Wellington Capital PIF/Octaviar (MFS) PIF

[wally3218]

Re: Centrelink - this is good news

I just went into Centrelink to talk to them about my PIF investment and they said that there was a decision about PIF ... got home, got onto the PIF website and found this:

21 July 2008

Unit valuation – Centrelink and Department of Veterans’ Affairs
Jenny Hutson, Chairperson of Wellington Investment Management Limited, the responsible entity for the Premium Income Fund is pleased to advise that Centrelink has issued a nationwide determination broadcast to its offices to ensure that all Centrelink and Department of Veterans’ Affairs branches recognise a unit in the Premium Income Fund at the revised value of 45 cents per unit.
This is a significant outcome for a large number of 10,345 unitholders in the Premium Income Fund who had their distributions and redemptions frozen in early 2008.
Jenny Hutson said ‘Wellington appreciates the prompt assistance that Centrelink has provided in ensuring that the revaluation figure of 45 cents is being communicated to its national network of branch offices, acknowledging that it is of utmost concern to investors to ensure that they receive the benefits to which they are entitled.
I have met with over 4,000 of our 10,385 investors over the past ten days. This is a very positive step forward for those who are enduring financial hardship.’
Wellington is committed to restoring payments to investors, commencing in October 2008, at a minimum of 3 cents per unit for the 6 months ended 31 December 2008. Thereafter, payments will be made quarterly.
The recommencement of payments to investors is reliant upon unitholders voting to continue the Premium Income Fund as a going concern at the upcoming extraordinary general meeting. Information in relation to the
meeting will be posted to unitholders in coming weeks.
Investors with additional questions in relation to their investments should contact the Wellington Hotline on 1300 854 885.

This is seriously good news for me - my pension has been adjusted to show 45 cents instead of a dollar.

I took my mother in to centrelink this morning it comes up on there screen that it is ok to revalue the unit prices.
It is good news for mum as she now has a few extra bucks to spend on her living expenses.

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Further Octaviar offer on way for OPI Pacific
by Fiona Robertson

Monday July 21 2008 - 12:29pm

ASX-listed Octaviar is set to make another payout offer to OPI Pacific Finance investors in line with its latest offer to bond and note holders.

Its bond offer document shows debenture holders in OPI will be offered a 22.5c in the dollar cash sum to cancel their investments while noteholders will be offered 15c in the dollar.

It’s not yet clear if this would be on top of or deducted from the initial lump-sum of around 9c in the dollar, paid when OPI investors accepted a moratorium.

But this would be key to whether the buy-out offer topped the forecast returns from liquidation at 26.8c in the dollar.
Any investors who do not sell up through the offer, or only part-sell, will become ‘participating creditors’ with the lure of a 92.6c in the dollar return by 2011.

Meanwhile, Hanover Finance has emerged as one of the financiers with exposure to guarantees provided by Octaviar, formerly MFS.

But the $7.2 million guarantee is a small one compared to both the $257 million in guarantees Octaviar has made and Hanover Finance’s $646 million in loans at the end of 2007.

It relates to a Kingscliff South development that Hanover subsidiary HFL Australia financed.

HFL’s loan had expired and the parties were in discussions about its extension, Octaviar’s last financial results noted.


