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Thath ASIC link should have been http://asic.gov.au/asic/pdflib.nsf/LookupByFileName/ASIC_Annual_Report_08-09_full.pdf/$file/ASIC_Annual_Report_08-09_full.pdf
Wellington Capital PIF/Octaviar (MFS) PIF
- Thread starter breaker1
- Start date
Thath ASIC link should have been http://asic.gov.au/asic/pdflib.nsf/LookupByFileName/ASIC_Annual_Report_08-09_full.pdf/$file/ASIC_Annual_Report_08-09_full.pdf
I'm sorry Seamisty to read this really bad news.
Regarding those complaints to ASIC: I'm very much afraid that we deliver those
very well overpaid public not servants the paper that they need to use on the toilet.
For those of you who are not aware of the GEM (G8 Education) thread on ASF I have just copied the last post made on there by 'PRO' as I am sure it will be of interest to many. I note that the info contained in the post below was not included in the GEM update made to the ASX on the 10th August? Any wonder the GEM share price is struggling!! I will also post the link to the GEM thread. Cheers, Seamisty
https://www.aussiestockforums.com/forums/showthread.php?t=22284
Updates on Cherie Hearts’ legal suit against G8 in Singapore..
Pre-trial hearing, Monday, 8th August 2011
The Singapore High Court has once again ruled in favour of Cherie Hearts Group International (“CHGI”) in their ongoing suit against G8 Limited (“G8”).
G8 tried desperately to submit its affidavit at the 11th hour on Saturday, 6th August 2011, but all attempts were in vain. The High Court Judge dismissed and disregarded their last minute affidavit at the pre-trial hearing on Monday, 8th August 2011.
At the same time, the High Court Judge also dismissed..
G8’s application for the revenue from child care centre operations to be paid to them by CHGI.
the need for CHGI to transfer the ownership of the bank accounts of their subsidiaries over to G8.
Another pat on the back for CHGI! Well done
Fresh rumours just out of the oven.. G8 has asked the Singapore High Court for an adjournment of the Main Trial scheduled for 5 to 16 September 2011. Looks like they’re beginning to feel the heat! They’re obviously not prepared are they? Not a good sign for them..
Wonder what trick they will come up with next?? Nonetheless justice will prevail!
Recent centre inspections
Recent centre inspections carried out by CHGI involving Cherie Hearts centres managed by G8 has revealed shocking findings. G8 has seriously flouted safety and hygiene standards and regulations as stipulated by MCYS (Singapore’s governing ministry for child care centres). Sharp objects such as scissors and pins were found well within children’s reach. First aid kits contained expired products. Food preparation and centre hygiene standards were seriously compromised. Fire escape routes were strewn with obstacles, not to mention fire escape doors with no keys to open them! Parents’ complaints have never been higher. Due to the severity of the above findings, these matters have been escalated to MCYS.
**Up until today, G8 refuses to factor in ‘Contingent Liabilities’ into all of its agreements.
https://www.aussiestockforums.com/forums/showthread.php?t=22284
Updates on Cherie Hearts’ legal suit against G8 in Singapore..
Pre-trial hearing, Monday, 8th August 2011
The Singapore High Court has once again ruled in favour of Cherie Hearts Group International (“CHGI”) in their ongoing suit against G8 Limited (“G8”).
G8 tried desperately to submit its affidavit at the 11th hour on Saturday, 6th August 2011, but all attempts were in vain. The High Court Judge dismissed and disregarded their last minute affidavit at the pre-trial hearing on Monday, 8th August 2011.
At the same time, the High Court Judge also dismissed..
G8’s application for the revenue from child care centre operations to be paid to them by CHGI.
the need for CHGI to transfer the ownership of the bank accounts of their subsidiaries over to G8.
Another pat on the back for CHGI! Well done
Fresh rumours just out of the oven.. G8 has asked the Singapore High Court for an adjournment of the Main Trial scheduled for 5 to 16 September 2011. Looks like they’re beginning to feel the heat! They’re obviously not prepared are they? Not a good sign for them..
Wonder what trick they will come up with next?? Nonetheless justice will prevail!
