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Wellington Capital PIF/Octaviar (MFS) PIF

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Please flatback, fall flat on your back and leave us alone!!!!
 
http://www.couriermail.com.au/ipad/bank-dodges-hostile-takeover-bid/story-fn6ck2gb-1226094071717

BRISBANE merchant bank Wellington Capital has fended off a well-funded hostile takeover bid for control of its struggling Premium Income Fund after winning a key court ruling yesterday.

But disgruntled investors with the PIF Action Group say they plan to have another crack at evicting Wellington, who they complain has mismanaged the $264 million fund over the past three years. etc etc etc
 
'His Honour has recognised that there has been a substantial injustice not capable of remedy by the courts'
Yes, well we have seen this before when the Wellington Capital placement went ahead, unable to be reversed because it was too hard to deal with by the courts. It should never have occurred in the first instance if ASIC had of done their job.
'What the Judge has determined is that it is necessary to comply with the Corporations Act and the Constitution of the Fund'
Perhaps we need to lodge an appeal to Judge Dowsett re Wellington Capitals placement issue where the corporations act was breached initially??

Seamisty
 
Not sure if G8 education investors follow Wellington Capital and the boards chairperson jenny Hutson but it appears there was a huge bailout today of G8 investors,Volume 1,843,518 Value $1,330,204 Trading at an approx 10 month low of 72 cents. I wonder if there is bad news pending for G8?
Seamisty
 
I really can't beleave that an Australian High Court Judge could get it so wrong.

Those 380 not informed investors got the information about the PIFAG action only
some days later trough Wellington, but with all the defamation from JH. So it was not an injustice to those, it was an injustice that happened to us.

Secondly how can this judge rule that we have to comply with the corporations law
and the funds constitution. Even a judge should have realized that the PIF constitution
doesn't comply with the corporations law. Does he really lay the blame for this on us
the investors and not on JH?
 

Yes, I follow the G8 share price from time to time. It has certainly dropped recently. I wonder why.

As for today's judgment, my thanks to the AG executive who have toiled so hard. If the time and funds are available they, hopefully, can come out fighting. It's pure Franz Kafka territory. Nothing makes sense or seems fair at the moment, but you rarely know the end to Kafka's stories until
the last page.
 
Yes, my thanks too, to all the AG executives and our workers & investigators who have put in so many hours & spent their own money getting this all started. I also see it as a beginning, as we didn't lose today, we just haven't won.... yet! Justice & honesty will prevail. Yelllow coat, I mean red coat certainly didn't win today. She just staved off this challenge by using her typical cunning conniving tactics.

Thanks to our awesome workers, professionally her name is, or will be, MUD, so there'll be no gloating. And she can't stave off challenges forever as we all know she has acted against the law, on many counts, so it is only a matter of time before a judge has all that information in front of him or her and will then act according to the letter of the law, as they did today. We're all here for the long haul & all the hard work that's been done by so few is very much appreciated and will bring us all well deserved results in due course.
 
A story in the Australian,
Even news corp media know something is Dodgy.

http://www.theaustralian.com.au/bus...rama-act-aborted/story-fn91wd6x-1226094167213.

A FEDERAL Court judge in Brisbane ruled yesterday that a meeting Premium Income Fund unitholders scheduled for Sydney today will not take place, because some unitholders were not given enough notice.

The meeting was to have been a continuation of the notorious meeting held in Sydney on June 23, where about 200 film extras were each given 1000 units in the fund and told to vote in favour of Wellington Capital, the Brisbane-based management company that is the Responsible Entity for the Fund, founded originally by doomed Gold Coast financier MFS.

In the end, the 200 extras did not vote at the June 23 meeting, which was called by a group of unitholders titled the PIF Action Group, which was seeking to have Wellington replaced by Castlereagh Capital, chaired by insolvency specialist Ian Ferrier.

Justice John Dowsett had ruled on a complex case brought by Wellington relating to whether the meeting requisition was valid, given that the PIF Action Group had used an out-of-date share register.

The group's barrister had told Justice Dowsett they had been forced to do so because they could not obtain an up-to-date register. The fund's register is managed by Armstrong Registry Services, run out of the same office as Wellington Capital. Wellington is managed by Brisbane lawyer Jenny Hutson, who could not be reached for comment last night. She has denied knowing the 200 investors were extras.