http://www.nbr.co.nz/article/further-octaviar-offer-way-opi-pacific-33228

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

ASX announcement:::Octaviar Limited
ABN 90 107 863 436
For further information please contact
Investor Relations:
E-mail: mail@octaviar.com.au
Website: www.octaviar.com.au
Telephone: 1300 787 650
SHARE REGISTRY
Computershare Investor Services Pty Ltd
Level 3, 60 Carrington Street
Sydney NSW 2000
ASX Announcement
_______________________
Creditor & Business Update
21 July 2008
Creditor issues
Offers made
The Octaviar Group needs to reach an accommodation with its large creditors so as to align the
obligations to those creditors with the realisation of the Group’s assets.
As announced on 21 July 2008 the company has forwarded a proposal to the holders of listed notes
(ASX code: OCVG) under which the terms of issue of those notes would be amended allowing for
either an immediate cash payment to cancel the notes or Noteholders continuing to hold the notes until
June 2011 and enjoy the benefits of security over the Group’s available assets.
Should the proposal proceed it is expected that 200 smaller Noteholders will receive $100 pre note
held, being the full face value. Noteholders have been asked to respond to the proposal by 7pm
11 August 2008.
The Company is currently finalising the documentation to allow it to make broadly similar offers to
each of:
• the holders of the unlisted bonds,
• the Australian Taxation Office, and
• the Responsible Entity of the Premium Income Fund.
Discussions have been held with the relevant creditors and the formal offers will be made imminently.
The investors in OPI Pacific Finance Limited (OPI Pacific) have entered into a moratorium and as a
consequence the Company is to provide OPI Pacific with a secured debt agreement alongside other
Company creditors. Details of the Company’s offer to OPI Pacific to participate alongside the listed
Noteholders until June 2011 and enjoy the benefits of security over the Group’s available assets were provided to OPI Pacifis last week:Octaviar Limited
ABN 90 107 863 436
For further information please contact
Investor Relations:
E-mail: mail@octaviar.com.au
Website: www.octaviar.com.au
Telephone: 1300 787 650
SHARE REGISTRY
Computershare Investor Services Pty Ltd
Level 3, 60 Carrington Street
Sydney NSW 2000
PTQ action
As previously announced, the Public Trustee of Queensland (PTQ), as the Trustee for the holders of the
listed notes (ASX code: OCVG), asserts that the notes are currently due and payable and the PTQ has
made applications to the court to have Octaviar Limited and two subsidiaries wound up. The Company
considers that all interest on these notes has been paid in full and on time, that the relevant companies
are not in default under the Note Terms and that the Notes are not due for repayment until the agreed
maturity date of December 2011.
The winding up applications were set down to be heard on 9 & 10 September 2008, a date well after
the views of Noteholders and other creditors regarding the offers put to them by the Company were
expected to be known.
On Friday 18 July 2008 the PTQ, despite knowing of the proposal made, sought and obtained an order
bringing forward the hearing of the winding up applications. The hearings are now scheduled for later
this week - 24 & 25 July 2008. The Company is in discussions with the other large creditors regarding
this disappointing development.
Business update
The Company has previously announced the closure of one of its two Gold Coast offices, the closure of
its Melbourne and UAE offices and a significant reduction in staff numbers and operating costs
generally. The Company now announces the closure of its Sydney office and that further staff
redundancies have taken place. Leaving to one side those staff employed in the standalone Q Deck and
SunKids businesses the group now employs only 34 staff; 5 of whom work solely in relation to the
listed Living & Leisure Group (ASX code: LLA) where the relevant company acting as responsible
entity is expected to be sold shortly to Arctic Capital.
The Company is unlikely to be in a position to outline the timing of the release of its annual financial
statements or discuss with the ASX the lifting of the current suspension of trading in its securities until
an accommodation with the Group’s large creditors is determined.
David Anderson:::::::

 

[Juan Mortyme]

Re: Octaviar MFS Premium Income Fund PIF

Article in NZ's National Business Review
Link: http://www.nbr.co.nz/article/octaviar-bid-avoid-liquidation-strikes-trouble-33265

Octaviar bid to avoid liquidation strikes trouble
by Fiona Robertson
Tuesday July 22 2008 - 12:25pm

Stricken ASX-listed Octaviar’s bid to avoid liquidation by offering to buy out creditors at 22.5 cents in the dollar has struck a hurdle, with Australian media reporting that Queensland’s Public Trustee has succeeded in bringing a court hearing to wind up the company forward to this week.

Public Trustee’s case will now be heard on Thursday and Friday, rather than the date originally set down for September.

