Wellington Capital PIF/Octaviar (MFS) PIF
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SeamistyHad a phone call from WC on Friday asking if I understood the mailouts and would I be voting for them.
'Far to little too late' and 'I will be looking forward to seeing the back of WC' prompted WC to ask if I would care to leave some feed back for the company. I'm still laughing over that one... not going to wate my time again.
I will be attending the Castlereagh meeting in Brisbane on the 6th June to show my support. Look forward to meeting fellow shareholders there. cheers Bumblebee
'Far to little too late' and 'I will be looking forward to seeing the back of WC' prompted WC to ask if I would care to leave some feed back for the company. I'm still laughing over that one... not going to wate my time again.
I will be attending the Castlereagh meeting in Brisbane on the 6th June to show my support. Look forward to meeting fellow shareholders there. cheers Bumblebee
If you are having trouble with this post, press the attachment and then scroll down the page and press OPEN. That will do the trick. Happy reading and keep the votes for CasCap coming in. Looking good.
B
Blueboy1
Guest
http://www.businessday.com.au/business/wellington-set-for-a-bad-week-20110529-1fats.html
Here is some good press!
THE manager of the struggling Premium Income Fund (PIF), Wellington Capital, is expected to receive a humiliating rebuke from the Takeovers Panel today just as opposition grows to its controversial rights issue.
See the full article from the above link
Blueboy1
Here is some good press!
THE manager of the struggling Premium Income Fund (PIF), Wellington Capital, is expected to receive a humiliating rebuke from the Takeovers Panel today just as opposition grows to its controversial rights issue.
See the full article from the above link
Blueboy1
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Having again gone thoroughly through the "Rights Issue Information Booklet" from WC Ltd, I strongly suspect that this action may be creating a precedent in the Finance Industry.
If there are any precedents, could somebody let me know on what statutory basis distressed funds were coerced into capital raising from within its distressed members?
After all, it is ASIC who is the Guardian of the member's right to have its RE act in the best interests of the fund members.
Yet it is ASIC who provided the Class Order 08/35 to supplement section 1012DAA of the Corporations Act which enables the present Issue to be released to the public.
Such an obvious conflict of interest, as the fund raising proposal never went to member's vote.
Thanks and Regards,
If there are any precedents, could somebody let me know on what statutory basis distressed funds were coerced into capital raising from within its distressed members?
After all, it is ASIC who is the Guardian of the member's right to have its RE act in the best interests of the fund members.
Yet it is ASIC who provided the Class Order 08/35 to supplement section 1012DAA of the Corporations Act which enables the present Issue to be released to the public.
Such an obvious conflict of interest, as the fund raising proposal never went to member's vote.
Thanks and Regards,
Also from the above article 'Adding to what could be a bad week for Wellington, a financial adviser has recommended PIF investors not participate in the ''perplexing'' rights issue.
The rights issue, and a separate capital raising, will reduce the value of investors' units in what was once a billion-dollar fund from 34 ¢ each to as low as 26 ¢.
''Disappointingly, we find it difficult to see how the best interests of unit holders are being served by Wellington's current actions,'' said Avenue Capital Management in a statement to investors who hold PIF units.':::
I have been in contact with a large number of PIF unitholders recently, and NOT ONE of them intend to participate in the offer!!
They feel Wellington Capital is BLACKMAILING them by indicating that if they do not take up the offer they will miss out as it will DILUTE their existing holding, but rather than rush off to the bank to borrow money it has made them rush off to the Post Office to send in their completed YELLOW Form to COMPUTERSHARE!!!
They cannot fathom the rationale in returning capital to existing investors then Capital Raise just weeks later, especially as investors OUTSIDE of the PIF were approached first.
What also is coming across loud and clear is that the majority I have spoken to have not a shred of TRUST left in WC to work in their BEST interests. Seamisty
Wellington seems to have a very sharp knife. The Pie seems to be getting cut up into even smaller pieces. Soon I won't be able to feed the Cat!
I am in full support of the Pif Action Group's bid to overturn Wellington Capital. We will be at the meeting on Monday in Brisbane.
I am in agreement with Seamistys past comments October, 2009, on "Your Financial Advisor".
I am in full support of the Pif Action Group's bid to overturn Wellington Capital. We will be at the meeting on Monday in Brisbane.
I am in agreement with Seamistys past comments October, 2009, on "Your Financial Advisor".
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Wellington YOU CAN FOOL SOME OF THE PEOPLE SOME OF THE TIME, BUT NOT ALL OF THE PEOPLE ALL OF THE TIME
There is a pattern emerging here - JH's heavy handed stunts all explode in her face when properly chalenged. Charles, roll on the legal action.
There is a pattern emerging here - JH's heavy handed stunts all explode in her face when properly chalenged. Charles, roll on the legal action.