Recent centre inspections
Recent centre inspections carried out by CHGI involving Cherie Hearts centres managed by G8 has revealed shocking findings. G8 has seriously flouted safety and hygiene standards and regulations as stipulated by MCYS (Singapore’s governing ministry for child care centres). Sharp objects such as scissors and pins were found well within children’s reach. First aid kits contained expired products. Food preparation and centre hygiene standards were seriously compromised. Fire escape routes were strewn with obstacles, not to mention fire escape doors with no keys to open them! Parents’ complaints have never been higher. Due to the severity of the above findings, these matters have been escalated to MCYS.
**Up until today, G8 refuses to factor in ‘Contingent Liabilities’ into all of its agreements.
Watch this space for 200 "Happy parents" carrying pro G8 Banners!!!
PIF share price is pathetic, trading at around 6 cents and g8 share price hovering at 12 month lows. Bentleys and ASIC on WC's case?? Forest Resort developers not sitting by quietly? Surely management can't continue to blame anyone but themselves? S8 also had legal issues? I can keep adding related names here which are also embroiled in current/past legal disputes but will save it for later when I think it more appropriate. Seamisty
Hi Charles26 and Seamisty,
It has been very quiet on the battleground, and I, of all people, don't wish to complain about our Great White Hope, meaning Castlereagh Capital. They have stepped up to the plate when others wouldn't, coped personal abuse from our so called RE, invested there own money to try to help us, and at the end of the day, we don't seem to be any closer to a final conclusion.
We all new that WC would not go peacefully, and many of us stood shoulder to shoulder with CC, but my great disappointment has been that we have not heard a word from our White Knight. We, as investors, are all on tender-hooks, and you would think they would make a couple of announcements to where we all stand. Are they still fighting in our corner?????? Are they still prepared to continue the fight???
Investor updates on the 28th July stated that they are looking into our position and getting there legal advise. They said, by the latest, they would make a release by 5th August "at the very latest". Surely we are entitled to know if they are still with us to fight this battle. Just a simple press release will do, so that I , and many others, have some hope in the future.
Please don't think I am unappreciative of everybodies efforts.
Keep the faith,
atlas1950
It has been very quiet on the battleground, and I, of all people, don't wish to complain about our Great White Hope, meaning Castlereagh Capital. They have stepped up to the plate when others wouldn't, coped personal abuse from our so called RE, invested there own money to try to help us, and at the end of the day, we don't seem to be any closer to a final conclusion.
We all new that WC would not go peacefully, and many of us stood shoulder to shoulder with CC, but my great disappointment has been that we have not heard a word from our White Knight. We, as investors, are all on tender-hooks, and you would think they would make a couple of announcements to where we all stand. Are they still fighting in our corner?????? Are they still prepared to continue the fight???
Investor updates on the 28th July stated that they are looking into our position and getting there legal advise. They said, by the latest, they would make a release by 5th August "at the very latest". Surely we are entitled to know if they are still with us to fight this battle. Just a simple press release will do, so that I , and many others, have some hope in the future.
Please don't think I am unappreciative of everybodies efforts.
Keep the faith,
atlas1950
Atlas 1950 - We've learnt to be patient (and penniless) over these recent years. When things go quiet, it often means that there's dedicated activity behind the scenes. Let's hope that this is again the case, but the nomination of August 5th as a day for an announcement and allowing it to pass by without recognition is indeed surprising and disappointing.
Selciper,
And that is my point. The date passed and not a word. Atleast we should be treated with a bit more courtesy than that. How hard would it be to make a press release to keep us updated. I for one flew back early from New York to be here for the second meeting, and I know many other elderly investors came from interstate and country NSW, to be there as well. with a great expense to themselves.
We have been greatly disappointed with many things since Nov 2007, but CC are on OUR side (I think), and to liase with us and to be keep informed is not too much to ask.
atlas1950.
It is indeed frustrating for all concerned, the PIFAG have not gone away, we have our own thoughts like everybody else regarding the behaviour of certain people and it is imperative that proper steps are taken to ensure there is no encore performance of the last meeting. Unfortunately at this stage it is impossible to say what the next step will be. I sincerely hope with we have some information in the near future and my message to all our supporters is to stay focussed and be ready to rally when called upon. My best wishes to all readers and posters.
Heres your chance to have your say everyone, a bit more of our money used to prop up an ailing WC image::
Fund Briefing Meetings – Sydney, Melbourne and Gold Coast
Wellington Capital Limited in its capacity as responsible entity of the Premium Income Fund is pleased to
announce that investor and advisor briefing meetings have been scheduled for 6, 7 and 8 September 2011 in
each of Sydney, Melbourne and the Gold Coast.
