I agree Rick, while this scenario is not going to please everyone it is the most practical to date and so far apart from liquidation, is our only option. No other interest or offers from other parties. Even if we had control of the PIF to approach other parties for expressions of interest what will we have to offer them at the present time? A fund that had half its assets/value stripped in 6 months, some of which is going to be tied up in complicated legal proceedings for years with the chance of little or no recovery? The rest floundering in an economic meltdown? Until such times as the PIF has been stabilised the only way foward is to let WC get on with the job with our full support. We can harp on about alternate exit strategies until the cows come home, but it is not going to change the outcome unless unit holders are prepared to accept 14cents per unit and liquidate the Fund. Sorry people, but it is time to face the truth and make a decision.We have the voting power to reassess the situation at a future date. We will receive information packs in the mail shortly so hopefully this will give investors a better overall picture as to the future JH proposes for the PIF. regards, Seamisty
I can only agree wholeheartily with Seamisty's and similar caliber conclusions of our real direction at forthcomig vote-meeting.
Let us recall the last voting opportunity we had at June 23, '06 in Melbourne where resolutions 1 & 2 were (infamously in hindsight) adapted.
That was in respect of changes to Constitution re Remuneration structures;
extension of redemption periods; substitution of Capital Insurance with "Support Facility" and so on.
There were no Lonsec's analysis on the proposals to guide us and to present to us landscapes of yes/no outcomes; I state this as I personally received none.
Consequences of those adaptions are haunting us today.
I will welcome sensible corrections to my understanding of this recent history.
My main point though is: that reasoning by SEAMISTY needs to be popularised to the point of ensuring that no fractured voting will occur on the day crucial for our unity.
This forthcoming voting WE MUST get it right.
Your right on the money what you say Dora I fully agree with you ////////DC1 I agree with everything you wrote. I have the same fears and I think they are being realised! I can’t believe what Jenny has said in the last two articles posted! It’s exactly my worst fears!
“Ms Hutson said the Premium Income Fund would accept the payout offer from Octaviar…..
"Under the arrangement that's on the table, we'll get $48 million.”
Is anyone else disgusted by this?To me this proves Jenny is unable to remove herself from the interests of the OCV shareholders and get the best outcome for the PIF. I don’t believe Jenny’s OCV liquidation figures of 13 cents and think she is just trying to scare us. Doesn’t sound like she is going for any cut of Stella! And the mention of special distribution thanks to taking the deal is no substitute for getting as much money back that was taken from us.
I was thinking the PTQ were on the right track and I am disappointed they are now out of the picture. Interesting how PTQ and ATO were both preferring liquidation over the pathetic OCV offer.
Dora.
When I spoke to WC yesterday I was told that Jh would be using the OCV offer as a platform to negotiate further upside on the deal on behalf of the PIF. I think the RBOS debt was to be cleared from money that will be paid to the PIF from Arctic Capital in the LLA deal. Regards, SeamistyAlong with the cash offer, Octaviar has given creditors the option of staying with the company as a secured creditor for the next three years.
Does this mean PIF as well or just refers to the noteholders, I hope it means ALL creditors, if JH is happy just taking this cash now she will lose a lot of credibility. Surely she can't show that much disregard to us with no further upside for us.
She loves making comments to the media, why can't she just say "yes we will thake this $48m now as a platform for further negotiations and we will not push for OCV to be liquidated".
I note we still owe $35m to RBOS, if this did not come from OCV, where would it have come from by the end of this month, as was the date JH mentioned that we would be rid of the debt??
Well if this was the case Seamistry, she had a perfect opportunity to state that in the media where everybody reads papers, that would have given us all some good news FOR A CHANGE!!!
But no, not to be..I think Ms Hutson still has a very strong bond with Mr Scott, I don't care what she says. Who knows for all we know she might still have a truck load of shares in OCV.
You know we are all forgetting a lot of PIF unit holders could have a lot of shares in Octaviar as well As you say Splitpin interestings times //////////Javier
If the fund is still registered in the name of Octaviar Investment Management Limited and WC is only the manager, your would certainly need a lot of convincing that the RE is acting in our best interests.
And if Octavia were to be liquidated , does that mean the liquidator would automatically get PIF.
Looks like a lot of risk mitigation (particually for Octaviar shareholders) and financial engineering.
Interesting times, but more to come yet.
Regards
Splitpin
You know we are all forgetting a lot of PIF unit holders could have a lot of shares in Octaviar as well As you say Splitpin interestings times //////////
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