Wellington Capital PIF/Octaviar (MFS) PIF

[JohnH]

Have just arrived home from Sydney. I did try to post on the free internet kiosk at Mascot, and had nearly completed the post, when it timed out and could not get back on again. Probably just as well, because after reading Wellington's NSX report, my comments were so heated, I would likely have been banned from this forum by the moderator.

I can confirm that we were told that Hutson was invited to the meeting, but declined. She did however state that she would address us after the meeting was adjourned. She was nowhere to be found. Her mobile was rung, and was answered by her solicitor, who said she would try and find her. She could not be found.

There were around 350 people in the meeting, and after hearing both Castlereagh and the Chairman speak a show of hands was asked. There was 100% with no abstentions that members were totally confident in both organisations.

What really gets up my nose (I would like to use stronger language but this is an open forum) having done her utmost to cause as much distress and financial insecurity to unit holders in a totally cavalier manner, Hutson did not have the guts to keep her word, and address the meeting.

In view of the statements on the NSX, and the knowledge that several hundred people know what truly happened, I should image that the Action Groups solicitor's will spend some time before they publish their plan of action.

John H.

 

[zixo]

I suppose the meeting was adjourned because wellington Capital sought court action on the 22nd of June to prevent it going forward.
From what I can understand, the Investors Action Group accepted the adjournment Not because of the count you are seeing listed by the Wellington capital on the NSX but because of the details of law in the corporations act which are being used to stifle investors rights

I do not know about the final count and I suggest Investors carefully do their homework "read between the lines" about whatever statements come out from Wellington regarding alot of recent information.

In a nutshell, I think what occured today was All Investors in the Pinaroo room were prepared to vote and have the matter finally settled today. I got the impression that every single investors there ARE not happy with wellington
Wellington sized up the opposition grabbed the bat and walked home and didn't want to talk to the very investors who's fund they are supposedly trustees for.

Every trick and every tactic is being used to continually wear investors down to make them give up and prevent Investors attending the next meeting.

 

[JohnH]

I suppose the meeting was adjourned because wellington Capital sought court action on the 22nd of June to prevent it going forward.
From what I can understand, the Investors Action Group accepted the adjournment Not because of the count you are seeing listed by the Wellington capital on the NSX but because of the details of law in the corporations act which are being used to stifle investors rights

I do not know about the final count and I suggest Investors carefully do their homework "read between the lines" about whatever statements come out from Wellington regarding alot of recent information.

In a nutshell, I think what occured today was All Investors in the Pinaroo room were prepared to vote and have the matter finally settled today. I got the impression that every single investors there ARE not happy with wellington
Wellington sized up the opposition grabbed the bat and walked home and didn't want to talk to the very investors who's fund they are supposedly trustees for.

Every trick and every tactic is being used to continually wear investors down to make them give up and prevent Investors attending the next meeting.

Couldn't agree more Zixo, but I think it will backfire. Talking to people today they are now even more determined to follow this through (if they possibly can). I also believe that there were people there today who if the meeting had gone ahead might have voted for Hutson, but after her deplorable behaviour are now totally for Castlereigh.

 

[DoraNBoots]

Regarding this statement by JH in todays NSX announcement:

“Immediately prior to the meeting I had discussions with the meeting convenors with a view to cooperatively determining a way forward to validly conduct today’s meeting in a way that was in the best interests of unitholders. When negotiations became intractable, the door to the room in which I was present was locked, preventing my exit. I required security assistance to be able to leave.”​

JH was in the meeting room with all of us investors immediately prior to the meeting. She was standing up the back in negotiations and then she left. The door she was standing next to may have been locked because we were advised that we could only enter the room through one set of doors. Only the doors at the other end of the room from where JH was standing were to be used for today’s meeting. It seems that JH is complaining about being locked in the room with us investors! We were sitting there waiting for the meeting to start and then JH left the room! For her to give the impression that she was locked and couldn’t get into the meeting is laughable. We were told JH would not participate in the meeting but that she had agreed to come back after the meeting was adjourned and would speak to us. Once the meeting was adjourned the chariman was unable to locate JH and I and many others finally left the room once Hotel staff notified us that they needed the room for another function.

One of the issues today was that WC say they should chair the meeting while AG lawyers are saying the Corp Act says that at a meeting called by unitholders the chair should be elected by unit holders (who are present at the meeting). Sounds like this will be decided in the court which is scheduled early July. One thing for sure is that ALL unitholders in the meeting today wanted to be able to elect the chairman as opposed to having WC impose themselves on us as chair, this was shown by a show of hands.

There is an amazing story about a rent-a-crowd that will blow your minds but I’ll leave that to someone else to tell.

 

[Bumblebee]

Check out the story from Castlereagh's website

http://castlereagh.rlbrandmgmt.com....cement_-_meeting_adjournment_Jun_11_FINAL.pdf

 

[Sutho81]

Can anyone please explain or reassure me about the figures Wellington posted on the NSX website in relation to the votes?

It looks like we lost.

Can I assume correctly that the figures are only from Armstrong Registry and not Computershare?