Public Trustee represents holders of Octaviar listed notes and claims the company has defaulted on the notes.

Octaviar maintains the notes are not due for repayment until 2011 and it has not defaulted on them.

Under its buy-out offer released this week, Octaviar offered noteholders and bondholders full repayment of the first $5,000 of their investments (if their full stake was sold) and 22.5 cents in the dollar on any notes above that level.

But under liquidation bond and note holders could get 43.4 cents in the dollar back by 2011, which would be a better return than the cash offer for those with around $A20,000 or more in the company.

Octaviar estimated it could wipe out around $A550 million of its $A850 million liabilities with the preliminary offer of up to $A135 million cash. This would leave creditors who did not accept the offer with the prospect of recovering 92.6 cents in the dollar by 2011.

A similar offer was due to be made to investors in OPI Pacific Finance.

-------------end of article----------------

 

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

I spoke to someone on the WC hotline and they said the $50 mill SF hasn't been factored into any of the valuations. She said that whatever money we get from the SF will be distributed to unit holders and won't alter the unit price. I don't know about the $35 mill. I tried to ask but the answer was basically to ignore the offer published by OCV on Friday. They said that offer was unaudited and is just confusing people (they've had a lot of questions about it). She kept referring to the legal action being the only relevant thing at this time. OCV have 28 days to respond to the legal action which should be end of this week.

As far as investors getting more info goes - WC are putting together the full 5 hrs of the Melb forum on a DVD and also someone is writing all the questions and answers from all forums which will be available in a week or two. We should get notification of the next meeting (vote) early August, which will be at least 21 days before the meeting.

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Hi all PIF investors an AG members. I have spent considerable time over the past two days in telephone conversation with WC discussing the proposed offer from OCV in regard to the outstanding debt to the PIF. Please be aware that the figures on the document from OCV are unaudited and possibly not correct. Also please read the media release posted on the newpif website dated the 24th June in regard to legal action being taken by WC on behalf of the PIF. I would post it but am having computer problems, I would appreciate it if someone would copy it and post it on the forum. Regardless of what happens to OCV, if it remains as a going concern or is liquidated, the legal action will still take place. Meanwhile, the unit value is 45cents as is as a going concern. This will increase depending on what is recovered from the legal action. The legal action is for $147.5million in compensation and for $50 million still due and payable from the Support Facility. Whatever is recovered from the $50million SF will be distributed back to investors at so much per unit in addition to the 6cent annual distribution.The 6cent distribution will remain in place until the PIF is stabilised.The loan to RBOS should be cleared by August end thus contributing to the stabilisation of the PIF. I don't think the NSX issue is going to be resolved so we may have to just accept that this and off market transfer of units will be the only exit strategy for the interim. The reason being is simple, the PIF cannot regain lost ground if there is a rush of redemptions, especially in a very depressed economic climate. The PIF needs to recover and grow for the benefit of all unit holders. The stucture of the PIF has changed and can no longer be looked upon as an alternative term deposit. Because the security of the PIF has been compromised and the assets worth less, the value will fluctuate making it difficult to guarantee a fixed return until such time as stabillity is restored to the PIF and the economy is stronger. Liquidation is not an alternative unless unit holders are prepared to accept 14cents now and never regain that loss or let WC get on with the job of rebuilding the PIF with the possibilty of regaining all capital with a quarterly distribution along the way . WC is in the process of sending a DVD to all unit holders with the Melbourne forum recorded and a list of questions and answers resulting from all the forums.ASIC is in continuous contact with WC regarding the outcome of any legal action involving OCV so as to be kept fully informed.The WC staff is currently working non stop trying to answer all e-mails and phone calls from investors. I am feeling confident that JH will do her utmost best to take the PIF foward and at a fraction of the fee we used to pay MFS.Don't expect free dinners and glossy magazines (or free caps!) she intends to operate a no frills show so our money is not wasted!! Regards, Seamisty

 

[simgrund]

