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Wellington Capital PIF/Octaviar (MFS) PIF

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'Confusion and fear', That's there to remind you, that somewhere out there is something better, and that something is worth fighting for. -Nathan Scott
 
Is "sowing confusion and fear" always a bad thing? A group of people that has been deeply mislead is often going to be initially confused and fearful when they learn the truth. As for the choice of the term 'sowing'? Well that simply reflects badly on Wellington.
 
The demise of ASIC former head Mr D and an interesting piece of info about Equitytrust:

D'ALOISIO DELETED

Was it Brian Long who recently told a Ten Network annual general meeting that there is nothing more ex than an ex-partner of an accounting firm?

Same applies to ex-chairman of the corporate regulator, apparently.

Just weeks after Tony D'Aloisio exited the Australian Securities and Investments Commission on a less-than-auspicious Friday the 13th, the regulator's office foyer marks his absence, according to CBD spies.

The wall space devoted to portraits of the six serving commissioners is now emphatically punctuated by a blank space and bare nail where D'Aloisio's profile took pride of place.

EQUITITRUST US

The Big D may be gone but the stormtroopers are still out there keeping the corporate machine in check.

We have it on good authority ASIC officials were not snooping around last week at the offices of the Gold Coast mortgage fund operator Equititrust, but it does not mean their handiwork is not evident.

We can't but help that think there is more than coincidence to the fact that a recent Equititrust announcement appears to kill the proposal to swap investors' units for shares, thereby circumventing Equititrust's obligation to pay out investors their original $1 investment.

''Any proposal is unlikely to involve a restructure of the fund but may be a separate opportunity for investors to participate using their investment in the fund,'' it said.

The company has delayed a report updating investors on how much of their investment has been lost on dodgy loans to the likes of Dudley ''King Con'' Quinlivan, a two-times bankrupt who was loaned as much as $70 million on a project which may now be worth as little as $20 million.

Read more: http://www.smh.com.au/business/sydney-airport-gets-new-wingwoman-20110609-1fuzx.html#ixzz1OpZZPalK

WHY ISN"T ASIC CRAWLING ALL OVER WC!!!!!!!!
 
My lay reading of Wellington's NSX release of 8 June 'Litigation Update'.

"Wellington Capital Limited was prepared at the Her Honour’s suggestion to have the matter heard on a final basis today." Who did Her Honour ask first? PIFAG et al or Wellington? It's easy to say I am 'prepared' if I already know I'm not going to have to prove it. If Her Honour asked PIFAG et al first then ...well ... we just have to trust Wellington is being honest about having been 'prepared'.

"‘I am surprised at having brought an urgent injunction application that the applicants were not in a position to have the matter determined finally today." Surprised? Really? Genuinely 'surprised'? Again ... we'll just have to take Hutson's word for it.

My nickname for lawyers is 'word benders'. Maybe a more apt phrase is 'word illusionists' or 'word front-runners'.
 

Duped, I am back like a bad breath.
But did Big Red demand the same finality of proceedings when she lodged action for recovering our $147.5? Where's the latest on that?
Regards,
 
simgrund said:
Duped, I am back like a bad breath.
But did Big Red demand the same finality of proceedings when she lodged action for recovering our $147.5? Where's the latest on that?
Regards,
Click to expand...

Exactly. Hutson asked us to trust her back 3 years ago. And some still do. But that trust IMO has delivered us a lot more in the way of clever words than it has delivered financial results.

One thing that is undeniable is that WC's neglect of the NSX price delivered to the market: takeover target. Deliberately or through being naiive? Either reason is enough for WC to be removed.
 
PIF Investor action group claim small victory
Friday, 10 June 2011 12:00pm

By Rachel Davis | In Investment
'The rights issue is viewed by PIFAG to be contrary to unitholders interests because, in their opinion, it forced them to take up the issue if they did not wish to have their unitholding diluted.

A full hearing to consider all matters will take place on Tuesday 12 June at 12pm. Managing Director of Wellington Capital, Jenny Hutson, is expected to be called to give evidence at this hearing.'
Full article http://www.financialstandard.com.au/news/view/12052537/
 
seamisty said:
Investor release no 3 off the CasCap website

http://castlereagh.rlbrandmgmt.com....ns/filemanager/files/Investor_Update_No_3.pdf
Click to expand...



I sincerely hope that most of the people who read this forum will make an attempt to attend.

Have any of the Investors who follow this thread considered sharing taxis or buses to get to the venue in Sydney on the 23rd?

If there is ever one time to make a difference to your future regarding this fund and bringing the people who ruined THE PIF to account for their actions. NOW IS THE TIME!


UNITED WE STAND DIVIDED WE FALL!

I remember hearing it spruiked all too loud and clear -when Wellington Capital asked for our trust only to betray us in the most horrible conniving ways.

I guess it doesn't sound that great when its been said by the very investors who are now against everything wellington Capital and its directors stand for.
 
Re: Thanks

Thanks to all the information provided by Seamisty, Duped, Marcom, Charles36, Zixo the list goes on, you know who you are. Through this forum I found out about the PIF Action Group meeting and was able to email Castlereagh direct, they emailed voting forms which were printed out and mailed off to Computershare many days before receiving the material from wellington which topped up my recycled bin. I live o/s at present so this forum is greaty appreciated.
Thanks heaps.
 