The meetings have been scheduled so that investors and advisors can be briefed on:
the current position of the Fund;
the plan for each of the assets held by the Fund;
the strategy to enable cash payments to Unitholders; and
timetable for asset realisations.
The timing of these meetings will enable Wellington Capital to present the position as at 30 June 2011, as set
out in the audited accounts.
Unitholders and advisors will, in addition to receiving an update, have the opportunity following the briefing
to ask questions about the Fund.
Jenny Hutson, Managing Director said
‘An invitation to attend the Fund Briefing Meetings will shortly be sent to each of you. I encourage you to
attend a briefing session if possible.
For those who are unable to attend relevant information will be released to the market and provided to you.
These briefings will address the status and plan for each asset held by the Fund individually and will assist
Unitholders and Advisors in understanding our strategy and plans for the Fund particularly in relation to
realising assets and returning cash to Unitholders.’
Date Location Venue Time
6 September 2011 Sydney Wesley Conference Centre
220 Pitt Street, Sydney
11.00am
Registration from 10.30am
Date Location Venue Time
7 September 2011 Melbourne Bayview Eden Melbourne
6 Queens Road, Melbourne
11.00am
Registration from 10.30am
Date Location Venue Time
8 September 2011 Gold Coast Gold Coast Convention
Centre, Gold Coast
Highway, Gold Coast
11.00am
Registration from 10.30am
Premium Income Fund
http://www.nsxa.com.au/ftp/news/021724289.PDF
Fund Briefing Meetings – Sydney, Melbourne and Gold Coast
Wellington Capital Limited in its capacity as responsible entity of the Premium Income Fund is pleased to
announce that investor and advisor briefing meetings have been scheduled for 6, 7 and 8 September 2011 in
each of Sydney, Melbourne and the Gold Coast.
The meetings have been scheduled so that investors and advisors can be briefed on:
the current position of the Fund;
the plan for each of the assets held by the Fund;
the strategy to enable cash payments to Unitholders; and
timetable for asset realisations.
The timing of these meetings will enable Wellington Capital to present the position as at 30 June 2011, as set
out in the audited accounts.
Unitholders and advisors will, in addition to receiving an update, have the opportunity following the briefing
to ask questions about the Fund.
Jenny Hutson, Managing Director said
‘An invitation to attend the Fund Briefing Meetings will shortly be sent to each of you. I encourage you to
attend a briefing session if possible.
For those who are unable to attend relevant information will be released to the market and provided to you.
These briefings will address the status and plan for each asset held by the Fund individually and will assist
Unitholders and Advisors in understanding our strategy and plans for the Fund particularly in relation to
realising assets and returning cash to Unitholders.’
Date Location Venue Time
6 September 2011 Sydney Wesley Conference Centre
220 Pitt Street, Sydney
11.00am
Registration from 10.30am
Date Location Venue Time
7 September 2011 Melbourne Bayview Eden Melbourne
6 Queens Road, Melbourne
11.00am
Registration from 10.30am
Date Location Venue Time
8 September 2011 Gold Coast Gold Coast Convention
Centre, Gold Coast
Highway, Gold Coast
11.00am
Registration from 10.30am
Premium Income Fund
http://www.nsxa.com.au/ftp/news/021724289.PDF
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- 0
This must be "leave your weapons at the door" meeting. Presumably the absence of ANY comment by Cascap means their interest is now dead.
Devaluation of the fund through fire sales, mismanagement and excessive related party transaction debits and legal fees by the evil one and cohorts has probably shown that what's left is worth a lot less in reality than on paper. So maybe CasCap don't see the value in another expensive and risky fight against someone prepared to lie, be unethical and unlawful, when CasCap have to adhere to the law and be ethical, with no real support from the courts or ASIC.
Maybe it's only us investors that see the value in pursuing this...we all want to see the evil one brought to justice...not a valid reason for a business to pursue it though. I REALLY hope I've got this all wrong...
But maybe, just maybe, CasCap is now adopting some of Sun Szu's strategies. That may explain the lack of publicly released announcements...lets hope.