Re: Octaviar MFS Premium Income Fund PIF

DEAR ALL!

re: Perpetual Nominees on the list of parties for recovery of damages

Could I please get advice regarding a way to list a resolution for adoption at a yet to be announced WELLCAP/PIF meeting.
Purpose of such Resolution would be, if adapted,
to have the courts determine clearly, once and for all, the regulatory roles "Custodians" are assigned by "Responsible Entities".
Many of us were told of "capital funds being held in trust", "at arm's length" and so on.
It is high time we make a truly concerted effort to push this to the front as a prime example of being misled.
Simply put, majority of us invested ONLY after being assured of the Capital's security within PERPETUAL NOMINEES jurisdiction. Let's recall "Capital Insured Income Fund" titling of the November 2003 PDS.

And to SELCIPER, re 4 corners Firepower case; ASIC did in the end start raking through this rampant deception fiasco. So all may not be lost there.

We are no different. We were misled and ASIC must be drawn into this.

Could legal and other concerned minds among us form alliances, perhaps with PIF ACTION GROUP to press on. Mine is too small a voice to be heard.
Together, we could open another gate to PIF overall recovery.

 

[breaker1]

Re: Octaviar MFS Premium Income Fund PIF

Octaviar's bail out plan demolished by Queensland Public Trustee
Tuesday, 22 July 2008


The Public Trustee of Queensland is claiming that Octaviar owes it $348 million in listed notes and has defaulted on payment, Octaviar on the other hand claims that it hasn’t defaulted, and that they are continuing to pay interest on the notes which are not due until 2011.

Accelerating the wind-up procedures were necessary, the Public Trustee said, because Octaviar was spending its cash at a rate which would soon leave nothing for investors.

“The more time that rolls on, the more tens of millions of cash that are being spent,” said Walter Sofronoff, QC for the Public Trustee.

Brian O'Donnell, QC for Octaviar, defended the companies actions, saying that the company has been acting prudently since January, when it froze all stock in the company, in order to save funds and raise capital.

The expedition on the wind-up claims had been awarded by Justice Richard Chesterman who said he felt the company had already sold its major asset, a 65% stake in the Stella tourism group.

It's going to be very tight for CS now! Trusting WC is fully across all this.

BTW Great chase up job Seamisty, thanks for that update.

WC really needs to get a good chunk of what's left of the 35% of Stellla. If we have to wait, so be it!

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

I tried to ask but the answer was basically to ignore the offer published by OCV on Friday. They said that offer was unaudited and is just confusing people (they've had a lot of questions about it).

DoraNBoots, your news is a relief. IMO: that offer to the OCVG (listed) notes is a command to bend over fellow PIF unit holders because MFS/Octaviar Ltd is doing it to us again. OCV Ltd continues to treat PIF as its own Piggy Bank with no regard for its contributors - like a stupid fat cow periodicly herded for milked.

The offer to the OCVG (listed) notes holders: "Should a Noteholder accept ... for ALL [emphasis added] of their notes they will receive $100 for each of the first 50 notes and $22.50 for any additional notes. ... contemplates that 200 of the just over 500 Noteholders would receive an immediate cash payment for the FULL FACE VALUE [emphasis added] of their notes".

I read this as: 200 OCVG noteholders can get ALL of their money back - up to the tune of $10M (200*50*$100). Why - simply because they're making the most noise? Because they have the clout of the ASX rules behind them?

OCV's valuation of $215 for 35% Stella in the OCV Creditor Update of 18 July is totally unacceptable. What a joke.

Page 15:"The current book value of the remaining 35% of the Stella Group is $215 million on a fully diluted basis, based on the sale price of $400 million for the 65% interest." Yeah - that was a rushed sale wasn’t it. Oh how CONvenient it is to be able to pick and choose the valuation method. If this is legal then the financial reporting standards in this country are a JOKE.

