Australian (ASX) Stock Market Forum

Wellington Capital PIF/Octaviar (MFS) PIF

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http://www.canberratimes.com.au/bus...orda-under-fire-on-advice-20140530-397tg.html

One of Australia's best-known insolvency practitioners, KordaMentha partner Mark Korda, has been accused of giving substandard advice to failed investment group Octaviar in the run-up to its collapse in September 2008.

In a lawsuit filed with the Queensland Supreme Court, the liquidators of two companies in the Octaviar group accuse KordaMentha's advisory arm, 333 Capital, of breach of duty and misleading or deceptive conduct.

The claim is based on advice given by Mr Korda to directors of Octaviar, formerly known as MFS, at a series of board meetings from late January 2008.


Read more: http://www.smh.com.au/business/inso...e-on-advice-20140530-397tg.html#ixzz343Dh3OyK
 
http://www.nsxa.com.au/ftp/news/021728603.PDF

Chifley Wollongong – update

As announced on 11 March 2013 Wellington Capital Limited as Responsible Entity of the Premium Income Fund realised the Fund’s 57.5% interest in the Harbour Street Development Trust for $8.9 million, payable over time.

The first payment was due and paid on 28 February 2013 for an amount of $1.6 million. A further $2.5 million was due to be paid in June 2014 with the remaining $4.8 million to be paid in December 2014.

The repayment of the $2.5 million due to be paid in June 2014 is not able to be made, consequently Wellington Capital Limited as Responsible Entity of the Premium Income Fund has insisted the Chifley Hotel at Wollongong, being the primary asset of the Harbour Street Development Trust, be marketed for sale and sold and the proceeds after the repayment of the first mortgagee be utilised to repayment of the money due to the Fund. An additional $4.8 million is due to be paid in December 2014 or on completion of the sale of the Hotel, whichever is earlier.

The property is currently being taken to market through specialist hospitality hotel agents, Jones Lang LaSalle.
Click to expand...
 
Latest CA update/orders

No: (P)NSD324/2009
Federal Court of Australia
District Registry: New South Wales
Division: General

CHARLES HODGES & MARK HODGES AS TRUSTEES OF THE CHARLES HODGES SUPERANNUATION FUND and another
Plaintiff

ANDREA JANE WATERS and others
Defendant

ORDER

REGISTRAR:

Registrar Ng
DATE OF ORDER:

11 June 2014
WHERE MADE:

Sydney


THE COURT ORDERS THAT:

1. The Subpoenas addressed to PriceWaterhouseCoopers, KordaMentha Pty Ltd and 333 Capital Pty Ltd (all issued on 25 March 2014) be stood over until 9:30am on Wednesday, 25 June 2014.

Date that entry is stamped:
 
MANTRA REVIVES $449M FLOAT

Written on the 11 June 2014 by Nick Nichols
MANTRA REVIVES $449M FLOAT
MANTRA Group, buoyed by surging global share markets, has taken a second stab at listing on the Australian Securities Exchange through a $449 million float.

The Surfers Paradise-based accommodation provider has launched its prospectus to raise $239.1 million through the issue of 132.8 million shares at $1.80 each.

This represents 53 per cent of the company’s issued capital.

The move will amount to a partial sell-down by majority shareholders CVC Asia Pacific and UBS who will retain a 43.3 per cent interest in the company after listing.

Management, including CEO Bob East, will hold a 3.5 per cent stake and all shares owned by the major shareholders will be held in escrow until June 30, 2015.

The quickfire IPO will see Mantra shares trading on the ASX as early as June 20.

The retail offer opened yesterday and closes on June 17.

According to the prospectus, Mantra Group will be trading on a multiple of 12.7 times 2015 net profit, based on the issue price.

Mantra carried net debt of $89.1 million at the end of December last year and the proceeds of the float will be applied to a partial paydown of that debt.

The company expects to pay its first dividend in March 2015 with a targeted dividend ratio of between 70 and 80 per cent of after-tax net profit.

