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Blueboy1
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Stop wasting everyone's time on this forum,we have enough to worry about without you bleating on over irrelevant topics.
Blueboy1
Wellington Capital PIF/Octaviar (MFS) PIF
- Thread starter breaker1
- Start date
Stop wasting everyone's time on this forum,we have enough to worry about without you bleating on over irrelevant topics.
Blueboy1
Perhaps all our complaints regarding the rights issue are having some impact....
in our case,it would be PATHETIC if it is a case of better late than never...
http://www.asic.gov.au/asic/asic.ns...acquisitions approved by members?opendocument
''......ASIC is also proposing to update RG 74 to take into account the significant developments to the law since the guide’s initial publication in 1994. These developments include more specific disclosure requirements and an extension of the regime to listed managed investment schemes. Importantly, there is significant new guidance about the circumstances in which ASIC will provide relief for ‘trust schemes’- complex transactions used to acquire control of a managed investment scheme.
ASIC’s updated guide will provide entities and their advisers with our current views on how the exception in item 7 applies, how we monitor compliance with item 7’s requirements and our policy on granting relief in relation to those requirements.
ASIC is seeking comments on the proposed update to RG 74 by 1 August 2011 and plans to publish a final guide by the end of the year.
in our case,it would be PATHETIC if it is a case of better late than never...
http://www.asic.gov.au/asic/asic.ns...acquisitions approved by members?opendocument
''......ASIC is also proposing to update RG 74 to take into account the significant developments to the law since the guide’s initial publication in 1994. These developments include more specific disclosure requirements and an extension of the regime to listed managed investment schemes. Importantly, there is significant new guidance about the circumstances in which ASIC will provide relief for ‘trust schemes’- complex transactions used to acquire control of a managed investment scheme.
ASIC’s updated guide will provide entities and their advisers with our current views on how the exception in item 7 applies, how we monitor compliance with item 7’s requirements and our policy on granting relief in relation to those requirements.
ASIC is seeking comments on the proposed update to RG 74 by 1 August 2011 and plans to publish a final guide by the end of the year.
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They only seek industry comment not investor comment. TOO LITTLE TOO LATE ASIC!
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My new motto. Don't let a lawyer anywhere near your money. Being a lawyer doesn't automatically mean you make good business decisions. Being a lawyer may get you through the forest without bumping into any trees, but at which side of the forest will you end up?
Hear hear Marcom. Although in my case I didn't fall into PIF. As I've posted previously, I was pushed there by a financial advisor carrying the commonwealth brand through ASIC's AFS Licence.
More than just wet corporate regulation in Australia, the finance sector recruits our democratically empowered but pliable regulators to help them prey on us. And appropriating the commonwealth brand (our virtuous brand) to anesthetise our caveat emptor (buyer beware) was one of their greatest scores. With ASIC placing the Swimming Flags nearer the sharks we wonder why we get taken. Doh!
The finance sector doesn't just have that front line weapon. As shown by the "lamentable" High Court decision in Octaviar, the sector employs the best of the corporatised lawyers to seek out the flaws, holes and weaknesses in the legislation empowered by our squabbling politicians and exploits them hard and fast. Congratulations Fortress.
Swan then (granted he was put on the spot at the LSE) effectively flips us off as, in my words, greedy. Um, no Swanny, you ask us to trust your party. Is that our first error then? That's the Ennegram way isn't it? The naiive that trust me deserve what they get? Dopes need to by parted with their financial power do they? It's Darwinian. A darwinian market makes Australia strong right?
Our taxes and democracy is being used against us. Our taxes have effectively funded a marketing campaign for financial advisors. The press gangs of the finance sector. But this is just the beginning. We are early victims. My friends just roll their eyes when I go on about PIF and they carry on merily believing they'r OK , their super's safe. Not so thinks Jeremy Cooper. IMO Australia is about 10-20 years away from the biggest collective WTF hangover since the Selector Acts that caused so much pain to Australian families. Bumbling misleading folly. Sound familiar? (The ASIC public servants are fine too as their super is safely tucked away in defined benefit schemes like PSS and CSS. Any short fall to be paid for by you, the tax payer. Yikes.)
If any of you who've made it this far down my post want to be scared out of your pants then see the Cooper Review "3.2.2 Issues that need to be addressed now." Page 14 of http://www.supersystemreview.gov.au...part_one/Final_Report_Part_1_Consolidated.pdf
I wonder how long the Judiciary will toe the sidelines and effectively say: not my problem, this is an issue for the legislature. Australia is not the UK with its actively involved additional power: monarchy. We are a former colony. Like Zimbabwe. Look how the UK system inherited by Zimbabwe has 'evolved' there.
And rmstrader, think of the better health care, protection and schooling we could provide for our children if we didn't have to shoulder an ASIC aided rapacious and cynical finance sector and their mercenaries: corporatised lawyers. Y'know those Australians that take an oath to serve the court, i.e. to put the courts' interests before their clients'?
No wonder we feel cultural cringe when we travel. We're pretenders that believe our own BS at home. BS that is quickly exposed OS. Well unfortunately it seems I have to look forward to the certain end to the mining boom. That'll turn on the lights and open the doors for us to sweep the dodgy house guests out.
