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Wellington Capital PIF/Octaviar (MFS) PIF

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zeva said:
A total of 19,350,889 units have been traded on the NSX. where did the other 30,000,000 units come from?
Click to expand...

Off Market Transfer(s) is my guess zeva. It'll be interesting to see the changes to the list of top ten shareholders in the Annual report. If there's no equivalent drop in another holder's holdings then either Mr Wallace' company is part of the 'sophisticated' investors that got dibs on WC's illegitimate placement (Gordon J ruled the constitutional amendment breached the Corpration Act) or his company acquired them from a large number of unitholders. If it's the latter then I ask - is there a shadow market and who's running it?
 

Amend to:

Off Market Transfer(s) is my guess zeva. It'll be interesting to see the changes to the list of top ten shareholders in the Annual report. If there's no equivalent drop in another holder's holdings then either Mr Wallace' company acquired them from aone of Hutson's 'sophisticated' investors that got dibs on WC's illegitimate placement (Gordon J ruled the constitutional amendment breached the Corpration Act) or his company acquired them (directly or indirectly) from a large number of unitholders. If it's the latter then I ask - is there a shadow market and who's running it?
 
To refresh everyone's memories from post #8087 by Seamisty that appeared back on 7th July on this forum. Obviously it is the same Craig Wallace involved in the 200 hired actors on June 23rd. Mr Wallace is obviously a Director of Yuan Essentials as well.


The audacity of JH and her cronies knows no bounds.

Cookie1
 
Sutho81 said:
So what does that mean for us. Is he what we would describe as friend or foe of the PIFAG?

He only has like 6% of voting power by the looks of it.
Click to expand...

MR Craig Lewiss Wallace, close business associate of Ms Hutson, Mr Heading, Chris Scott, Rachel Weeks and David Burke just for starters. Sutho81, I strongly suspect that Mr Wallace was a beneficiary along with other associates of WC of the wrongly placed placement!!!! I bet there is much more to this holding than it appaers. Its like a big roll of toilet paper thats been gradually unravelling, quietly picking up momentum as more and more information comes to light. Seamisty
 
An ASIC search on Yuan Essentials Pty Ltd, reveals the registration date is 23 August 2011 and the registered office is in Toowong QLD 4066. The 8-page application #026226207 was received by ASIC on 23/08/11 (only 2 days ago). Description of the document is: 201C Application for Registration as a Proprietary Company.

I couldn't find information who the officers of the company are; obviously Craig Wallace is a Director.

There seems to be a lot of scrambling going on prior to the Fund Briefing meetings; it likely doesn't bode well for the orginal unitholders
 
What a coincidence!! Our external COMPLIANCE OFFICER Mr Phillip Wibaux also has a TOOWONG address. Could the new substantial holder be related to "KOORALBYN ASSETT MANAGEMENT"

KOORALBYN ASSET MANAGEMENT PTY LTD two directors, each own 3 shares, total $6.00

Document Number 5E2027797
Details Type(current/former) Current
Role Director
Appointment Date 18/12/2008
Full Name BURKE DAVID JUSTIN
Birth Details 25/09/1958 LATROBE TAS
Address 3233 NERANG-MURWILLUMBAH ROAD NATURAL BRIDGE QLD 4211
Document Number 5E2027797
Details Type(current/former) Current
Role Director
Appointment Date 18/12/2008
Full Name WIBAUX PHILIP JACQUES
Birth Details 10/05/1966 BRISBANE QLD
Address 18 VENTNOR STREET TOOWONG QLD 4066


I am getting a VERY strong whiff of shENNEAGRAMS!! Seamisty
 
Oh yes, look who else has a TOOWONG address!!

Enneagram Australia Pty Ltd

PO Box 2345

Toowong BC

Queensland 4066

Australia

Contact Enneagram Australia

I wonder if the PIF REACTION GROUP had a TOOWONG address???
 