Page 16: forecast value of OCV's share of Stella in June 2010 is between $744M and $823M. Well that’s a TRUCK LOAD more than the $215M valuation.

In his 'UBS Presentation' (ASX Ann dated 17Oct07 - http://www.asx.com.au/asx/statistic...ssuerCode=ocv&timeFrameSearchType=Y&year=2007)
Rolf Krecklenberg presented an estimated value of Stella of $2520M and
"Stella Achievements to date:

• First quarter ahead of plan, achieved $45m EBITDA (traditionally slowest quarter).
• Stella Group Cash on hand $217m, ahead of Plan by 30%.
• Revenue Growth across all brands.

Stella Group Revenue $1.976BILLION"

So what I'm hearing is, Stella, a company that in late 07 had $217M CASH and forecast EBITA of $210M on a debt of $930M was only worth $645M in February 2008 (when 67% was sold to CVC). Is that a fair valuation? Probably neither is. But the truth is in between there somewhere.

 

[Javier]

Re: Octaviar MFS Premium Income Fund PIF

The QLD courts should get an independent administrator in there to oversee the operations and get the max value even if it takes 3 years and then slowly pay ALL creditors equally in that 3 year period after all sales and revenue has been realised, then if there is anything left after we have all been paid, give the thing back to Chris Scott, this way the true worth of the assets will be realised..none of this.."I reckon it's only worth this, so take this pittance now"..thats crap and totally unfair. I say bugger CS and let's see what it's REALLY worth, he knows it that's why he is vehemently defending the notes payability timeframe. This MFS needs to be taken off people trying to milk it and back to a neutral manager, a smart judge will see that hopefully.

 

[Mutchy]

Re: Octaviar MFS Premium Income Fund PIF

Hi all PIF investors an AG members. I have spent considerable time over the past two days in telephone conversation with WC discussing the proposed offer from OCV in regard to the outstanding debt to the PIF. Please be aware that the figures on the document from OCV are unaudited and possibly not correct. Also please read the media release posted on the newpif website dated the 24th June in regard to legal action being taken by WC on behalf of the PIF. I would post it but am having computer problems,

SNIP.....
we used to pay MFS.Don't expect free dinners and glossy magazines (or free caps!) she intends to operate a no frills show so our money is not wasted!! Regards, Seamisty

Thanks Seamisty.

Here is the link to the June 24th Announcement:
<http://www.newpif.com.au/releases/240608%20-%20Legal%20Action%20against%20OCV.pdf>

It is interesting to note that, whether or not the winding up proceedings are successful, the PIF action claiming 175.5 million from OCV is still on foot.


Noting that there have been offices closed in all the major cities and redundancies made everywhere it appears that Octavia are cleaning up their liabilities to pay staff their due entitlements before the wind up hearing starts. I can only assume they are expecting to be wound up.

Mutchy

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

SIMGRUND -

I can only agree with you.

Yes, ASIC have acted regarding Firepower. IMF, the legal firm, have been mentioned in the press today.

Their site is worth an exploration.

http://www.imf.com.au/funding.asp?content=fundinginfo

 

[flatback]

Re: Octaviar MFS Premium Income Fund PIF

Octaviar's bail out plan demolished by Queensland Public Trustee
Tuesday, 22 July 2008


The Public Trustee of Queensland is claiming that Octaviar owes it $348 million in listed notes and has defaulted on payment, Octaviar on the other hand claims that it hasn’t defaulted, and that they are continuing to pay interest on the notes which are not due until 2011.

Accelerating the wind-up procedures were necessary, the Public Trustee said, because Octaviar was spending its cash at a rate which would soon leave nothing for investors.

“The more time that rolls on, the more tens of millions of cash that are being spent,” said Walter Sofronoff, QC for the Public Trustee.

Brian O'Donnell, QC for Octaviar, defended the companies actions, saying that the company has been acting prudently since January, when it froze all stock in the company, in order to save funds and raise capital.

