" option. I would need to quote my original reference number and restate the urgency of the complaint. cheers everyone.
 
I think it's clear that a constitutional amendment is necessary to permit issuance of further units (sub $1.00) by the manager. Clearly, the manger's constitutional amendment was intended to facilitate the issuance of such further units.

I think the manager has placed itself in a potentially very difficult situation, because there is no surety as to whether the issuance is in fact, legal.

The legality of the constitutional amendment could be tested at any time, now, or after, whether or not a new manager is appointed in the future.

Imagine a new manager is appointed, then that new manager would probably have the capacity to use the fund's money to challenge the validity of the amendment, and if successful, potentially seek damages against the present manager.

Suppose a prospective manager is not successful at a meeting, then that prospective manager could then challenge the validity of the amendment, and if successful, potentially cause a new meeting to be held, and potentially at the present manager's sole expense.

If the amendment is set aside, even some years in the future, there will be other expenese that the present manager may be potentially liable for.

I think the whole 'rights issue' issue could end up in one hell of a mess.

While members hope the amendment is able to be set aside, I'll bet the manager is hoping even stronger that the amendment, if tested, is legal.
 
Why is the Australian Shareholders Association (who were so vocal about PIF and WC in 2008) so silent now?
 

Hear hear seamisty. I'll chear when the money's in unit holders hands. Once bitten (Wollongong) twice shy. It's only a contract of sale so far. I.e. a legal document. It's open to legal interpretation. Y'now ... like the PIF constitution.

P&I outstanding for that property @ 31 May 2008 according to WC was $8,570,032. So we're looking at another possible write down of $1.57m. Then there's inflation and lost earnings that have bitten into the return to unit holders.
Hmmm. Is WC preparing to cut and run?
 

I have just lodged my complaint. I am one of (I hope) many of the silent investors who have been sitting back and watching seamisty, Charles 76 and a host of others do a fantastic job of trying to get at least some of my money back.
I am in awe of your tenacity, intelligence and dedication. Many, many thanks!
NOW is the time for all of us who have been sitting back to get off our bums and lodge a complaint with ASIC!!!!
 
I've been trying to submit an on-line complaint to ASIC without success. Could someone tell me what's the secret? I get so far and they tell me something about having the "wrong name"; I haven't been able to figure out where I've gone wrong! Help somebody, any body!!!

Thanks,
Cookie1
 

I too had tt problem - in the end I got thru by typing WELLINGTON CAPITAL LIMITED tt matches the ACN 114 248 458 and dropping ACN tt I first inserted along with numbers.
Good luck hope tt enables you to progress further into the form.
 

Cookie - I had computer glitch, too. So, I lodged my complaint by phone. The officer taking my call was most efficient and took down everything I dictated accurately. This was followed up by by an ASIC email containing a further contact phone number. Allow plenty of time for the process as they seem to have to call you back after the initial contact..
 
I implore all investors to Contact ASIC and raise an online complaint form, going through all the screens, make sure you get the reference number at the end of process.

Cookie... ASIC have told me they sometimes have this "Glitch" in their system. Please Keep trying until you get through all screens. and write down your complaint reference number. If all else fails try faxing the complaint form.
After you've lodged the complaint online Phone ASIC with your reference number and confirm they have received it. Ask for your complaint to be lodged as URGENT

cheers
 
Thanks everybody for the advice on lodging a complaint with ASIC. I'll do it this evening.

Cookie1
 
A PIF investor forwarded an email to me received from ALF PIF this afternoon. I feel I have to share a couple of quotes from the content:
"The Government watchdog, that have issued her a license, is sitting and watching."

(Yes ALF PIF, that is an understatement. They have been sitting and watching for OVER THREE YEARS!!! Whats another few years?)

"Byrnes is a consultant to the Directors. We listen to good advice from a number of sources and ignore advice deemed to be not relevant."

"PIF is in poor shape." ( POOR'S RIGHT)

"Its interesting to note that I make myself available to discuss anything to do with PIF and our bid but not ONE unitholder has called or emailed me"
(UMNN, I thought they were inundated with PIF investors begging them to extend the offer?)

"We have been a thorn in the side of the pig at the trough"
( HAHA I love this one!!)

Seamisty
 
As no doubt many posters have found out ASIC's website is not the friendliest.

I had the time [& persistence] to draft my complaint 3 times b4 it finally went through
 
BABIHUTAN said:
As no doubt many posters have found out ASIC's website is not the friendliest.

I had the time [& persistence] to draft my complaint 3 times b4 it finally went through
Click to expand...
It's probablly a conspiracy BABIHUTAN!! A sneaky ASIC tactic to deter complaints!! Considering mine rarely get acknowledged (they could do it it bulk form if they were keen) maybe ASIC hope people will get tired of trying? Seamisty
 
Good evening forum members.

My name is Wayne Wheeler and I'm a director of ALF PIF Finance Ltd. I log in here from time to time to gauge the mood of the forum members and to try to assess the unitholders' understanding of the effect that the WC management has had (and continues to have) on their share/asset value during their tenure as the "responsible entity". Your anger and frustration is understandably palpable.

Our Chairman (Michael Pakula) has posted here briefly in the past to clarify some points in relation to our takeover bid/offer to all unitholders, and has committed to field all enquiries from unit holders seeking further information and/or clarification of our offer.

Given the current (and limited) extension of our bid, and just as importantly the recent manoeuvrings of JH/WC, I advise that we are still prepared to personally discuss any and all issues in relation to this matter with unitholders. The terms of our offer are clear and unambiguous and we welcome your comments and feedback as to the perceived positive & negative elements of the takeover bid.

It's obviously in your own interests to carefully review the history of your unit value over the last few years and consider whether the future looks any brighter under the current regime.

Wayne Wheeler
 

Hello Wayne Wheeler.

As someone who "logs in here from time to time" it is indeed surprising that this is your first post, and that you joined this forum within the last few days.
 
JohnH said:
Hello Wayne Wheeler.

As someone who "logs in here from time to time" it is indeed surprising that this is your first post, and that you joined this forum within the last few days.
Click to expand...

Fair enough John. It's quite true that I only registered and "logged in" for the first time tonight, so perhaps I should have said that I visit here from time to time. No intention to mislead. OK?

I have no intention of being a regular responder to comments here, but the offer by ALF PIF directors to communicate directly and personally with concerned unitholders is genuine and ongoing.
 
Hi Wayne, The majority of investors in the PIF left with little choice when MFS/Octaviar collapsed were conned by Wellington Capital. We are still vunerable and further ripped off but no longer so easily conned. We are far less trusting and better informed. As the result of being left with little or no trust we do extensive research and try to stay as informed as possible. Anyone remotely involved or associated with less than impeccable credentials will not be considered as an alternative RE. We have done our homework and the lack of response to the offer put forward by ALF PIF speaks for itself. We may still be vulnerable and ripped off, but hopefully a lot better informed. I personally think you are wasting your time and money pursuing this takeover offer. In saying that, I also think that Jim Byrnes and Jenny Hutson have a lot in common.
Seamisty
 
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