Wow. Unit price has gone beserk. Every single offer has been cleared out. Highest bid currently stands at 18c. But units have sold for 20c. Does the NSX give out speeding tix like the ASX. I.e. a 'please explain'?
 
Duped said:
Wow. Unit price has gone beserk. Every single offer has been cleared out. Highest bid currently stands at 18c. But units have sold for 20c. Does the NSX give out speeding tix like the ASX. I.e. a 'please explain'?
Click to expand...

Good day Duped,
Well exclaimed!
Trade history so far appears to be:


Mr. Wallace's latest acquisitions appear to exceed the total shown by NSX.
I am anxious to learn at which point of this chronology I went blind?

Regards,
 
FROM LINKEDIN SITE

Would this be the same Rachel Weeks from our well bonded, enneagram-chipped WC team?
If anyone can confirm please.

Thanks,
 
simgrund said:
FROM LINKEDIN SITE


Would this be the same Rachel Weeks from our well bonded, enneagram-chipped WC team?
If anyone can confirm please.

Thanks,
Click to expand...
Thats one and the same Simgrund. McLean Legal also has the same business address as WC!!
 
Craig Wallace - Isnt he the thing who gave away free units to unsuspecting actors which were set up the rent a crowd saga at the PIFAG meeting to oust WC?

Is it the same craig wallace who was once a WC director in charge of the PIF.
Perhaps JH is having the Alan Bond syndrome? I wonder if she remembers who he is.
just like the times she repeated herself saying she knew nothing about the rent a crowd.

These are the people who are running our fund. Always looking after their mates. They actually started to make King and co look good.
 
As per usual I am highly suspicious of the amount of units that traded today, almost in one hit. Had to be some sort of a cross trade as they were almost all handled by the same broker, did not hit the NSX screen until after they were bought/sold and to top it off, come on a day when a new substantial investor is announced! I wonder if there are some end of year financial books/registers that need rebalancing? I am also amazed that the NSX did not issue a 'speeding ticket' with a please explain the sudden unit price increase or perhaps they are yet to notice?
"Oh, the wheels on the bus go round and round, round and round........."
Seamisty
 
seamisty said:
Thats one and the same Simgrund. McLean Legal also has the same business address as WC!!
Click to expand...

Thanks Seamisty,
I am doing research on Seul University diploma credentials acceptance in Australia.
Less than 4 year course waived through here. Hmm, very intriguing.
Cheers,
 
Evidently, the NSX has noticed the price increase and trading today; see NSX Release http://www.nsxa.com.au/ftp/news/021724324.PDF

It will be interesting to see what JH has to say! Excerpt from NSX letter to Ms Hutson:

"25 August 2011


Ms Jenny Hutson
Wellington Capital
Responsible Entity for Premium Income Fund

Email : JHutson@wellcap.com.au

Dear Mrs Hutson,

Premium Income Fund (the “Company”)

Re: Price Query

NSX has noted a change in price of the Company’s securities from the last traded price of $0.066 on
the 25 August 2011.

The trade history for 25 August as listed below has come to our attention."

C'mon Jenny; it's time to fess up! What have you been up to this time?
 
It appears Craig Wallace has been really busy recently (with a little help from his friends???)
He has not only created a new company to become an initial substantial holder of PIF units::
152 829 751 YUAN ESSENTIALS PTY LTD Document No
ACN (Australian Company Number): 152 829 751
Registered in: Queensland
Previous State Number:
Registration Date: 23/08/2011
Next Review Date: 23/08/2012
Company bound by:
Current Organisation Details
Name : YUAN ESSENTIALS PTY LTD 026226207
Name Start: 23/08/2011
Status : Registered
Type : AUSTRALIAN PROPRIETARY COMPANY
Class : LIMITED BY SHARES
Subclass : PROPRIETARY COMPANY
Registered Office
UNIT 16 48 GLEN ROAD TOOWONG QLD 4066 026226207
Start Date: 23/08/2011
Principal Place of Business
UNIT 16 48 GLEN ROAD TOOWONG QLD 4066 026226207
Start Date: 23/08/2011
Directors
CRAIG LEWISS WALLACE 026226207
UNIT 16 48 GLEN ROAD TOOWONG QLD 4066
Born: 24/06/1952 - BRISBANE QLD
Appointment Date: 23/08/2011
Secretary
CRAIG LEWISS WALLACE 026226207
UNIT 16 48 GLEN ROAD TOOWONG QLD 4066
Born: 24/06/1952 - BRISBANE QLD
Appointment Date: 23/08/2011
ASIC Company Extract ACN: 152829751
:::
Mr Wallace has also changed the name of one? of his companies today from
WALLACE SOLUTIONS PTY LTD (that gifted the shares to the EGM rent a crowd) to
UNDERWOOD ASSOCIATES PTY LTD. Just so we have it on our radar here are the details::