Also would anyone have a rough idea of how many proxies there are that have voting power. If the figures mentioned on the NSX are short of what really exists then there is still hope.

Example Wellington states Proxies for removal of Wellington = 208,638,814, and Against = 310,739,020, and Abstain = 1,844,132.

Question out of all the numners above does anyone have the total number of votes that could possibly exist in the fund that will give us a real idea of the result???

I would imagine all proxies returned to Computershare would be pro Castleraegh.

 

[k.smith]

.....

There is an amazing story about a rent-a-crowd that will blow your minds but I’ll leave that to someone else to tell.

What happened today is truly an amazing story...

When the partner of a family member offered to accompany me on the train into the city I was happy to have a guide. This person (who I will refer to as ****) was attending a 8.30 meeting in the city.

While in transit, we were amazed to find we were both attending meetings at the same venue... my meeting was for 11am on level one, **** was for 8.30am on level two.

But it was to get a lot more amazing...

I filled in the time between 8.30 to 9.30 then made my way up the Pinarro Rooms, where I met a number of unitholders. Around 10am, a very concerned **** tapped me on the arm. She had come down from the level above to see me, she said, because she realised that HER meeting had something to do with MY meeting.... she remembered the name, Wellington Capital.(I am always talking to my family about these funds...!!!)

**** told me that she is registered with xx xx agency, and (because she is an enterprising hard-working sort) on her days off, she does "stand-ins" or "seat fillers", earning a little extra $$...

She received an email from this agency where she is registered on the 20-06-2011 which said...(in part)
"... PXT Message: Please call Paul at XXXX urgently on XXXXXXXX re work this Thursday paying $26.63 per hour min 4 hour call
This is XXXXXXXX the Transfilm shoot tomorrow, please be aware you are ALL being stand ins and seat fillers paying $26.63 p/hr. Details will follow shortly.
Transfilm shoot tomorrow - 8.30am Grace Hotel Marra Conference Room Lvl 2, 77 York St Syd. Wear Smart business clothes. Reply with full name to confirm message
**** XXXX
Please be aware all the XXXX people at the JOB today will all be paid at the rate of $26.63 per hour min 4 hour call...."

**** realised IMMEDIATELY that there was more to this than being a "stand-in" or a "seat filler" (despite **** being still quite young..!!)

**** thought that there were approx 200 people at this 8.30 meeting.

**** said that they were addressed by JH, and later by a "man" and that they were told that they would be required to vote in favour of JH being elected as a chairman, and they were given pink flyers to "wave.." in support of JH.....and yes...they WOULD be "filmed" waving the pink flyers (apparently, the question was asked..!!!)

Furthermore, as a special "thank-you", they were given 1000 shares each in the Premium Income Fund. They could elect to keep these shares, or by writing their details on the back of the document, "sell" these "shares" , and receive $100.(the document, an Australian Standard Transfer Form, was issued by Armstrong Registry Services Limited . There was a "team" present with computers, punching out the forms...(yes, I have a copy..)


Amazing..??
I could add a few more words...

imo, that this scenario can happen in corporate AUSTRALIA, in OUR COUNTRY, in a fund where the lives of THOUSANDS of investors have been left DEVASTATED is a DISGRACE...

SHAME, SHAME, SHAME...! !

 

[k.smith]

Just read this, hot off the press....

http://www.smh.com.au/business/to-be-pebacked-or-not-to-be-8230-20110623-1ghjq.html
''......Unit holders were then told Hutson was holding her own PIF meeting just upstairs at Sydney's Grace Hotel....''

hmmm.... lot more to that story...!!!

 

[zixo]

And this in from the Australian

http://www.theaustralian.com.au/bus...ash-over-meeting/story-e6frg8zx-1226080889613

 

[lavis]

And this in the Courier Mail

http://www.theaustralian.com.au/bus...ash-over-meeting/story-e6frg8zx-1226080889613

 

[lavis]

Oops sorry, the courier mail search was a link to the Australian

 

[elizaman]

Check out the story from Castlereagh's website

http://castlereagh.rlbrandmgmt.com....cement_-_meeting_adjournment_Jun_11_FINAL.pdf

There is a problem with your link and secondly there is nothing on the Castleragh web site in reference to yesterday's meeting as yet. Unless I'm not looking in the right section???

 

[BootsnAll]

Re: Jh Rent-a-crowd at the meeting


This fraud should be publicised as widely as possible. ASIC sits by and does nothing, after being made aware for months of what WC is up to. It is an absolute disgrace. Surely this latest fraudulent stunt by JH must warrant further investigation by them.

Talkback radio and other media should be made aware of this.

 

[elizaman]

Quite honestly I'm not surprised by yesterday's actions. We really need to get all the legal stuff out of the way prior to July's meeting. Every contingency has to be thought of remembering when you are defending against this type of action you may have to get your own hands a bit dirty if nothing more than thinking worst case scenarios and planning for them somehow.