A spokesman for the Action Group, Charles Hodges, said his group was "very disappointed" that the meeting was not being held but added the judge's decision was "based predominantly on the issue of a number of investors".
 
DepressedDad said:
Yes, my thanks too, to all the AG executives and our workers & investigators who have put in so many hours & spent their own money getting this all started. I also see it as a beginning, as we didn't lose today, we just haven't won.... yet! ...
Click to expand...

I agree.
And a huge thanks to Castlereagh. Without them the illegal amendments that Wellington Capital made to our constitution would still be in place. It amazes me that a third party has to step in and help decimated (mum & dad) investors fend off illegal activity from the RE while ASIC watches.
 
Agree BIG thank you to Castlereagh.Big thank you also to Seamisty and Dora...nice meeting you both in Sydney. We would be lost without Charles (and Mark)and of course Breaker for the start of this.

One question...when Castlereagh overcomes the Evil one...will they delist our fund from the NSX?
 


I agree, Dora.

You may be interested to read what is happening in the Charter Hall Office Fund..


''....It could be another 900 years before they will be able to change their responsible entity, going by the notice of meeting lodged on the website of the group attempting to wrest control of the fund....''

''...''This document may include forward-looking statements, which involve a number of risks and uncertainties,'' the notice of meeting said.

Read more: http://www.smh.com.au/business/trus...-the-future-20110713-1he48.html#ixzz1S26MluHV

imo, the RED ALERT button should be flashing there as well....
 
"Jenny Hutson, who could not be reached for comment last night. She has denied knowing the 200 investors were extras." (The Australian)

Good to see the Australian hasn't forgotten the extras fiasco. Hope that ASIC are reminded to do something about it.
 
We all have to abide by the law, and unfortunately, sometimes we do not agree with the interpretation of the law. It has been stated that the PIFAG did not use an up to date register to contact all unit holders. This may be so, but if we take this in the true perspective, in fact, all unit holders were contacted. The PIFAG, immediately on discovering a very small pecentage of unit holders who had recently purchased units or changed their address were contacted. Wellington Capital, who I assume had an up to the minute register contacted ALL unit holders in their quest for proxy support and finally the notorious and anonymous cowards, "the pif reaction group" circulated all unit holders using the latest version of the register. In effect, no unit holder was disadvantaged and had an opportunity to cast a proxy. Be that as it may, the law is the law. We all have to thank WC for their sacrifice in this regard. A media release attributed to WC indicated they would have "romped in" if the meeting was held must have been a great temptation. I personally am at loss to understand why WC's proxies were guarded with such secrecy. It is also known that there were many proxies held by WC that favoured PIFAG but were never handed over to Computershare, the truly independent registry. It is noted that Computershare was the registry of choice by WC at the EGM held on 18 October, 2008.

We are all aware of the hiring by WC of RADAR to do their bidding in attempting to cobble together proxies and as a result there would have been many unit holders contacted who were only provided with information given by WC. A one sided affair. The PIFAG were not able to cope with this marketing campaign to our detriment, I suppose. It is true, the Executive spread themselves too thin and I suspect burn out may have happened to one or two volunteers. To combat the likes of Radar it is desirable that the PIFAG become more proactive than ever if we are going to put WC away for good. Therefore, I am appealing, to all unit holders to give some thought as to how they can help us. There are many enthustiastic unit holders who post on the forum and there are many more unit holders who read the posts. I know they are greatful for the efforts put in by the authors of the posts. I would like any person who think they can help to contact either Seamisty or myself by private mail on this forum in the first instance

The PIFAG have been very active in the past and will continue well into the future. Most notable achievements was establishing the CLASS ACTION, Court Action to prevent WC from placement of units and rights issue. This was a clear example of WC not acting in the interest of unit holders and of course the recent calling of an EGM.

I would like to take this opportunity of publicly thanking Castlereagh Capital for all the support. They have remained steadfast in their resolve to help us in our endeavours to restore some credibility to OUR FUND. CasCap have committed huge resources to help us and it is now up to us all to do our part.