Extracted from ASIC's database at AEST 20:24:06 on 25/08/2011
Name
NDERWOOD ASSOCIATES PTY LTD
ACN
148 011 090
ABN
21 148 011 090
Type

Australian Proprietary Company, Limited By Shares
Registration Date

24/12/2010
Next Review Date

24/12/2011
Status

Registered
Locality of Registered Office

Toowong QLD 4066
Jurisdiction
Australian Securities & Investments Commission
Former Name(s)

WALLACE SOLUTIONS PTY LTD













These are the documents that ASIC has most recently received from or in relation to this organisation. Page numbers are shown if processing is complete and the document is available for purchase.




Date

Number

Pages

Description




25/08/2011

026226221

Not Imaged

205A Notification of Resolution Changing Company Name




31/05/2011

027546723

44

309A Notification of Details of a Charge




24/12/2010

025133979

8

201C Application For Registration as a Proprietary Company
 
according to Sydney Morning Herald today the Wallace units have come from the placement.

Now how does a company only formed a few days ago end up holding these units. where were they parked previously.

Also didnt Hutson claim in court that she was not aware of who had taken up the placement.

Rachael Weeks and Craig Wallace suddenly pop up as the major beneficiaries of the placement which was ruled illegal and Hutson didnt know business associates were taking up units ?
 
PREMIUM PUZZLE
Scott Rochfort
August 26, 2011 SMH

There have been more astonishing disclosures surrounding the MFS-founded Premium Income Fund (PIF). Yesterday it was announced that a former director of the PIF's manager of the past three years - the Jenny Hutson-headed Wellington Capital - had snared a 6.44 per cent stake in the fund.

Neither Wellington nor the buyer, Craig Wallace, offered any explanation at all for the purchase of the 53.4 million units priced at 10 ¢ a pop.

The purchase price just happens to coincide with the pricing of the massively dilutive raising announced by Wellington in May, which placed 75.5 million new units to ''sophisticated investors'' in May.

The raising - which was priced at a 70 per cent discount to the fund's net tangible asset backing - occurred just after the fund paid a 1 ¢ return ($7.5 million) to unitholders in the fund once worth $1 billion.

Hutson only needs to return another cent to be eligible to collect around $3.5 million in management fees.

The 6.44 per cent stake is held under the name of a company - Yuan Essentials - that was registered by Wallace only on Tuesday.

This was the same day Hutson issued a bizarre statement to the National (aka Newcastle) Stock Exchange arguing the class action related to the PIF ''should be for those unitholders who suffered the loss to which the proceedings relate'' or investors who held units before October 15, 2008.

The disclosure of Wallace's new substantial stake came as units in the fund surged 203 per cent to 20 ¢. A former director of KPMG Corporate Finance, Wallace was a director of Wellington when it made its successful takeover of the PIF from its former manager MFS in 2008.

Wallace's firm, Wallace Solutions, was accused in June of helping hire extras, at $26 an hour, to attend a PIF unit-holder meeting


Read more: http://www.smh.com.au/business/moor...harter-hall-20110825-1jcdz.html#ixzz1W4kZm0KC
 
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