Wellington Capital PIF/Octaviar (MFS) PIF

[marcom]

"For one I think the main priority is to get rid if JH even if it costs $5m (maybe this could be negotiated down - after all JH's so-called reputation would be irreparably damaged after being thrown out as RE) it is a small amount compared to what JH has already lost us." reasonable

"People we got it wrong installing Wellington let get it right this time WE CAN NOT BE ANY WORSE OF THAN WE ARE LETS GET RID OF WELLINGTON NOW IF WE HAVE TO PAY A PENALTY PAY BUT GET RID OF THEM" Waterloo

IF we have to pay to get rid of WC, we can later sue them for damages for incompetence, fraud, misappropriation or what ever a forensic accounting examination of fund accounts may reveal. We stand to get a lot more than $5m back I bet!

 

[simgrund]

"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!

But did A'SICk provide reasons for this exclusion of their protection?
Regards

 

[seamisty]

Thanks. And a great job at that for those of us that have not been able to keep up to date or even know where to look for that matter. Wiser is great also. Comes with making mistakes half the time and learning from them. Castlereagh needs to ouline their plan just a little more in detail though so we can all decide on either the devil we know or the devil we don't know. Based on the recent post from seamistry the change can't come fast enough , but also what would prevent Castlereagh from doing the same thing??. Would there be a new constitution written to avoid this blantant abuse of power with the share issue's and it's subsequent diltuion of our own units??

elizaman I believe CasCaP (CastlereaghCapital) intend to hold 4 information sessions prior to the EGM. Locations Melb, Syd, Pt Maquarie and Brisbane, dates and venues to be confirmed on the CasCap website soon. http://www.cascap.com.au./
I strongly suspect the reason why WC did the capital raising exercise was to shore up some voting support for themselves, hence the 'fresh blood' from outside of the Fund from investors whose identity still remains a mystery. Also WC has some fiercely expensive operating costs which the PIF contributes heavily towards and there has been slim pickings of late. The whole sordid exercise has backfired on Wellington Capital. Seamisty

 

[ASICK]

Sorry, I thought the intention was to avoid paying the $5m. Still, $5m is only about the same as a $0.01 per unit payment (maybe less now).

I don't think even a drunken stupor could cause me to even contemplate either that W.C. would negotiate something that's a sure thing anyway ($5m) or that members will recover some sort of damages from W.C.

Why should W.C. care? $5m for not even one day's work. Still, it might be a moot point with your guys having it all in hand. Probably no more than food for thought.

 

[simgrund]

"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!

But did A'SICk provide reasons for this exclusion of their protection?
Of course not, they would rather be involved in this nail on PIF cross:
"The New Units will be issued without disclosure to investors under Section 1012DAA of the Corporations Act 2001 (Corporations Act) as modified by ASIC Class Order 08/35."
as per seamisty post #7182.


Regards

 

[selciper]

"For one I think the main priority is to get rid if JH even if it costs $5m (maybe this could be negotiated down - after all JH's so-called reputation would be irreparably damaged after being thrown out as RE) it is a small amount compared to what JH has already lost us." reasonable

"People we got it wrong installing Wellington let get it right this time WE CAN NOT BE ANY WORSE OF THAN WE ARE LETS GET RID OF WELLINGTON NOW IF WE HAVE TO PAY A PENALTY PAY BUT GET RID OF THEM" Waterloo

IF we have to pay to get rid of WC, we can later sue them for damages for incompetence, fraud, misappropriation or what ever a forensic accounting examination of fund accounts may reveal. We stand to get a lot more than $5m back I bet!

Marcom -

Your expressed feelings are spot on. A few million to get rid of WC would be worth it. Frankly, I can't imagine suffering another year of this charade.

I sent an angry letter to our "guardians" at ASIC this afternoon. What a pathetic organisation.

 

[JohnH]

Marcom -

Your expressed feelings are spot on. A few million to get rid of WC would be worth it. Frankly, I can't imagine suffering another year of this charade.