The expedition on the wind-up claims had been awarded by Justice Richard Chesterman who said he felt the company had already sold its major asset, a 65% stake in the Stella tourism group.

It's going to be very tight for CS now! Trusting WC is fully across all this.

BTW Great chase up job Seamisty, thanks for that update.

WC really needs to get a good chunk of what's left of the 35% of Stellla. If we have to wait, so be it!

I hope what your saying is right breaker1,it couldn't happen to a worse bloke, and thanks Seamisty good update hang in there cheers flatback

 

[Juan Mortyme]

Re: Octaviar MFS Premium Income Fund PIF

Another related article which appeared in the GC Bulletin over the weekend which I haven't seen mentioned anywhere else.
---------------------------------
Liquidator to sink 70; resort jobs
by Nick Nichols
Edition: B - Main
LIQUIDATORS will shut down Kooralbyn Hotel Resort from midnight tomorrow
after taking control of the cash-strapped business
on Wednesday.

The news is another blow to the former MFS-controlled Premium Income
Fund which has an unspecified exposure to Kooralbyn International
Hotels, now in the hands of liquidator Peter Lucas.

The closure means the loss of about 70 jobs for the Beaudesert community.

It was widely believed faltering financial group MFS, now known as
Octaviar, had an interest in the property.

But according to Octaviar director Chris Scott, Octaviar has no links
to Kooralbyn International Hotels, a company associated with
former New Zealand businessmen Ray Schofield and Ron Lane.

But MFS is understood to have proposed a joint venture last year with
Mr Schofield, who has owned the resort since 1997.

The venture did not proceed.

It is unclear how much is owed to the Premium Income Fund, now in
the hands of Jenny Hutson's Wellington Capital. Ms Hutson could not
be contacted for comment last night.

Mr Lucas, of PA Lucas and Co in Brisbane, yesterday declined to detail
the circumstances surrounding the liquidation move or the total
debts owed by the company.

All he would say was: ``We don't have the resources to be able to
continue to operate (the business).''

But he confirmed a wedding scheduled to be held at the resort hotel
today would go ahead.

Three other Kooralbyn companies associated with Mr Schofield's wife
Judith are also being liquidated.

They are Kooralbyn Resort House Pty Ltd, Kooralbyn Resort Services
Pty Ltd and Kooralbyn Resort Food and Beverage Services Pty Ltd.

Kooralbyn International Hotels fended off a winding up application
in 2004 by the Australian Taxation Office.

The latest move is a voluntary winding up after directors decided
`that the company cannot continue its business as it cannot meet
its liabilities', according to Australian Securities and Investments
Commission documents.

Neither Mr Schofield nor Mr Lane could be contacted for comment last
night.

Mr Schofield bought the Kooralbyn hotel, 36-room golf lodge, golf
course, tennis centre, polo fields, equestrian centre and 310ha of
development land in a $12 million deal in 1997.

The holdings were bought from Towa Resorts, a Japanese-owned company
which had acquired the 4000ha Kooralbyn resort property for $18
million from Westpac arm AGC in 1987.

In 2002, an unrelated business, the Kooralbyn International School,
was closed, leaving parents of 100 foreign students from China,
Hong Kong, Thailand, Japan, Korea, Canada and New Zealand out of
pocket.

--------------end of article-----------------

 

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

Another related article which appeared in the GC Bulletin over the weekend which I haven't seen mentioned anywhere else.

Liquidator to sink 70; resort jobs

More info on Kooralbyn resort here...

http://www.goldcoast.com.au/article/2008/07/22/13971_gold-coast-business.html
Buyers circle troubled Kooralbyn
July 22nd, 2008

 

[JohnH]

Re: Octaviar MFS Premium Income Fund PIF

Nine MSN a few minutes ago:-
OPI to oppose winding up of Octaviar
The directors of OPI New Zealand are heading to the Supreme Court in Brisbane on Wednesday to try to stop Queensland's Public Trustee from liquidating 38.8 per cent stakeholder Octaviar.