Hello Charles,
At Port Macquarie info meet with Castlereagh we heard that the proxies sent to ARMSTRONG REGISTRY will be taken to COMPUTERSHARE REGISTRY and checked under supervision, counted and registered THERE in one process.
If you can, please confirm if this understanding is correct.
It will, I think calm many doubts in many mainds.
Thanks & Regards,
 
Simgrund one can only hope that at the exorbitant amount the PIF is being charged by Armstrong Registry Services, a related owned entity of Wellington Capital, that the proxies arrive on time to Computershare in their original condition. WC in their capacity as Responsible Entity failed PIF investors previously by refusing to divulge the results of a simple vote for an Investor Advisory Committee of which WC collated the unrevealed votes. Not to mention Wellington Capital has also not divulged the identities of the two duly appointed IAC reps who have since resigned their positions as IAC reps or the identities of the new 'sophisticated and professional' investors that have taken up the heavily discounted PIF units in the capital raising placement issue.

I would also think it prudent for any party standing to gain from discrediting PIF AG members by instigating a smear campaign who was NOT involved, that they would actually come out and publicly say so. The silence is deafening considering the limited prime suspects who would have gained traction from such a pathetic, trashy attempt to create 'fear and confusion'. The only real transparency we are seeing is from Castlereagh Capital, who obviously have taken on board our concerns re lack of previously.

Thanks Roobo and other new posters for your support, if nothing else, the smear campaign and some media attention has certainly directed some more attention to this thread.
Seamisty
 

Agh; the IAC Enigma.
The Science's unwavering search for "The Cloak of Invisibility"
finally triumphing with the modest input from Wellington Capital's Formulae!!!
It's so successful, that the Patent Office is still not up to scratch with Registering the Patent as it is waiting for a dose of Invisible Ink from WC to sign it off.
Thank you Seamisty for this, yet another, Opportunity to pay homage to IAC Mirage.
Regards,

P.S. On a different track, why not put the PINK FLAMINGO's to
good use rather than consign them to an ignominious fate in the shredder bin?
Write big YES across it, tape it to a foot long stick and bring it
to the MEETING to wave it in WC's face.
I did at PMcq meeting and will again in Sydney.
Cheers
 
Hi All, Would any PIF AG members who will be attending the EGM on the 23rd June in Sydney that did not click on the WILL ATTEND link in the last update please notify me by private message or email if you will be attending or alternatively click on the link. Also will non PIF AG members who have voted FOR Castlereagh Capital who will be there, please let me know. Thanks, Seamisty
 
PIF AG Executive,
Would you know if Alfie's "acceptances" will be counted towards our score.
Quoting:
SMH Colin Kruger June 10, 2011

"BYRNES NOTICE
Speaking of terminal cases, the Takeovers Panel has read the last rites on the colourful bid for the once-billion-dollar Premium Income Fund (PIF) lead by the even-more colourful businessman Jim Byrnes.

The panel made a declaration of unacceptable circumstances in relation to the bid, which offered PIF unitholders the chance to swap their units for shares in ALF PIF - effectively swapping a 100 per cent interest in their investment for a 20 per cent interest.

It appears that, due to a paperwork snafu, ALF PIF's bid technically lapsed in late February and was not successfully extended as first thought.

This leaves ALF stranded with 1.17 per cent acceptance more than a year into its takeover battle. Among the orders are the requirement that ''ALF has not and will not be processing any acceptances in relation to the bid and all acceptances will be returned to unit holders''. bolding added

Read more: http://www.smh.com.au/business/sydney-airport-gets-new-wingwoman-20110609-1fuzx.html#ixzz1OvGevwXu
"
 
Simgrund my understanding is that any unitholders who accepted the ALF PIF offer will have their units returned to them, so it will be up to them as individuals to make the decision to support the CasCap offer or not. I would expect that those unitholders who took up ALF PIF's offer did so because thay had had enough of the current RE, Wellington Capital and so hopefully will support the move to replace WC.
I have recently spoken to one such person who will now support Castlereagh Capital as the preferred Responsible Entity for the Premium Income Fund. Seamisty
 


Hi Sigmund

According to the news article "This leaves ALF stranded with 1.17 per cent acceptance more than a year into its takeover battle. Among the orders are the requirement that ''ALF has not and will not be processing any acceptances in relation to the bid and all acceptances will be returned to unit holders''.

Do you know what will become of the 1.17 % of votes which should be transferred to
unitholders?
Will original unitholders be eligble to vote in the EGM or will the voting power of the ALF become redundant up until they are returned to unitholders?

I suspect the reason many Investors sold their units to the ALF was because of the way the fund was being managed and saw it as the only alternative to try and push for movement of the class action .
Which of course Wellington Capital had been against the class action from its inception.
Until recently when they wanted to participate but only to have closer contact with the prosecutors who are trying the case.
 

Hi Simgrund. I am not exactly up to date with that but you can be assured whatever tricks that can be played will be played. I will make contact with the appropriate person to give a ruling and let you know ASAP. Keep up the good work. Any unit holder who has not voted should do so now or risk getting more of the same. If the rights issue gets through who is to say there will not be another one issued in the future or more sale of units to further dilute the fund.
 
-

Hi Zixo,
Them are the QUESTIONS!
As the Meeting's on 23rd this month; the process of return and reaffirm ownership may take these units outside the voting date.
Perhaps an Order may be sought to speed up this process OR to reconstruct the Owner's List and notify them that they can vote provisionally or via some deferred privilege.
I am scratching my receding hairline on this one.
One thing I may say with certainty is that ALFie has been effectively stripped of voting rights from the date of those Orders.
I am staking my tupee on that one.

Regards,
 

Confirming that I will be there on the 23rd.
John
 
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