I sent an angry letter to our "guardians" at ASIC this afternoon. What a pathetic organisation.

........... I've raised this before, but nobody seemed to pick it up. The best part of a thousand of us on the Gold Coast heard JH state that if she had not performed, then she would not draw the 2%. Has anybody got a recording/video of that statement??

 

[seamisty]

........... I've raised this before, but nobody seemed to pick it up. The best part of a thousand of us on the Gold Coast heard JH state that if she had not performed, then she would not draw the 2%. Has anybody got a recording/video of that statement??

JohnH, I am sure that is on record somewhere, Wellington Capital will not only be fighting for control of the PIF, but their reputation as a 'boutique merchant bank and fund manager experienced in providing dynamic advice and services' is also in tatters!! Jenny Hutson as CEO of G8 Education is fighting for their reputation re Cherie Hearts aquisition which is also in question and involved in a complex legal investigation!! The ****e has hit:fan. Let the games begin, an average unprivelledged person versus the the uni student who 'spent far too much time testing the boundaries of excess to excell academically, but did well enough to be offered a job at McCullough Robertsons'. HA HA, I excelled academically and left school at 14, not 22, tested the boundaries and retired at 38 on my own merit. MFS/OCV and Wellington Capital have a lot to answer for, don't even begin to think you can intimmidate me, you have much more important issues to deal with. Seamisty

 

[seamisty]

Ferrier slams Hutson `handbag' attack
Nick Nichols, business editor | May 20th, 2011

INSOLVENCY veteran Ian Ferrier has accused Jenny Hutson of "swinging her handbag" following a personal attack on his credentials in the Gold Coast Bulletin yesterday.

Mr Ferrier, who co-founded BRI Ferrier, is among the key players in Castlereagh Capital's bid to oust Ms Hutson's Wellington Capital as responsible entity of the Premium Income Fund.
link to full story:http://www.goldcoast.com.au/article/2011/05/20/316735_gold-coast-business.html

 

[charles36]

Has it occured that this may be a plan to increase voting rights by someone else close to WC's mandate?? It says there is no minimum price required, based on the recent issue at 10cents 7.5 mil still sold. Now there at 09 cents this so called "sophisticated investor" could be looking to align there units with someone else. PIF AG says it has control of 27 % I think I read somewhere.??? That still leaves 73% out there somewhere and with dilution at this rate it doesn't take long to swallow up a majority of units for voting purposes possibly. It's also happening very quickly and so soon after the 10 cent issue. seems odd.

I have read your posts with interest, there are no guarantees in life as you are well aware. The PIFAG have worked very hard to reach the stage that we are now at and it is up to those who support the change to help in anyway they can. All constructive comments are welcome. You have mentioned the figure 27% of votes. That is not correct. The PIFAG membership represents approximately 27% of all unit holders and is rising every day. The PIFAG is self funded and does not seek contributions. It has been all voluntary. The 27% of unit holders have control of at least 37% of units on issue. It is also of interest Elizaman to note that a huge proportion of unit holders have joined the class action and as such they control an equally huge amount of units on issue. I am sure each and every unit holder is aware that the PIFAG were instrumnental in the formation of the class action and all the necessary work required to get lawyers, litigation funding etc together. It cannot be said that the PIFAG have not been patient with the present RE and the sudden spurt of inspiration by the management of the fund is not fooling anyone. From the information I have received from countless unit holders are that they are waiting at the their post boxes with their pens poised to write. WC can try all their tricks and dilute the fund but I can assure WC that unit holders have had enough and will be glad to see change.

Let me say this, it has been said that we are all wiser since we attended the pantomime shows in 2008. Castlereagh Capital's performance will be closely monitored, this I believe. There is one thing we can be sure, WC will try every known and unknown way to survive. If unit holders think she should they will vote according to their wishes, on the other hand if they don't they will vote for change. One thing for sure is every unit holder should vote.

