Wellington Capital PIF/Octaviar (MFS) PIF

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

Hi Breaker1,

I emailed you but just in case you are now having trouble receiving emails I thought I would post as well.

You should be able to send and receive email using AAPTs webmail. From your Internet browser (i.e Internet Explorer) do this:
1. go to aapt.com.au
2. click the 'Webmail sign in' link.
3. enter your username and password

Also I have a Vodafone pre paid SIM card which isn't activated yet. It was given to me as an extra when I bought my phone. The group is welcome to use it as I don't need it.

Regards,
Dora

 

[Rocky1]

Re: Octaviar MFS Premium Income Fund PIF

zixo

Breaker mentioned on an earlier post that he is having trouble with his email so if you want send your details to me also at adam.thorn@optusnet.com.au. Include a phone number if you like and I will give you a call.

Basically unit holders involved in the Action Group thus far are from all over Australia and therefore discussion other than on this forum is a little difficult. Once we are close to having the numbers we need I think the communication will need to change, but please keep contributing to this thread in the meantime as all posts are helpful in keeping each other informed and raising investor concerns which can be voiced by the Action Group once we have the numbers

Regards

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Hi Zixo, Breaker was having a problem with his computer but is receiving mail, just not able to reply at the moment. Thankyou for alerting other holders, I have done the same and know some are more than willing to support the group. ASIC is aware of what is happening and we know that every alternative avenue needs to be addressed. Many of us have done so already on personal grounds, but we need a much louder voice, hence the Action Group. I agree with your concerns regarding the PIF and we all would like answers. I beleive a PIF holder will be talking with Jenny Hutson on Tuesday and is willing to put foward questions so please e-mail them to breaker. If you follow the thread back you will get more of an idea of what we are trying to achieve. Regards, Seamisty

 

[Tuart]

Re: Octaviar MFS Premium Income Fund PIF

Rocky

I found this thread from Breakers post in hot copper. I had been following the OCV forum there due to my knowledge of an alternative offer made to OCV regarding the Manager and the manner OCV dealt with this offer and the 25 others they said they have.

I have been trying to get understand why OCV did the Wellington Cap deal and beyond a reward for WC helping get Chris Scott on the board of OCV the best I can come up with is that for OCV the best party to be in control of PIF is WC because of the guarantee and the need for a negotiated settlement.

They would be the friendliest party for OCV to deal with in trying do a deal with its creditors. Good for OCV shareholders but not sure if in the best interests of PIF investors.

Anyway thats my theory on it.

My motivation

Well I am biased towards the offer I was aware of and would have liked to have seen a transparent process to sell the management rights by OCV to a party capable of making the best of a bad situation.

I hope my posts are helpful and constructive.

I would also like to see a manager put in place who has access to funding to get rid of the bank, ensure investors returns are maximised, interest payments reinstated and a workout plan put in place that maximises the value of what is left.

I am not sure if WC can do this and the first efforts in dealing with LLA and GEO show they dont have the ability to deal with the bank as these were firesale deals obviously to get cash in the door to pay down RBOS.

 

[charles36]

Re: Octaviar MFS Premium Income Fund PIF

Hi Breaker1, I like a lot of others are frustrated at the lack of communication and who says that Wellington Capital can purchase OUR FUND for $20 million. Who gets the $20 million.

Who is responsible for allowing the covenant on the loan from the RBOS to default.

Somebody must be accountable. I would like to be part of the action group and would appreciate some communication from you.

Regards,


Charles36

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

It doesn't make sense for WC to allow their brand name to be badly affected daily by their continuing silence. PIF investors are a potential 11000 client base.
Just who was it who mucked up the RBOS loan? WC, please tell us.