Just received the latest news letter from Wellington, the pink form was dispatched into the garbage container,unfortunately due to financial stress i will not be at the meeting in Sydney.A BIG thanks to all in the PIFAG who have oganisedthis EGM.Our yellow proxy
forms are completed & on their way. Good luck to us all. Towbar
forms are completed & on their way. Good luck to us all. Towbar
Yes... in these Consultation papers that ASIC send around, the decisions that are made include information from the responses received......
e.g.. http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/REP_138.pdf/$file/REP_138.pdf
ASIC sent out this CP to 107 unlisted responsible entities.
They received written responses from 30 ''from a wide variety of sources"....
30..??? a wide variety..???
I am glad that there are forums such as this where investors CAN have their say...
sorry, having trouble with the link..
Just a reminder that your votes have to be at computershare no later than the 13th of June.
Remember to vote FOR the amendments if you intend to stop the excuses, Lies and Rorting of the fund.
If people can't attend the meeting on the 16th of June and intend to cast a proxy vote. I strongly suggest you please use the paperwork supplied by Castlereagh Capital and send it to computershare rather than Armstrong registries.
I've found out personally that Strange things occur when any mail is directed to Armstrong registries and Wellington Capital.
Remember to vote FOR the amendments if you intend to stop the excuses, Lies and Rorting of the fund.
If people can't attend the meeting on the 16th of June and intend to cast a proxy vote. I strongly suggest you please use the paperwork supplied by Castlereagh Capital and send it to computershare rather than Armstrong registries.
I've found out personally that Strange things occur when any mail is directed to Armstrong registries and Wellington Capital.
Extension of Rights Issue timetable http://www.nsxa.com.au/ftp/news/021724049.PDF
Mail problems with Armstrongs Registry? I'll second that. I suspect it's got only one person manning and operating the place. One more good reason to dump Wellington.
http://www.claytonutz.com/publications/news/201105/27/member-approved_takeovers-asic_acts.page
the wheels of industry....
the wheels of industry....
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Duped, couldn't agree more. Many years ago I had a CEO who was a lawyer. I asked him why he left a successful Sydney iner-city ( Edgecliff) law practice he had founded with two other partners to go into business. He explained that there wasn't any real money in day to day cases and he found the law boring. Other than resorting to less than reputable practices he could see no future in staying at the bar. His view of the profession was that most new practitioners entered the profession with altruistic rose coloured glasses and over time transformed into the obsequious, dorsal finned sterotype. In his words "Do not trust a lawyer, they are all fundamentally dishonest"
Breaker's latest AG newsletter is a fine example of dedication and professionalism which is of great benefit to us all. I'm sure that the "Hutson team" wishes that that Charles36, Breaker and the AG would just peacefully retire and grow roses. I suspect that when Wellington took over PIF they never dreamt that an agile action committee would be formed. After all, so many investors were from an elderly demographic...
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Ahd please note from earlier posts the suggested earlier date of mailing yellow proxy forms than the final date of 13 June.
A hearty good wishes to all
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I simply sent it registered to nail it.
Just a suggestion to ease all the stresses.
God Bless Registered Mail.
Regards,
Wellington has recently issued a pink proxy form which advises that it should be returned to:
Armstrong Registry. Armstrong, is a company beneficially owned by Jenny Hutson the
Chairwoman and Managing Director of Wellington, Mary-Anne Greaves a Director of
Wellington and Rachel Weeks director of McLean Legal, who is the solicitor acting on behalf
of Wellington in relation to the meeting. Armstrong’s annualised costs for registry services
are $500,000. Castlereagh has received a quote from an independent registry operator to
perform the same service for $100,000.
It is our view returning proxies to Armstrong creates a significant conflict of interest. We
encourage you to ignore the pink proxy form sent by Wellington and only return your
yellow proxy to Computershare who are an independent Australian leader in proxy
registration. Computershare are required to act honestly and independently as part of their
charter. They do not have the same conflicts as Armstrong.
Armstrong Registry. Armstrong, is a company beneficially owned by Jenny Hutson the
Chairwoman and Managing Director of Wellington, Mary-Anne Greaves a Director of
Wellington and Rachel Weeks director of McLean Legal, who is the solicitor acting on behalf
of Wellington in relation to the meeting. Armstrong’s annualised costs for registry services
are $500,000. Castlereagh has received a quote from an independent registry operator to
perform the same service for $100,000.
It is our view returning proxies to Armstrong creates a significant conflict of interest. We
encourage you to ignore the pink proxy form sent by Wellington and only return your
yellow proxy to Computershare who are an independent Australian leader in proxy
registration. Computershare are required to act honestly and independently as part of their
charter. They do not have the same conflicts as Armstrong.
Thanks for that Fact Seamisty.
Can I also suggest that ALL investors check and know what their current unit holdings held are. Please ensure that you all have an accurate summary of how many units you own.
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Thanks to all those who had notified me that they have voted by private message on the forum, by email and ph calls. Great work, early days.Seamisty
Have just posted private message for you. Thanks for the GREAT effort!!!
Thanks to all those who had notified me that they have voted by private message on the forum, by email and ph calls. Great work, early days.
Hi, Have just posted my 643,962 proxy votes in favour of all resolutions to Computershare for registration and appointed Peter or Charles to act on my behalf. I would encourage all who can't attend to do likewise. I will contact Computershare on 1300 567 148 to confirm my Proxy forms have been received and registered. Regards All.