I would also note that WC was very quick to get a report on the NSX whether it be accurate or not however on our side so to speak there is nothing. I would guess the numbers quoted on WC are about 490 odd million votes out of a possible 755 million or so plus the recent rights placement to the " serious investor/s" so there are still quite a few left out here. I'm not sure if PIF AG wants to play the hand that shows how many votes and/or proxies computershare had but hopefully in doing there math the same degree of comfort is still there to be able to move forward.

The legal stuff has to be sorted out and I would even ask is there anyway that this type of meeting can be done in court to force WC/JH to act accordingly or done in the presence of the court somehow?? Surely there must be provisions for this as per hostile takeovers provisionse??tc Surely there was always going to be an issue with 2 separate/different registires??? and how and who the summations where going to be done. Most on this forum have always shown reluctance to the authenticity of Armstrong doing this task due to the close proximity however put yourself in WC shoes they can have the same thoughts whther warranted or not about computershare.

Lastly I would urge our own side to at least update or present some notes on a regular basis if nothing more than to update. We just lost a portion of the rights issue because we did not act quick enough rightly or wrongly. Let's learn from that and be on the front foot. It hopefully will prevent some of the inuendo etc etc for the more serious followers so that all parties can just get on with it. I think the meeting and the outcome was a good thing in a way as it now shows the tactical side and the level of play of the opposition which hopefully will educate our team to finalize this phase of our investment and allow us to get on with it's running and somehwat back to profitability.

With Respect

 

[elizaman]

Re: Jh Rent-a-crowd at the meeting

This fraud should be publicised as widely as possible. ASIC sits by and does nothing, after being made aware for months of what WC is up to. It is an absolute disgrace. Surely this latest fraudulent stunt by JH must warrant further investigation by them.

Talkback radio and other media should be made aware of this.

Fully agree. We really need to get one of the current affair programs on board. An interview with ksmith's family friend would be a good start I think. If there is exposure on the national front also showing ASIC's lack of imput they would love the story if only for a day. It should add a little more pressure politically. I know I wrote in to ASIC and received the reply that all was in accordance etc etc as did many of us that wrote in but this method does not add the pressure we need for them to act. Gotta be woth a try at least???

With respect

 

[DoraNBoots]

Check out the story from Castlereagh's website

http://castlereagh.rlbrandmgmt.com....cement_-_meeting_adjournment_Jun_11_FINAL.pdf

There are temp issues with the link above but here's a copy of the announcement.

 

[reasonable]

I would think that WC tactics with false representation of voters warrants criminal proceedings!

 

[Blueboy1]

There is a problem with your link and secondly there is nothing on the Castleragh web site in reference to yesterday's meeting as yet. Unless I'm not looking in the right section???

I was unable to get the link to work either, although I found the update,go to http://www.cascap.com.au/page.php?page=40 then go to:- "23 June 2011 - PIF investors forced to wait as Wellington Capital legal action leads to adjournment of investor meeting"
I have reported this to CASCAP who have been having previous problems with their website,particularly with overseas connections.

This bizarre behaviour by WC has to stop and some sensibility needs to be restored.The latest clutch of blatant lies and unmitigated fraudulent actions by JH reveal what we are dealing with here and it makes me cringe to think that our fund is under the control of someone who will stop at nothing to line her own pockets at the expense of honest folk,some of whom have invested their life savings into this unfortunate quagmire and were relying upon the empty promises that have never been fulfilled by JH and her criminal cronies.
Where is the accountability? - What will she dream up next? - Will the courts listen if she fails to appear because she has locked herself in the lavatory?
The latest antics are the stuff that movies are made from and show the actions of a desperate woman, it is my guess that she is fighting for her life and what went on behind closed doors may be revealed as public knowledge if we are successful in having her forcibly removed,she knows that and will not release her sweaty little fingers from our assets easily and will probably try to run us out of patience and funding for continuing litigation using every dirty little trick she can conjure up at the expense of our own fund and we will be paying for her to argue the toss.
The latest round of scurrilous behavior in K.smith's 'Rentacrowd' account does require media attention if the persons concerned are willing to go public...............Let's hope so.
We need all the help we can get to remove this cancer that is eating through our fund.
Blueboy1

 

[smbtrade2]

I was at the meeting as well and like others would have liked the issue resolved. However I felt that the Chairman acted very appropriately in postponing the meeting. We had no other choice. We have to proceed in a manner that is 100% legally correct as WC (what appropriate initials) will pounce on any legal technicality to prevent us from removing them from the trough.
The follow-up postings have been excellent for those unable to attend and the new information astounding. JH may think that 'the show ain't over till (she) sings' but I, for one, am totally fed up with her off-key performances.
I would particularly like to thank Peter Grenadier, Charles Hodges & all the others who have worked with such tenacity & commitment to make these meetings possible. You are the people who have built the tunnel that the rest of us may eventually be able to see some light at the end of. It was also a pleasure to meet Seamisty who has put so much effort into keeping this thread alive & keeping us informed. This thanks also applies to other regular conributors that I didn't get to meet. Cheers

 

[reasonable]

Hear hear!