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The latest diabolical stunt , it never ends :
"Avenue Capital pointed out the timetable for the one-for-three rights issue had been shortened from June 17 to this Thursday ''without explanation''. ''We suspect it is due to the unitholder meeting currently scheduled for 16 June where one of the resolutions includes the removal of Wellington as the responsible entity,'' the adviser said."
This was , of course always the hidden agenda , she will flog off every single unsold unit ,( And their will be a lot of them) to her business associates before the meeting
"Avenue Capital pointed out the timetable for the one-for-three rights issue had been shortened from June 17 to this Thursday ''without explanation''. ''We suspect it is due to the unitholder meeting currently scheduled for 16 June where one of the resolutions includes the removal of Wellington as the responsible entity,'' the adviser said."
This was , of course always the hidden agenda , she will flog off every single unsold unit ,( And their will be a lot of them) to her business associates before the meeting
Here are the details of the PIF unitholders information meetings and the EGM to be held by Castlereagh Capital on behalf of the PIF AG:
Tuesday, 31 May 2011 Sydney 11:00:00 AM SMC Conference Centre (Masonic Centre) 66 Goulburn Street, SYDNEY NSW 2000
Friday, 3 June 2011 Melbourne 11:00:00 AM Ibis Hotel "15 Therry Street,
MELBOURNE VIC 3000
Monday, 6 June 2011 Brisbane 11:00:00 AM Souths Leagues Club Davies Park, Jane Street, WEST END QLD 4101
Wednesday, 8 June 2011 Port Macquarie 1:30:00 PM Port Macquarie Race Club "Near corner of Oxley Highway and Lady Nelson Drive
PORT MACQUARIE NSW 2444
Thursday, 16 June 2011 Sydney 11:00:00 AM SMC Conference Centre (Masonic Centre) 66 Goulburn Street, SYDNEY NSW 2000
Tuesday, 31 May 2011 Sydney 11:00:00 AM SMC Conference Centre (Masonic Centre) 66 Goulburn Street, SYDNEY NSW 2000
Friday, 3 June 2011 Melbourne 11:00:00 AM Ibis Hotel "15 Therry Street,
MELBOURNE VIC 3000
Monday, 6 June 2011 Brisbane 11:00:00 AM Souths Leagues Club Davies Park, Jane Street, WEST END QLD 4101
Wednesday, 8 June 2011 Port Macquarie 1:30:00 PM Port Macquarie Race Club "Near corner of Oxley Highway and Lady Nelson Drive
PORT MACQUARIE NSW 2444
Thursday, 16 June 2011 Sydney 11:00:00 AM SMC Conference Centre (Masonic Centre) 66 Goulburn Street, SYDNEY NSW 2000
NSX Announcement:http://www.nsxa.com.au/ftp/news/021724053.PDF
MEDIA RELEASE
1/2
No: 42/2011
30 May 2011
Premium Income Fund - Undertaking
The Panel has accepted an undertaking from Wellington Capital Limited as
Responsible Entity of the Premium Income Fund (PIF) in relation to the application
dated 11 May 2011 by Wellington in relation to the affairs of PIF (see TP 11/34).
The Panel was concerned that a statement in the media release made by Wellington
on 24 May 2011 was contrary to the undertakings given in its Notice of Appearance.
The effect of the undertaking is that Wellington will satisfy its obligations under the
Notice of Appearance it gave regarding media canvassing.
A copy of the undertaking is attached (Annexure A).
The sitting Panel in this matter is Peter Scott (sitting President), Byron Koster and
Diana Chang. The Panel makes no comment on the merits of the application.
Allan Bulman
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne, VIC 3000
Ph: +61 3 9655 3597
allan.bulman@takeovers.gov.au
2/2
Annexure A
Australian Securities and Investments Commission Act (Cth) 2001
Section 201A
Undertaking
PREMIUM INCOME FUND
Pursuant to section 201A of the Australian Securities and Investments Commission
Act 2001 (Cth), Wellington Capital Limited as Responsible Entity of the Premium
Income Fund (PIF) undertakes to the Panel that:
1. it will not publish or dispatch any further material to PIF unit holders in respect
of the takeover bid by ALF PIF Finance Limited (ALF Finance) contrary to the
undertaking it has provided in its Notice of Appearance.
2. until the Panel has determined the proceedings, it will provide to the Panel for
its consideration, any future statements that it wishes to publish or send to PIF
unit holders in relation to the ALF Finance bid before those statements are
made public.
_____________________________
Signed by Jenny Hutson
with the authority, and on behalf, of Wellington Capital Limited as Responsible
Entity of the Premium Income Fund
Dated 30 May 2011
MEDIA RELEASE
1/2
No: 42/2011
30 May 2011
Premium Income Fund - Undertaking
The Panel has accepted an undertaking from Wellington Capital Limited as
Responsible Entity of the Premium Income Fund (PIF) in relation to the application
dated 11 May 2011 by Wellington in relation to the affairs of PIF (see TP 11/34).
