Wellington Capital PIF/Octaviar (MFS) PIF

[RickH]

Re: Octaviar MFS Premium Income Fund PIF

Cant find the damn System Administrator to edit my post

In point 3 I meant to say the the yield would effectively increase relative to purchasing on the NSX for a yield 2.5% commission on the NSX effectively gives any purchaser a 3.5% yield for the first year who in the hell is going to buy for yield when you can get a 3 month bank return above 8% unless the price falls by at least 50% or more

Hi Jadel,
The Premium Income Fund is currently a Diversified Investment Fund and when/if it is listed on the NSX will I assume be a Diversified Investment Fund.
Personally I believe that current investors will buy because they will know the assets and have a better understanding.
Example. If someone wants to sell at 30 cents based on a 6 cents is 20%..
Regards,
RickH

 

[Jenny]

Re: Octaviar MFS Premium Income Fund PIF

Jenny - the advice you are getting is wrong

Thank you Dean01 - I will follow this up.
Regards
Jenny (wish I hadn't picked this name)

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

Streaming video of Melbourne forum on NPIF link.
http://www.newpif.com.au/investorforumjuly.html

 

[Jadel]

Re: Octaviar MFS Premium Income Fund PIF

Ok Duped thats why i want people to check the facts

I had an investor call me after the Brisbane meeting and tell me as their were only 15 brokers he could not find anyone to give him a discount on trades 2.5% was the best he could get

but please check it out yourself.

 

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

Below is an email asking for comments...

Hi,
I attended yesterday's meeting, and proposed a "win win" situation regarding the subject of listing on the NSX. A register could be set up whereby people who want to buy and sell can contact each other, and do so privately. I have now sent a fax to Jenny Hutson with another proposal, which states that "Perhaps it would be possible to change the constitution to split the entity whereby we have 2 classes of unit holders -one where there is an exchange listing, and another where the entity continues as is, with the 3-5 year time frame for capital return. Unit holders can then decide into which class they would place their units.

I tried to put this info on the aussiestock forums, but I am having difficulty logging in, so I gave up as it happens all the time. I am too old for this chatroom business! However, your thoughts on this e-mail would be appreciated.

Regards,
Name removed.

 

[Jadel]

Re: Octaviar MFS Premium Income Fund PIF

yep your right Rick

But its 22.5 % if you are allowed to buy your units with other sellers through the fund at no trading commission for the first year



s

 

[breaker1]

Re: Octaviar MFS Premium Income Fund PIF

I just rang the NSX Newcastle and the PIF is still due to be listed on 21/07/08

That's only 11 days away, perhaps Jenny may withdraw from this date, if she is listening to the majority of investors.

 

[RickH]

Re: Octaviar MFS Premium Income Fund PIF

yep your right Rick

But its 22.5 % if you are allowed to buy your units with other sellers through the fund at no trading commission for the first year



s

Hi Jadel,
I think that we are worrying about very minor points and we should be concentrating on the big picture - end result.
At this point in time I do not think that a 2.5% fee should be a serious consideration. We may only receive 14 cents in the dollar or 45 cents in the dollar.
The major focus should be on the extra 86 cents or 55 cents plus the 6 cents per annum.
How is/can JH proposing to create this extra capital and ongoing income?
Regards,
Rick

 

[Jadel]

Re: Octaviar MFS Premium Income Fund PIF

Ok Breaker

I suggest we send her a Action Group letter stating we will challenge that decision with an EGM for a democratic vote on thew issue immediately

 

[Jadel]

Re: Octaviar MFS Premium Income Fund PIF

Rick

Do you honestly want to see this trade at 15cents

My two dollar scratchee ticket bet is open to all comers mate

 

[Jadel]

Re: Octaviar MFS Premium Income Fund PIF

Yes thats a great idea Dora

I think we should get a quick consensus on this site on the issue

what shr is doing is ethically and morally indefensible

 

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

Ok
I suggest we send her a Action Group letter stating we will challenge that decision with an EGM for a democratic vote on thew issue immediately

Jadel,

Can you please explain this? Are you saying we can force a vote on the NSX proposal? I don't believe we can.

I think the only thing you could force would be the removal of the RE but if you do that without having a replacement you are effectively winding down the fund.

 

[RickH]

Re: Octaviar MFS Premium Income Fund PIF

Rick

Do you honestly want to see this trade at 15cents

My two dollar scratchee ticket bet is open to all comers mate

Hi Jadel,
Does the price that it trades at really matter if we are going to hold onto our units/shares for five years.
JH believes that she and her team produce returns to growth the NTA to $1.00 while paying 6 cents per annum to investors would really be a fantastic result. Let us assume current value 50 cents - Then 12% per annum distribution plus a simple 10 cents per annum growth is 20% per annum simple over five years or 12% plus 33%per annum simple interest - not compounded returns.
I think that everyone would be very happy with this result.
Regards,
Rick.
PS: How is she going to do this. Probably raise extra funds via loans or new investors. I do not care if other people also make money over the next 3-5 yaers if $1.00 is achieved. Then most people will continue to invest anyway.
PPS: This return is probably only achievable if listed on the NSX - due to the protection of the startegy by having buy/sells transacted by a third party.

