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Wellington Capital PIF/Octaviar (MFS) PIF

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ASIC declines to act so investors move to sack fund manager Colin Kruger
May 19, 2011

DISGRUNTLED investors in the MFS-founded Premium Income Fund have formally taken steps to remove the manager controversially appointed to the billion-dollar fund just before the collapse of MFS.

The investors failed to get the securities regulator interested in allegations that the manager, Wellington Capital, may have breached the Corporations Act with the controversial share placement it engineered this month.

Yesterday the Australian Securities and Investments Commission informed the PIF Action Group that it would not take any action.

However, the PIF Action Group may yet get the upper hand if it successfully removes Wellington Capital as responsible entity without the fund paying a $5 million removal fee to Wellington.

The group aims to do this with a resolution to change the constitution and remove the fee before removing Wellington Capital as responsible entity. The unit holder meeting is due to be held in Sydney on June 16.
Full article: http://www.smh.com.au/business/asic...move-to-sack-fund-manager-20110518-1et5c.html
 
$25m offer puts Kooralbyn in play
THE dead heart of the Kooralbyn Resort could be resuscitated in weeks after a Gold Coast businessman yesterday secured the once popular playground for $25 million.

Murray Bailey, who heads a US-based renewable energy company, will not settle on the deal until 2012 at the earliest, but he yesterday said work would start soon on restoring parts of the dormant resort.

http://www.goldcoast.com.au/article/2011/05/19/316401_gold-coast-business.html
 
The quote "Let the games begin" The games have been played with our money for a number of years and we all lost. Now let us all rally and seek out our friends who are unit holders and gather their support for the EGM. This "Game" is now being played on our home ground and we have the steely resolve to WIN. All who can attend the meeting please do and show your support. There will be no pantomone this time. This is our chance to save the remnants of our hard earned savings. Someone said, "Out of the fat and into the fire." Well I say if you stay in the existing frying pan "you may well be cremated." At least doing it the way PIFAG suggest we have a chance of some recovery. Stay tuned, life is about to get interesting for us all.
 
:bandThanks to all who have logged on and posted their support for the PIFAG re the proposed removal of Wellington Capital as Responsible Entity of our Fund. We encourage EVERY PIF unit holder to use this forum to continue to show support by posting here to demonstrate we are not a minority group of disgruntled investors. We are the UNITED MAJORITY, determined to claw back the remnants of OUR grossly mismanaged, strongly diluted PIF!! We are no longer naive and we know we were conned so please make the effort to register and post. It is time to speak up and I look forward to meeting you all in person at the EGM in Sydney on the 16th June!! Seamisty
 

I would call such person a FEM-RA-CUDA;
fem for female ra for rapacious cuda for barracuda

And huge thanks to the TEAM for a truly momentous work done on our behalf.
I am a rejuvenated geriatric clicking my heels high in the air.
Let's ensure that that maximum votes are gathered by all means available.
And let's look at the way how to exclude diluted units from entering the ballot.

Regards
 
Thank you Breaker,Seamisty and others for all your hard work and diligence,I am with you all the way and hope that we can find the numbers to rid ourselves of the scourge that has been sucking our fund dry whilst feathering the nest of the red coated vampire.
Well done Breaker,I am sure there will be more support behind you than was ever thought possible.
Blueboy1
 
Well done to all of you who have brought us to this point.

For those of us who cannot attend the meeting on 16th June, can you tell us how we can participate for the sacking of WC and the appointment of a new RE.

If I would have been in Sydney at the time, I would CERTAINLY have attended. I have been a PIF investor since 2006, and an avid reader of this forum ever since Breaker1 put in his very first post on 15th May 2008.

Just my luck that I will miss the fireworks, but again, please advise for those who cannot attend the meeting on 16th June, what we should do.

Michael
 
It's a disgrace that ASIC has done nothing to help our plight. Also Nick Nicholls seems to have only praise for the disgraceful performance of JH & WC. Thanks to all the hard work & time some of dedicated AG have put in we now have some hope. The EGM can't come soon enough.
 
ASIC have continually demonstrated they are not interested in our plight, their latest failure to intervene on Wellington Capitals determination to dilute our Fund by issuing more shares highlights JUST HOW BLOODY USELESS they are. Do not be discouraged by their inaction, its all part of the plan to deter individuals from lodging complaints! I sincerely hope Financial Advisers etc have made representation on behalf of their clients by raising their concerns with ASIC on your behalf?
BootsnAll, I once contacted Nick Nichols, Gold Coast Bulletin and voiced concern that many PIF unitholders perceived his reporting as biased and he responded with "In what way is the reporting perceived as biased?" HELLO!!!

Seamisty
 
Another trading halt just announced on the NSX.

I feel that our fearless leader will not give up without a fight. She has put in 3 years of her life and many millions of our hard earned dollars into this project, and as she doesn't wish to loose face in the business community, I think she will fight tooth and nail to maintain her position.

If we happen to dislodge WC as our RE, what legal side stepping can we expect.

Michael
 

ASIC is no more competent than the US SEC:

http://www.youtube.com/watch?v=uw_Tgu0txS0

They're great at making sure the forms are filled in, but protection of investors is not within their respective capacities.
 
In the accompanying attachment is an assortment of todays PIF related media articles. Cheers, Seamisty
 
simgrund said:
...
And let's look at the way how to exclude diluted units from entering the ballot.

Regards
Click to expand...

I believe that the whole issue of responsible entities allowing new investment into highly impaired funds, how this falls under section 601 of the Corporations Act, and how this fits with acting in the best interests of unitholders, needs scutiny. I feel there just does not seem to be enough protection for unitholders that suffer such losses as what we have in this fund, the PFMF fund and others. The message will only ever be heard if the UNITHOLDERS keep complaining...

My votes will go to Castlereagh....
 
"Yesterday the Australian Securities and Investments Commission informed the PIF Action Group that it would not take any action."

This proves THERE IS NO CORPORATE REGULATION IN AUSTRALIA!
 
Is there a .pdf copy of each of the notice of meeting and explanatory memorandum? If so, would someone please direct me to it?
 
ASICK said:
Is there a .pdf copy of each of the notice of meeting and explanatory memorandum? If so, would someone please direct me to it?
Click to expand...
ASICK below is the link to Electronic copies of the following documents :

Letter to Unit holders from PIF Action Group
Letter to Unit holders from Castlereagh
Notice of Meeting
Notice of Meeting - Constitution Extracts
Information Memorandum
Annexure A - Information about Castlereagh Capital
Annexure B - Letter from Class Action legal team
Annexure C - Investor Advisory Interest Form


http://www.cascap.com.au/page.php?page=32
 
Hi all,
I'd just like to thank Seamisty, Breaker etc et al for the hard yards they are putting in for us. You guys are doing a fantastic job. Hopefully we get some goods news soon.
 

Thanks Seamisty, the docs weren't there earlier this morning - or maybe it was because the site had a lot of traffic, and the page didn't fully load.
 
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