As you are no doubt aware, Judge Dowsett only gave a verbal direction and it will take another three weeks for a written decision to be handed down. I guess we all have to wait and see what his final decision will be. I personally will be very interested in this document.

I thank you for taking the time to read this post/appeal and I am looking forward to hearing from any volunteers. Cheers for now, Charles V/Pres. PIFAG
 
It does sound like a great injustice and a bad decision made by the judge.

In my view all unit holders were informed as the PFIAG had forced Wellingtons hand and Wellington sent out proxies to ALL unit holders. So in a round about way the PIFAG did ensure ALL unit holders were informed of the vote be it a letter from Castlereagh or a letter from Wellington.

Looking at Wellingtons vote count a considerable amount of people voted to dump them in their registry count.

Assuming all votes can be added and we see the voted held by computershare then it might be a different result.
 

I guess everyone is stunned at the decision on a technicality and the blinkered view of the judge. However the judge has already made the only decision that matters.

The PIFAG/Castlereagh must know from computershare results whether we have the numbers to get rid of WC. If not I guess there will be no further involvement from Castlereagh. So it will be interesting to see what Castlereagh do. (I see from their website that they are still advertising today’s aborted meeting)

As far as volunteering goes I would help and I’m sure many others would if they knew what PIFAG intended next.
 

Hi Javier,

http://www.brr.com.au/event/82029
In the podcast from the 5th of July Castlereagh said that they would keep the fund listed for the interim until,they decide what the actual price of the PIF units are.

As for the Decision ..... Where else but Queensland?

Its interesting to see that WC are sponsoring the PGA, just as we in the PIF are going in reverse under the stewardship of WC and JH. Even though WC cant face their own unitholders.
Isnt it Nice to see those people from the forest lodge are enjoying themselves on the misery of others?
 
Javier

I personally posed this question to a CasCap representative at the Brisbane meeting and received a non committal reply.

. It is indeed unfortunate that Investors have had to experience, first hand ,the placement sale to so called ,“sophisticated investors “ at a pittance , to now fully understand the inherent dangers of listing on a secondary and little known illiquid Exchange.

Two bitter experiences in similar situations many years ago had burned an edilible memory in my brain, on what the likely financial outcome would be, if we were listed on the NSX .The PIF will be the third catastrophe.

Like Duped, I have now well and truly learnt a lesson,and the small remainder of my ill gotten lifetime earnings are in Bank Deposits.

Our asset value has already been diluted and based on the recent NSX announcement it appears that Jenny H has every intention of merrily continuing down the capital raising path ;.too the detriment of the many investors who have been financially devastated ,and are unable to participate.

Therefore, in my humble opinion, we would unquestionably have a greater prospect in disposing of the, “Evil One” if a strategy of non dilution and de- listing from the NSX was made absolutely clear to investors.
 

Harald,
You may recall that moron of a Magistrate who let John the "Singo" off the speeding charge because his,
er RR, could navigate these speeds "safely".
Such moronic judicial reasoning thread continues to this day.
I am out of Coffs Harbour, sitting in Kogarah RSL's net station gobbling up all the news of these past 2 days.
I am minus trip expenses for 23rd and today's abortions, added lost glasses, stoned windshield from last return from Sydney, shredded tyre, from a screw mind you, not a nail.
But am I dejected, disgruntled, truncated by these lacerations? Hell no!
I am all pumped up for return to Coffs to begin 3rd installment of my dialogue with Jenny to coincide with Jenny's advanced onset of corporate MADNESS.
Will Judge Dowson ever think how rediculous his legalese is:
-- PIF employs WC to perform a role
-- WC fails in performing that role to satisfaction of Employer
-- Employer must seek permission from Employee to vacate the role.
Let's All give a collective shake of the head in collective disbelief!

Cheers,
 
Javier said:
Agree BIG thank you to Castlereagh.Big thank you also to Seamisty and Dora...nice meeting you both in Sydney. We would be lost without Charles (and Mark)and of course Breaker for the start of this.
Click to expand...

I support Javiers sentiments but not to be forgotten is the young lady who brought the film extra scam to our attention and supported it with a court submission. She also deserves our thanks.
 

Hey Zixo, be fair to us Banana benders! :dunno:
This decision was made by a FEDERAL COURT JUDGE.
 
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