 

[loulou2]

GO Seamisty!! Also huge thanks to Breaker and all PIFAG for the huge amount of research you have done on behalf of all investors. Yes, this is a golden opportunity for positive change! Bring it on.

 

[selciper]

Quote of the day: "They have had to endure a lot."
(Hutson referring to PIF investors in today's Gold Coast Bulletin.)

 

[elizaman]

I have read your posts with interest, there are no guarantees in life as you are well aware. The PIFAG have worked very hard to reach the stage that we are now at and it is up to those who support the change to help in anyway they can. All constructive comments are welcome. You have mentioned the figure 27% of votes. That is not correct. The PIFAG membership represents approximately 27% of all unit holders and is rising every day. The PIFAG is self funded and does not seek contributions. It has been all voluntary. The 27% of unit holders have control of at least 37% of units on issue. It is also of interest Elizaman to note that a huge proportion of unit holders have joined the class action and as such they control an equally huge amount of units on issue. I am sure each and every unit holder is aware that the PIFAG were instrumnental in the formation of the class action and all the necessary work required to get lawyers, litigation funding etc together. It cannot be said that the PIFAG have not been patient with the present RE and the sudden spurt of inspiration by the management of the fund is not fooling anyone. From the information I have received from countless unit holders are that they are waiting at the their post boxes with their pens poised to write. WC can try all their tricks and dilute the fund but I can assure WC that unit holders have had enough and will be glad to see change.

Let me say this, it has been said that we are all wiser since we attended the pantomime shows in 2008. Castlereagh Capital's performance will be closely monitored, this I believe. There is one thing we can be sure, WC will try every known and unknown way to survive. If unit holders think she should they will vote according to their wishes, on the other hand if they don't they will vote for change. One thing for sure is every unit holder should vote.

Thanks Charles36 for the correction on percentages and your viewpoint.
Some quick math on this subject as I see it
PIF AG 37 % of units at 755,147,000 = 279,404,390
Remianing balance 63% = 475,742,610 ( possibly unknown) the small amount of 300,000 are mine at this point
As per latest right issue document submitted by JH there are currently 830,532,768 units with the intention of adding another 276,844,256 unit for a total of 1,107,377,024 units in the fund
Supposing that this all occurs and is fully placed this would place the percentage of units held by PIF AG at 25.24 %
The quorum only requires a minimum of 4 people which won't be a problem of course however they have to hold units or have proxies totaling 51% of the fund which at present would be 415,266,384 units but could end up being worst case scenario 553,688,512 units
Just based on this math the action will be between 17 to 25% short of achieving the result we probably all want.
I would also point out that we are closely monitoring WC right now as well but with no apparent power to do anything about there actions at this time not too mention the lack of support from ASIC so my question is what power or controls will we have that differ from what we have now should Castlereagh be successful to avoid this misuse of our trust and money?
With respect

 

[elizaman]

elizaman I believe CasCaP (CastlereaghCapital) intend to hold 4 information sessions prior to the EGM. Locations Melb, Syd, Pt Maquarie and Brisbane, dates and venues to be confirmed on the CasCap website soon. http://www.cascap.com.au./
I strongly suspect the reason why WC did the capital raising exercise was to shore up some voting support for themselves, hence the 'fresh blood' from outside of the Fund from investors whose identity still remains a mystery. Also WC has some fiercely expensive operating costs which the PIF contributes heavily towards and there has been slim pickings of late. The whole sordid exercise has backfired on Wellington Capital. Seamisty

Thanks. I will follow their website for the information sessions and attend. I'm not sure how it has backfired on WC as yet as they seem to be able to do anything they want right now. The new issue bothers me a bit from the point of shoring up not to mention who these new investors are and how many units they may control. Is the PIF AG in any position to garner help from within to purchase any of the new offerings??
With respect

 

[JohnH]

http://www.nsxa.com.au/ftp/news/021724031.PDF

trading ban now lifted and part of WC's statement

Jenny Hutson Managing Director said:
‘The meeting material received does not in the opinion of our lawyers, satisfy the requirements of the
Corporations Act and the constitution of the Fund.
Separately, the resolutions proposing to appoint a replacement responsible entity that does not currently
hold an Australian Financial Services Licence, of a kind, that would enable it to be the responsible entity,
raises serious legal issues as to the validity of that proposed resolution.
It also raises practical issues in that the resolution as proposed could result in the Premium Income Fund
being wound up.
In addition, the proposal consequently puts at risk the $31.25 million in contracts signed but not yet settled.’