The prospectus reveals Mantra Group’s revenue has grown from $396.2 million in the 2011 financial year to $424.4 million in 2013 in a rising tourism market.

It is forecasting revenue of $450.1 million this financial year and a jump to $490.9 million in 2015.

Net Profit after Tax in the 2013 financial year landed at $24.6 million, while NPAT this financial year is expected to be $27.4 million, climbing to $32.6 million in 2015.

East was not immediately available for comment, but the Mantra boss has previously revealed to Gold Coast Business News his ambitions to grow the business in the Asia-Pacific region.

Mantra has expanded into Fiji and Indonesia, which East says will be the focus of offshore growth initially.

Mantra Group has 113 properties in its portfolio and manages more than 11,600 rooms through its three brands – Peppers, Mantra and BreakFree.

The company is the Gold Coast’s largest accommodation provider and is ranked number two across Australia.

The public listing marks a return of sorts for the business to the stock exchange.

While it was once part of the failed MFS Group until 2008, Mantra also retains assets that were once held by former listed Gold Coast companies S8 Group, headed by Chris Scott, and BreakFree Resorts, headed by Tony Smith.

Mantra Group earlier this year took a tilt at its first public listing since CVC Asia Pacific bought the company from liquidators to MFS, but the plan was abandoned after a lukewarm reception from institutional investors.
At the time, East said a share market float was likely to be revisited by the company’s owners later in the year.
 
Just received a email.

PIF Class Action - In Principle Settlement

Another step in a long process hope I am allowed to post this good news.
 
Former MFS boss Aquis project manager

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Monday, 21 July 2014 09:07
Article Read: 147 .


AN65-3-News-Michael-KingMichael King has been employed by Hong Kong billionaire Tony Fung as his project manager for the proposed $8.15 billion Aquis resort-casino at Yorkeys Knob in North Queensland.

Mr King was the co-founder of the MFS tourism group that collapsed in early 2008 owing about $2.5 billion.

Octaviar Ltd (formerly MFS Ltd) is an Australian investment company in the funds management and financial services sectors. The company, once valued at $2.4 billion was forced to sell its main asset, the Stella Group (now trading well as the Mantra Group), in February 2008.

On August 1, 2009 the company was placed into liquidation.

The Australian Securities and Investments Commission commenced civil proceedings in the Queensland Supreme Court against five former officers and three subsidiary companies of the formerly-listed MFS Ltd, now known as Octaviar. The Supreme Court trial for the matter has been ongoing, to be heard again next month in Brisbane.

ASIC named the defendants in the matter as the former chief executive and director of MFS Ltd and MFS Investment Management, Michael King, deputy chief executive Craig White, the former chief executive of MFS Investment Management, Guy Hutchings, the former chief financial officer and company secretary of MFS Ltd, David Anderson, and a former fund manager with MFSIM, Marilyn Watts.

Aquis' Justin Fung said, “Michael is a project manager who has helped us gain access to networks in Australia,’’ he said. “We’ve found him to be extremely effective and a good character.”
 
seamisty said:
For the purpose of record keeping:::

http://www.hcourt.gov.au/assets/cases/s275-2013/Wellington_Chrono.pdf

IN THE HIGH COURT OF AUSTRALIA
SYDNEY OFFICE OF THE REGISTRY No. S275 of 2013
BETWEEN:
HIGH COURT OF AUSTRAL!.~ l
FILED
WELLINGTON CAPITAL LIMITED
Appellant
and
1 3 DEC 20i3
1 0 A STRALIAN SECURITIES & INVESTMENTS COMMISSION
THE REGISTRY SYDNEY First Respondent
Part I:
PERPETUAL NOMINEES LIMITED
Second Respondent
APPELLANT'S CHRONOLOGY
20 I certify that this chronology is in a form suitable for publication on the internet.
Part II:
The following table sets out a chronology of the principal events in the litigation:
4 September 2012
4 September 2012
Wellington Capital Limited
(Wellington), the Responsible
Entity of the Premium Income Fund
(PIF), sold $90.75 million in assets
to Asset Resolution Limited (ARL)
830,532,768 shares in ARL issued to
Perpetual Nominees Limited
(Perpetual) as custodian of the
PIF.
Filed on behalf of the Appellant by: Date of this document: 11 December
McCullough Robertson Lawyers 2013
Level 11 Central Plaza Two 66 Eagle
Street
BRISBANE QLD 4000
GPO Box 1855, BRISBANE QLD 4001
Contact: Guy Humble
Re~ 146364-00058
Phone: (07) 3233 8844
Fax: (07) 3229 9949
Email: ghumble@mccullough.com.au
-2-