The Panel was concerned that a statement in the media release made by Wellington
on 24 May 2011 was contrary to the undertakings given in its Notice of Appearance.
The effect of the undertaking is that Wellington will satisfy its obligations under the
Notice of Appearance it gave regarding media canvassing.
A copy of the undertaking is attached (Annexure A).
The sitting Panel in this matter is Peter Scott (sitting President), Byron Koster and
Diana Chang. The Panel makes no comment on the merits of the application.
Allan Bulman
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne, VIC 3000
Ph: +61 3 9655 3597
allan.bulman@takeovers.gov.au
2/2
Annexure A
Australian Securities and Investments Commission Act (Cth) 2001
Section 201A
Undertaking
PREMIUM INCOME FUND
Pursuant to section 201A of the Australian Securities and Investments Commission
Act 2001 (Cth), Wellington Capital Limited as Responsible Entity of the Premium
Income Fund (PIF) undertakes to the Panel that:
1. it will not publish or dispatch any further material to PIF unit holders in respect
of the takeover bid by ALF PIF Finance Limited (ALF Finance) contrary to the
undertaking it has provided in its Notice of Appearance.
2. until the Panel has determined the proceedings, it will provide to the Panel for
its consideration, any future statements that it wishes to publish or send to PIF
unit holders in relation to the ALF Finance bid before those statements are
made public.
_____________________________
Signed by Jenny Hutson
with the authority, and on behalf, of Wellington Capital Limited as Responsible
Entity of the Premium Income Fund
Dated 30 May 2011
I have just received a call from Wellington Capital asking me if I had received their package, and how I intended to vote...I told him that I had already voted FOR Castlereagh Capital....he then wanted to know why... I tied up his time as best I could
: they have not lived up to any of their promises. The rights issue is devastating to me as a unitholder.
I am not a big unitholder (not in this fund, anyway).
So it is interesting that WC is ringing around the smaller unitholdings.
Could that mean that the big unitholders are NOT HAPPY???
: they have not lived up to any of their promises. The rights issue is devastating to me as a unitholder.I am not a big unitholder (not in this fund, anyway).
So it is interesting that WC is ringing around the smaller unitholdings.
Could that mean that the big unitholders are NOT HAPPY???
I think it would be fair to say that a very large number of substantial PIF unitholders along with unitholders across the board are NOT HAPPY with WELLINGTON CAPITAL LTD k.smith!! That does not mean we can be complacent so please, no matter how many PIF units you hold, if you consider you have been failed by WC, fill out your YELLOW proxy form voting FOR Castlereagh Capital as preferred RE and send/fax it to Computershare. Thanks, SeamistyI have just received a call from Wellington Capital asking me if I had received their package, and how I intended to vote...I told him that I had already voted FOR Castlereagh Capital....he then wanted to know why... I tied up his time as best I could
I am not a big unitholder (not in this fund, anyway).
So it is interesting that WC is ringing around the smaller unitholdings.
Could that mean that the big unitholders are NOT HAPPY???
yes, I faxed my yellow form to COMPUTERSHARE on 03 9473 2145.
I then confirmed with the enquires line at COMPUTERSHARE on 1300 567 148 that they received my proxy form.
It is a good way to vote, imo...
I've also had my call from WC, and I also only have a fairly small number of units. It wasn't until after I told the guy to get lost that I thought I should have played along, and seen where the call went. Anyway, their arrogance to make such calls has made me even more convinced which way to cast my votes. My Yellow form is in tonight's mail.
cheers!
- Alan.
cheers!
- Alan.
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Hi All
I also, as a small shareholder, have just had a call from a company called Radar on behalf of Wellington. He could not answer any of my questions but wanted to know if voting for Wellington and if would be going to the meeting. My yellow for has already gone but it makes me think that they are running scared.
I read Jadel's rather grim predictions, but do find it an encouraging sign that WC's "team" are manning the phones to contact PIF investors possessing a small number of units. If WC were all that confident about the looming outcome, they surely wouldn't go to all this trouble. (Let's hope that they use Skype for calls - otherwise we'll pay for the interstate toll charges.) However, I do wish that they'd call me for a torrid little chat.
I also would love to have a chat with someone from Wellington!
The Financial Ombudsmen needs 45 days to process complaints which wellington no doubt knows as they've used the current WRONG ruling by wellingtons Mates, ASIC to hinder investors rights.
As for the unit issue I havent had the updated information sent to me. so I'm already snookered.
As if investors dont know that wellington are holding us hostage with a gun to our heads.