 

[marcom]

I've got a new nickname for ASIC - MIRROR - that's right we'll look into it....

ASIC survey reveals the obvious: losing money hurts
Scott Rochfort
May 20, 2011

The ASIC chairman, Greg Medcraft ... mood cards a helpful tactic.

In a huge relief for the many thousands of investors left financially ruined by the collapse of numerous financial firms and schemes across the country, the corporate puppy dog has finally cottoned on to the idea that losing money can be rather upsetting to people.

The Australian Securities and Investments Commission's new head corporate grime fighter Greg Medcraft hit the ground running yesterday, when the regulator released a groundbreaking study on the ''social impact of monetary loss''.

The report assessed the feelings of 29 people who had been issued margin calls or who had lost money in various mortgage or agribusiness schemes.
Advertisement: Story continues below

''The main finding of this study is that failure to fully compensate investors who lost money because of the conduct of their managed investment scheme or financial planner can cause the investor severe emotional and financial distress,'' concluded the report.

The study identified four degrees of ''suffering''. They were ''catastrophic; living frugally; financially settled but angry; and accepting''.

''All of these investors experienced different degrees of financial and emotional distress,'' said the study. While financial planners copped the brunt of the anger of the 29 investors interviewed, ASIC did not come off lightly either.

''Several investors told us that they contacted ASIC when they could see problems with their funds, or after the funds crashed, but ASIC was unable to help.''

One of the unnamed interviewees in the study said: ''The minute they stopped paying us and started borrowing money from the [bank] I contacted ASIC and they said, 'We are keeping a strict eye on it and we are looking at it' and that was the answer I kept getting all the time, 'we are looking into it' but they never did anything about it until it was far too late."

Seems the survey came a few years too late for ASIC.

ON THE CARDS

One wonders why ASIC bothered hiring someone to survey 29 people. Surely it would have had plenty of feedback on its own complaints line. One of the case studies in the report was a disability pensioner living in ''catastrophic hardship'' after losing her inheritance in a failed property investment scheme. ''She will have to move when the rent goes up. She is considering a granny flat in someone else's backyard or selling her car to buy a campervan,'' said the case study.

The woman told the study: ''Bury me in a cardboard box.''

The survey of the 29 investors in the ASIC study included cards to help people express how they thought. There were cards with the words: Ashamed, Embarrassed, Angry, Depressed, Cranky, Sad, Calm and Resigned. There were cards with mood diagrams.


Read more: http://www.smh.com.au/opinion/asic-...money-hurts-20110519-1ev15.html#ixzz1MqsapCcl

 

[seamisty]

http://www.nsxa.com.au/ftp/news/021724031.PDF

trading ban now lifted and part of WC's statement

Jenny Hutson Managing Director said:
‘The meeting material received does not in the opinion of our lawyers, satisfy the requirements of the
Corporations Act and the constitution of the Fund.
Separately, the resolutions proposing to appoint a replacement responsible entity that does not currently
hold an Australian Financial Services Licence, of a kind, that would enable it to be the responsible entity,
raises serious legal issues as to the validity of that proposed resolution.
It also raises practical issues in that the resolution as proposed could result in the Premium Income Fund
being wound up.
In addition, the proposal consequently puts at risk the $31.25 million in contracts signed but not yet settled.’