4 September 2012 Wellington resolved to instruct
Perpetual to transfer the ARL shares
to the unit holders in the PIF, in
proportion to the number of units
held by each unit holder.
4 September 2012 Wellington instructed Perpetual to
effect the ARL share transfer.
4 September 2012 Perpetual signed a master transfer
form for the purpose of transferring
the ARL shares to the unit holders.
4 September 2012 The signed master transfer form
was provided to Armstrong Registry
Services Limited (Armstrong), the
registry service provider for
Wellington, to effect the transfer of
the ARL shares to each unit holder
in the PIF.
4 September 2012 The Wholesale Premium Income
Fund (WPIF) received ARL shares
because it held units in the PIF.
5 September 2012 The transfer of the shares was
completed.
5 September 2012 Wellington announced to the
National Stock Exchange (NSX) the
sale by it of $90.75 million in assets
to ARL, and transfer of the shares.
7 September 2012 The details of the new ARL
shareholders were sent to a printing
company for the purposes of
providing holding statements to unit
holders.
by 19 September The holding statements had been
2012 printed and dispatched to all holders
of ARL shares, together with a copy
of the 5 September announcement.
20 September 2012 Wellington, as Responsible Entity for
the WPIF, resolved to make an in
specie distribution of the ARL shares
to the unit holders in the WPIF, in
proportion to the number of units
11 October 2012
17 October 2012
7 November 2012
17 May 2013
28 May 2013
8 November 2013
held by each unit holder.
ASIC commenced proceedings in the
Federal Court of Australia.
Hearing before Jagot J in the
Federal Court of Australia. Charles
Hodges and IOOF joined to the
proceeding as representative
parties.
Notice of Appeal Filed in Full Court
of Federal Court of Australia.
Appeal hearing in Full Court of
Federal Court of Australia before
Jacobson J, Gordon J and Robertson
J.
Judgment in Full Court of Federal
Court of Australia.
Grant of Special Leave by the High
Court of Australia.
Dated 11 December 2013
1 0 Guy John Humble
20
Solicitor for the Appellant
Telephone: (07) 3233 8844
Facsimile: (07) 3229 9949
Email: ghumble@mccullough.com.au
Click to expand...
hi is any body on this page any more to read updates on ARL..
 
Hi all WELLINGTON CAPITAL **PIF ***OCTAVIAR ***MSF**
Are you still there??????Like to hear from you!!!
All news is good
 
A huge congratulations to the moderator of this board for re-opening this thread. This discussion is actually what brought me to become a regular reader of this board.

I've never owned any shares in any company associated with the drama around this AFAIK. I admit I had G8 Education on my watch list for a long while but never found a good reason to enter.

I don't know what else to contribute except to say that:

be conservative,

follow your gut,

listen, look,

sleep on any major decision.
 
ASS Shares are on the way up, still worth stuff all in the grand scheme of things considering the huge consolidation we were lumped with by current management ARL who have not made a single acquisition that I am aware of or a distribution of any kind.
 
seamisty said:
ASS Shares are on the way up, still worth stuff all in the grand scheme of things considering the huge consolidation we were lumped with by current management ARL who have not made a single acquisition that I am aware of or a distribution of any kind.
Click to expand...
I agree!!!
 

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