 

[Javier]

Re: Octaviar MFS Premium Income Fund PIF

Someone else stated the 21 July NSX listing, she said that their was wires were crossed and then categorically stated NO LISTING ON NSX 21 JULY..in fact no NSX listing now until vote put to unit holders in August..but hey call the WC HOTLINE.

 

[SPLITPIN]

Re: Octaviar MFS Premium Income Fund PIF

All

The Gold Coast forum attracted approx. 900 members and well run quite affair with many hardship issues regarding the elderly.

Nearly identical format and very similar questions to previous forums plus what appeared a few new ones.

Wellington to publish a booklet with all forum questions and answers and make available ASAP.

No request for a show of hands on NSX issue.

Action Group handed out flyers.

On question for Action Group involvement JH indicated Wellington were prepared to consider to facilitate the request and will get back to the Action Group.

So in simple terms the way I see it from a timing perpective at present is.

A. RE calls a meeting in August to;

1. Rewrite the constitution and remove the redemption system, use the NSX as the only method of withdrawing from the scheme now or later and put it to the vote with 75 % vote.

2. With less than 75 % vote, a wind up using professional liquidators.

B. We can call our own meeting (100+) by the RE for whatever reason and 75% vote.

Please correct me in simple "one liner terms" if my assumptions are incorrect.

 

[Javier]

Re: Octaviar MFS Premium Income Fund PIF

Pretty much like Sydney..wow 900 members. I hate the sound of the only way to get your money is NSX. I don't have a problem with NSX as long as there is another exit strategy down the track for when / if we get value back above 12-45c after x amount of years, in other words the ability to get orderly % of redemptions if that individual investor chooses to do so of his units as capital comes back. That strategy must be presented up front so we know going in with WC what that will be, and if someone wants to sell prior to those strategic 'trigger' dates then they are welcome to do so on the NSX. I am sure that JH will have something in the pipeline to present us as she must have known there may be resistance by us of the NSX, just probably not as much as what appears to have transpired. You guys up on the GC should have pushed the point and got a show of hands like MEL and more so SYD..N/C and PortM guys..get the NSX hands please!

 

[breaker1]

Re: Octaviar MFS Premium Income Fund PIF

All


On question for Action Group involvement JH indicated Wellington were prepared to consider to facilitate the request and will get back to the Action Group.

So in simple terms the way I see it from a timing perpective at present is.

A. RE calls a meeting in August to;

1. Rewrite the constitution and remove the redemption system, use the NSX as the only method of withdrawing from the scheme now or later and put it to the vote with 75 % vote.

2. With less than 75 % vote, a wind up using professional liquidators.

B. We can call our own meeting (100+) by the RE for whatever reason and 75% vote.

Please correct me in simple "one liner terms" if my assumptions are incorrect.

Splitpin,

Is Jenny seriously saying that there will be NO redemptions except through the NSX, at any time, over the next 5 years? Are we not to get part capital payments of our investments every 3 months as loaned monies comes back from developers and asset sales, until our investment is paid back at whatever cents in the $ our investment is eventually gauged to be worth?

 

[goldfinger38]

Re: Octaviar MFS Premium Income Fund PIF

Hi,

Update, I have passed on details of the Centrelink
Means Test Team - Seniors, Carers and Supplementary Payments Branch in Centrelink National Service Office in Canberra to WC in order to get the reduced unit price used for those pensioners suffering hardship beacuse of their continue assessment of their PIF units at $1. Upon speaking to a friendly FIS officer at Centrelink who is a firend of mine, he suggested that if an individual were to take in the Revised Balance Sheet Summary which now shows the Net Asset Backing of 0.45c that they may use this reduced price for that individaul if they wanted to get some relief sooner. Hopefully WC will get onto this ASAP in order to get it reduced for all pensioners.

 

[RickH]

Re: Octaviar MFS Premium Income Fund PIF

Splitpin,

Is Jenny seriously saying that there will be NO redemptions except through the NSX, at any time, over the next 5 years? Are we not to get part capital payments of our investments every 3 months as loaned monies comes back from developers and asset sales, until our investment is paid back at whatever cents in the $ our investment is eventually gauged to be worth?

Hi,
I am starting to get very worried by what I am reading. Please be serious. There is possible a chance of getting all of our money back.
QUESTION - How on earth is the investment pool going to grow and recover over the next 3-5 years if capital payments are distributed above the announced 6 cents per annum.
Do you want a chance of getting $1.00 back plus 6 cents per annum or not?
Regards,
Rick

 

[breaker1]

Re: Octaviar MFS Premium Income Fund PIF

Someone else stated the 21 July NSX listing, she said that their was wires were crossed and then categorically stated NO LISTING ON NSX 21 JULY..in fact no NSX listing now until vote put to unit holders in August..but hey call the WC HOTLINE.

Will do tomorrow Javier.