JohnH I was waiting for the froth that came with the announcement to dry before I posted it!! We expected WC to come out swinging (a handbag?) I guess they have nothing left but to scaremonger, obviously their tactics to try and align the PIFAG with ALFPIF failed, yes thats right, Jenny Hutson was quoted as saying "I have had investors speak to me today indicating that they've been contacted by ALF PIF recently and have been told that ALF PIF has arranged for Bri Ferrier to be licensed and that they're working together to take over the fund."
My information is that WC hotline staff were also quoting the same BS to PIF investors until the PIFAG contacted WC and suggested the hotline staff were misinformed.

I have just received a copy of Castlereagh Capital's Australian Financial Services Licence issued by ASIC, looks like the real deal to me. Also there is a detailed explanation re the licence in the information memorandum page 21 http://castlereagh.rlbrandmgmt.com....ins/filemanager/files/Information_Booklet.pdf And as for "‘The meeting material received does not in the opinion of our lawyers, satisfy the requirements of the Corporations Act and the constitution of the Fund." Can't you just change it for us to fit if it isn't right Jen?

Seamisty

 

[Jadel]

Charles,

I think you should make it crystal clear, to all investors that there would be no Class Action without your personal involvement in this matter. Believe it or not, some people still actually believe that JH had some input into the Class Action

.And, I am of the belief that she will do everything in her power to muddy the water on this issue.

On the subject of commercial immorality levelled against Ferriers by JH

We should keep in mind that JH threatened ,intimidated and frightened PIF investors with a diabolical alternative ,either vote for me , or I will be forced to liquidate your Fund at 14 cent, under the terms of the PIF Constitution .

This claim was always a complete and utter falsification of the truth. .

Belated Constitutional amendments have now been made, at will, to suit her needs. Of course, she was previously unable to amend the constitution, under any circumstances.

So essentially, she was fully prepared to destroy our fund and the lives of thousand of aged pensioner, if she could not become the RE

Let not forget the 5 million loan made to a business associate of JH , at an interest rate of 25%, This loan was fully covered by the assets of our fund. JH could have easily raised this money by a Rights Issue at that time, or by other means, if required ,for the benefit of investors.

Obviously this squalid and tainted Rights issue , to, ,”sophisticated investors” has only one purpose ,to obtain a fixed proxy vote in her favour, , in a desperate and cynical bid to retain control of our fund.

I have no doubt these, so called,” sophisticated investors” will also,just by chance, turn out to be close business associates . who as Seamisty has pointed out ,have a financial interest in her survival, or are out to make a quick buck.

Evidence has also been submitted to ASIC and the police regarding a fraud committed against members of the Maximum Yield Fund also controlled by WC. I can assure you that investigations are ongoing.

We are dealing with a person without one shred of commercial, ethics or morality .
,




.

 

[Bumblebee]

I am very pleased to hear some comment on the most recent rights issue coming forward to the forum. I would like to hear a lot more about people's thoughts and feelings about this.
It's hard for me to fathom what WC's agenda may be here.
I am 1. Very reluctant to give WC any more money.
but 2. Concerned that If I dont my holding will be diluted.
and 3. JH or her cronies will snap up my uncliamed shares and she will get a GREAT boost in voting power and knock over the PIFAG's move to dump her.

Also I can't help but wonder if the small time frame.(She must have your monies etc by the 2 JUNE). Is not only to jump in with votes before PIFAG meeting.... but also one week hardly gives people time to receive her offer, digest it, and send it all back to her.
Guess who will picking up all the shares at 9 cents us investors haven't claimed.
Yes , 'the exclusive and sophisticared few'.. buddies of JH which I'll bet are all votes for WC.
Can people post more thoughts about this matter. Thanks all, Bumblebee

 

[marcom]

Quote from latest WC NSX release: "The meeting material received does not in the opinion of our lawyers, satisfy the requirements of the Corporations Act and the constitution of the Fund."

Jenny, why not tell PIF investors that the legal advice came from your husband/partners law firm! (And probably at our expense!) Keep pouring out the BS Jenny, noone believes you any more - you are just a conflicted ****.

In case you were wondering, according to ASIC's categories I am financially settled but ( very very) angry