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Wellington Capital PIF/Octaviar (MFS) PIF

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Good work, Marcom.

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Today's NSX update from Wellington

Press commentary 1 July 2011
Wellington Capital Limited as responsible entity of the Premium Income Fund is aware of the claims made in media today relating to the adjourned meeting of 23 June 2011 held in Sydney.
Managing Director, Jenny Hutson said: ‘Wellington Capital Limited as responsible entity of the Premium Income Fund has important obligations in relation to its management of the Fund and role in properly convened meetings. Wellington Capital has directly and through its agents undertaken its roles and responsibilities appropriately and will continue to do so. Suggestions to the contrary are misleading, deceptive and are emphatically denied.
The issues associated with the meeting called pursuant to the Notice of Meeting dated 16 May 2011 remain
the subject of litigation in the Federal Court.’
Further updates will be provided as the matter progresses
 
NSX Announcement today: http://www.nsxa.com.au/ftp/news/021724159.PDF

Premium Income Fund
NSX Release: 1 July 2011

Press commentary 1 July 2011

Wellington Capital Limited as responsible entity of the Premium Income Fund is aware of the claims made in media today relating to the adjourned meeting of 23 June 2011 held in Sydney.

Managing Director, Jenny Hutson said: ‘Wellington Capital Limited as responsible entity of the Premium Income Fund has important obligations in relation to its management of the Fund and role in properly convened meetings. Wellington Capital has directly and through its agents undertaken its roles and responsibilities appropriately and will continue to do so. Suggestions to the contrary are misleading, deceptive and are emphatically denied.

The issues associated with the meeting called pursuant to the Notice of Meeting dated 16 May 2011 remain the subject of litigation in the Federal Court.’

Further updates will be provided as the matter progresses.
 
If it is proven that this law firm was involved in stacking the meeting, could they be at risk in being struck off. It seems to me that if it is an illegal act, and if so, they should feel the full force of the law.

M
 
Surprise surprise. She emphatically denies it. So there's two fat woman in the same building, in the same meeting, addressing the actors, in red jackets?? Liar & a cheat now. But then tell us something we don't know Jenny.
 

If Wellington Capital or any of its agents, staff, shareholders, directors or their agents consider that anything I have posted on this thread as being misleading or deceptive then please contact me by private message immediately with details of the offending conduct so I can consider it for removal to minimise damage.
 
Hi All, Glad to see the media on board re the farce of the EGM in Sydney and the continuing underhand tactics relating to the PIF management being exposed. Not surprising JH is denying any involvement re the engaging of rent a crowds etc, but when credible witnesses can be produced willing to support the honest investors what else is left but to lie and continue to deceive?Perhaps the Victorian golf club members who were enjoying their all expenses paid trip to Sydney to wave the 'pink slip' should have been told to dress smart bussiness class also, as they stood out like the proverbial dogs balls . ( Interesting not one raised their hand in support of WC when asked the question) I hope WC staff and associates are well aware of the repercussions involved with fraudulent behaviour? The day of reckoning is approaching, previous WC supporters (even though previously somewhat sceptical) are now seeing the real truth revealed.
Thanks to all who attended the EGM, was great to meet so many of you. It sure was interesting observing the small WC contingent of employees BEFORE and AFTER the antics were exposed!!! No wonder WC had to pay for support! The scurrying of drowning rats would have made an apt comparison!! Great to see so much new support on the forum. Seamisty
 
reasonable said:
It seems to me that WC hired the 200 crowd knowing that it would outnumber the 150 genuine investors. The conclusion being that there may be a spy in the camp?
Click to expand...

How could a spy in the camp tell JH the day before how many genuine investors
woul attend the meeting?
 
This is one of the NSX listing rules:

"6.17 The issuer shall inform the Exchange without delay, for dissemination by the
Exchange, of any decision made in regard to:-
(1) any proposed alteration of the issuer’s constitution;
(2) any changes in its Board of directors, and shall procure and lodge with
the Exchange as soon as practicable after their appointment a signed
declaration and undertaking in the form set out in Part B of Appendix 2,
from each new director;
(3) any change in the rights attaching to any class of listed securities and
any change in the rights attaching to any shares into which any listed
debt securities are convertible or exchangeable;
(4) any changes in its secretary, auditors or registered address; and
(5) any change of the place where a register of its securities is kept."

Hmmmmm. Where was the register on the day of the meeting?

Surely only Unit Holders entered into the register (after they have acquired the units) would be allowed to vote?
 
NSX listing rule:

"Equality of treatment
6.53 The issuer shall ensure equality of treatment for all holders of listed securities
of the same class (excluding foreign shareholders)."

Would this be breached if it can be shown that the requirements for registering an off-market transfer were altered for any off-market transfers occuring at the meeting venue?

Similarly doesn't this put Australian residents in a different time zone at a disadvantage? E.g. don't the listing rules or PIF constitution apply to Australian residents in the Cocos Islands, Heard Island and AU Antarctic Territory? It was still 6am on Heard Island when the meeting commenced.

(I wonder how the NSX, ASX and CHESS feel about the superior timeliness that off-market tranfers have compared to the services they provide?)
 
Re my last two posts. These listing rules apply to both Equity Securities (Section IIA) and Managed Investment Schemes (Section IIC).

For the latter the clauses are 6.17(13) and 6.50 respectively.
 
Harald said:
How could a spy in the camp tell JH the day before how many genuine investors
woul attend the meeting?
Click to expand...


Probably she just rang up and asked how many people the room would hold, and made a guesstimate.
 
This is a well deserved tick for ASIC.

http://www.theaustralian.com.au/bus...corporations-act/story-e6frg90f-1226085794157

ASIC charges Westpoint officers with breaching Corporations Act

TWO former executives of the failed Westpoint property group have been charged with breaches of the Corporations Act by the Australian Securities and Investments Commission.

The regulator today charged Westpoint founder Norman Carey and former chief executive controller Graeme Rundle in Perth Magistrates Court with two criminal charges each.

If convicted, each offence carries a maximum penalty of five years jail.
 
I would just like to say I admire you all - I have been involved in property funds management for a long time and what is going here is both a sad inditement of what occurred during the boom times as well as the looters that fall out after. What we see here may be a looter at their best - bold as brass to start with and then suddenly nowhere to be seen other than attempting to save their own skin. I have been in this space for nearly a quarter of a century, and like most on the post have never seen anything quite like this. My belief is that you'll beat her - you'd have to but EVERYONE MUST VOTE. My question is though - WHERE THE HELL IS ASIC? Your patience, and tenacity is amazing. Great story today in the SMH - most I spoke to cannot believe it!
 
Re: Octaviar MFS Premium Income Fund PIF


What is so infuriating & heartbreaking is that over THREE YEARS has passed since Seamisty put the above post on this forum. It is post number 220 on page 11 & dated 12 June 2008. (219 posts had already been made about unacceptable goings on & being left in the dark.) ASIC admitted to being inundated with complaints from investors in the PIF all that time ago. In the light of now INDISPUTABLE evidence from the meeting stacking fiasco that WC/JH are at best, unprofessional & dishonest, at worst criminals, how do staff feel now about their inaction?

It is not so much that THREE YEARS has passed, it is what has now happened in those THREE LONG YEARS. What damage was allowed to be done, year after year because ASIC did absolutely nothing. They could have saved so much angst, even lives. Better late than never ASIC. There have been 7758 more posts on 388 more pages since this one above. PLEASE PLEASE do something. We're not asking for anything extraordinary. Just do your job. PLEASE. DO SOMETHING!!!!
 
Someone needs to work out a way to ask her about this meeting unde oath.
 
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