Queensland-based property and finance company Octaviar owes millions to OPI New Zealand's subsidiary OPI Pacific Finance.

The Public Trustee is taking legal action on behalf of Octaviar's listed noteholders who have $A348 million ($NZ451 million) tied up in the troubled company.

If a liquidation proceeds, OPI Pacific Finance investors could get back as little as 12.4 cents in the dollar, The New Zealand Herald reported on Wednesday.

The case was to be held in September but the Public Trustee applied to have it brought forward after Octaviar announced a creditors' proposal.

A spokesman for OPI New Zealand said the directors did not support the liquidation proceedings.

"The directors have not yet had sufficient time to consider the offer that Octaviar is making to its creditors.

"OPI Pacific has advised the Public Trustee that it intends to appear at the proceedings and oppose the making of any winding-up orders."

OPI Pacific Finance was forced to default on repayments in late January when Octaviar declined to provide further support, because of its own difficult financial position.

 

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

Nine MSN a few minutes ago:-
...

If a liquidation proceeds, OPI Pacific Finance investors could get back as little as 12.4 cents in the dollar, The New Zealand Herald reported on Wednesday.
....

Here's the full New Zealand Herald report...

http://www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10522944&ref=rss
OPI in court bid to keep Octaviar afloat
5:00AM Wednesday July 23, 2008
extract...
“However, Octaviar said liquidation estimates could see only 12.4c in the dollar returned to OPI Pacific Finance investors, although the sale of its 35 per cent stake in the Stella tourism business could boost that to 26.8c.”

Can anyone tell my why liquidation figures are mentioned that don't include Stella? Is it possible for liquidation to not include the sale of Stella?

 

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

I think this article answers the question of why the Public Trustee’s are pushing for liquidation…

http://www.nbr.co.nz/article/octaviar-bid-avoid-liquidation-strikes-trouble-33265
Octaviar bid to avoid liquidation strikes trouble
Tuesday July 22 2008 - 12:25pm
Extract…
"Under its buy-out offer released this week, Octaviar offered noteholders and bondholders full repayment of the first $5,000 of their investments (if their full stake was sold) and 22.5 cents in the dollar on any notes above that level.

But under liquidation bond and note holders could get 43.4 cents in the dollar back by 2011, which would be a better return than the cash offer for those with around $A20,000 or more in the company."

Plus the fact that the Public Trustee’s claim OCV are chewing up money in the attempt to kept things going.

 

[RickH]

Re: Octaviar MFS Premium Income Fund PIF

Hi all PIF investors an AG members. I have spent considerable time over the past two days in telephone conversation with WC discussing the proposed offer from OCV in regard to the outstanding debt to the PIF. Please be aware that the figures on the document from OCV are unaudited and possibly not correct. Also please read the media release posted on the newpif website dated the 24th June in regard to legal action being taken by WC on behalf of the PIF. ............. I am feeling confident that JH will do her utmost best to take the PIF foward and at a fraction of the fee we used to pay MFS.Don't expect free dinners and glossy magazines (or free caps!) she intends to operate a no frills show so our money is not wasted!! Regards, Seamisty

Thank you Seamisty,
Well said.
We do need to follow JH/WC all the way to the NSX, if that is what she wants to do. We cannot split the vote - Remember 75% to continue PIF.
It has been interesting reading the comments and I will say again "a little knowledge is very dangerous." Leave the work to professionals.
Regards,
RickH.:iagree:

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

Thank you Seamisty,
Well said.
We do need to follow JH/WC all the way to the NSX, if that is what she wants to do. We cannot split the vote - Remember 75% to continue PIF.
It has been interesting reading the comments and I will say again "a little knowledge is very dangerous." Leave the work to professionals.
Regards,
RickH.:iagree:

RickH If it was all the way to the ASX Not that dumb NSX things would be better You surley much adree with me on that point Cheere ////////