Well I wont be wasting any money to attend any of the meetings to be fed another ambiguous, deceiving/misleading spiel that was previously video recorded in six parts and USED to be on the PIF website until it became such an embarassing reminder of a fountain of broken Wellington Capital promises it had to be removed!! Blind Freddy can see the game plan is to liquidate the PIF as quickly as possible so it is not a viable proposition for any one else to consider taking on, get rid of the assets and shut the door before a forensic accountant comes knocking on it. Perhaps WC are expecting some more bad publicity in the near future from any of several legal disputes, hence the need to muster some support? I heard our illustrious leader was in Sydney this week so anything is possible Charles36! Seamisty
Hi all. I promised someone on this thing that I would not post anymore however I have to say that things I mentioned weeks ago are being seen in a lot of the posts. PIFAG and or CC ( if they're still on board) SEND SOMETHING OUT. SAY HELLO OR SOMETHING. With no communictaions people's minds will wonder. It's natural. I see there is some is advocation for not attending the proposed WC meetings to here whatever it is they have to say but as the saying goe's , "10% of something is better than 100% of nothing" If anyone is at all interested in their investment , for whatever it's worth, in my opionon I would say you'd be foolish not to attend or listen to what they have to say because whether you like it or not it is the only voice speaking, it has the power at this time to do whatever it wants so you might as well show up and voice an opinion. Voicing it here does nothing until we are all needed to rally but there does not appear to be a rally. I will go and listen to what is being said, what the plans are and voice my opinion if I feel a need.
I will try not to post, but it's hard.
I will try not to post, but it's hard.
I respectfully suggest you read Post 8649. The sudden surge of information coming from Wellington is breathtaking. I would prefer the meeting take place after the release of the latest audited figures, due three weeks after the proposed meetings. Then there could be some meaningful debate. We could discuss valuations of the properties, e.g. Wollongong Hotel would be a good place to start. I will make a prediction, "the microphone at the meeting will be handed to the pre-arranged rent-a-crowd." Call me cynical, I do not care. I have experienced the publicity tours of WC before. How much is each meeting going to cost. Stretch limousines, business class travel and an entourage larger than Julia Gillard, not forgetting the body guards. PIF will be picking up the "tab."
I imagine all those professional and sophisticated investors who paid 10 cents a unit in the placement would be less than impressed that their investment is currently trading at .66cents per unit on the NSX and the PIF manager sees fit to conduct another travelling road show (possibly paid for from proceeds from the capital raising) to sing Wellington Capitals praises. I'd prefer the money involved to promote themselves again be returned to unit holders instead, especially since it appears unlikely the PIF will be in existance once the remaining assets have been divested. Seamisty
Wrong Seamisty. The PIF will be in existence as long as their is litigation on foot. Also that includes the Class Action. Fees, limousines and Business Class travel will continue until the last cent has been exhausted. We should all pray that the Regulatory authority
identifies and acts upon the hundreds of complaints lodged by the unit holders of the PIF.
The NZ arm of MFS,bought/owned? a string of financial advisers under the name Vestar who directed investments into (building development too) ie..Bridgecorp, Capital & Merchant.etc...
I have lost rack of how OPI fit into this and Boston finance? but it all fell like dominoes....imo
Capital & Merchant got taken out by their lender Fortress in November 2007.See court case on the net.
Anyway some-one here might be interested in an update and make more of the details than myself...interested to hear some-ones account of the NZ domino layout.
http://www.stuff.co.nz/business/5471843/Anger-at-Bridgecorp-payout-of-3-5c
inpart .....
"he had invested through financial planning company Vestar, which put client funds into finance companies including Bridgecorp and Capital and Merchant Finance. In total he lost $400,000.
"We are taking the directors of Vestar to court and we've got a court date early new year and we've got 150 people in our group which I'm heading up," he said. " continues
I have lost rack of how OPI fit into this and Boston finance? but it all fell like dominoes....imo
Capital & Merchant got taken out by their lender Fortress in November 2007.See court case on the net.
Anyway some-one here might be interested in an update and make more of the details than myself...interested to hear some-ones account of the NZ domino layout.
http://www.stuff.co.nz/business/5471843/Anger-at-Bridgecorp-payout-of-3-5c
inpart .....
"he had invested through financial planning company Vestar, which put client funds into finance companies including Bridgecorp and Capital and Merchant Finance. In total he lost $400,000.
"We are taking the directors of Vestar to court and we've got a court date early new year and we've got 150 people in our group which I'm heading up," he said. " continues