 

[Towbar]

Re: Octaviar MFS Premium Income Fund PIF

towbar,Hi Breaker, this week we received the Octaviar Web Interface manual from PNL for our investments in the OPIF, they must think we dont know what we have invested with them! My wife & i both put our hands up to join the Action Group Cheers

 

[Mutchy]

Re: Octaviar MFS Premium Income Fund PIF

I saw a reference to this forum in The Australian newspaper today and have contacted Breaker with my details. Many thanks to Breaker for alerting us to the problems for OPIF in what looks like the imminent collapse of Octaviar, the lack of transparency, and the suspicious relationship of Wellington Capital with Octaviar. Thanks also to Tuart for his enlightening posts.
Steve

 

[breaker1]

Re: Octaviar MFS Premium Income Fund PIF

MY EMAIL: breaker1@aapt.net.au IS NOW FULLY WORKING AGAIN FOR BOTH INCOMING AND OUTGOING EMAILS

SO KEEP SENDING ME EMAILS AS THE CENTRAL ACCESS POINT FOR OUR CENTRAL DATA BASE OF ACTION GROUP MEMBERS.

Thanks to all who helped while I was off the net.

I am now working off my laptop, NOT my desktop.

I will now begin backing up all data memory as a rule.

My desktop Hard Drive works OK connected to my laptop via a USB port and I will tranfer (import what data I can from my desktop HD onto my laptop HD).

I will answer whatever emails i got that came onto my laptop after my desktop PC failed. My son goes to TAFE and does IT - I will get him to ask the IT teacher to get my email data off my desktop HD and put it on his thumbstick to transfer to my laptop.

I am also onto two quality US windows help site and am waiting on an answer on how to access emails and saved email data (in drafts folder) via a USB connected HD (with a password). I can access just about every thing else, but not the emails.

When the earlier emails sent me today are accessed - I will contact all who emailed me.

I tried going into WEB access mail (mail still stored in the ISP server) - got in, but nothing downloaded. I will talk to the ISP tech support re this.

 

[breaker1]

Re: Octaviar MFS Premium Income Fund PIF

Hi Breaker1, I like a lot of others are frustrated at the lack of communication and who says that Wellington Capital can purchase OUR FUND for $20 million. Who gets the $20 million.

Who is responsible for allowing the covenant on the loan from the RBOS to default.

Somebody must be accountable. I would like to be part of the action group and would appreciate some communication from you.

Regards,


Charles36

Charles,
email me on breaker1@aapt.net.au my email is now working fine

 

[breaker1]

Re: Octaviar MFS Premium Income Fund PIF

Thank you - thank you - thank you Breaker!!!
Finally, some action.
It has been our sentiment for sometime that what we are witnessing
is mates looking after mates.
Firesales and paying off secured debts will see the likes of the rest of
us with pittance. All the while they hide behind the PDS which actually gave them a licence to rob investors blind.
We are sick of the lack of transparency!
We are with you all the way!

God bless you communique!
contact me on breaker1@aapt.net.au if not already done so - inundated today !

 

[Michael/Theresa]

Re: Octaviar MFS Premium Income Fund PIF

Hallo breaker 1,

My wife and myself have considerable funds invested with MFS PIF via our SMSF. We are happy to join the action group. We fully agree with the comments we have read on this site and wish to lent our support to any actions deemed appropriate. Thank you, Michael and Theresa.

 

[Rocky1]

Re: Octaviar MFS Premium Income Fund PIF

A couple of people where wondering if the PIFwould be dragged into any liquidation of Octaviar. I have just spoken to a contact in the PIF and they said definitely not, the PIF is a separate entity.

The effect of OCV being liquidated though would be that the support facility of 50 mill would probably not come to fruition and recovery of PIF loans to related OCV entities may be an issue. I know though that PIF have moved recently to change some of these from unsecured to secured (e.g L&L), which is some positive news

 

[JohnH]

Re: Octaviar MFS Premium Income Fund PIF

Have been following this thread for the last week or so. Please add me to your growing numbers.

 

[Rocky1]

Re: Octaviar MFS Premium Income Fund PIF

Hi John

If you haven't already please send your details through to breaker - breaker1@aapt.net.au

 

[DeliaMC]

Re: Octaviar MFS Premium Income Fund PIF

A couple of people where wondering if the PIFwould be dragged into any liquidation of Octaviar. I have just spoken to a contact in the PIF and they said definitely not, the PIF is a separate entity.

The effect of OCV being liquidated though would be that the support facility of 50 mill would probably not come to fruition and recovery of PIF loans to related OCV entities may be an issue. I know though that PIF have moved recently to change some of these from unsecured to secured (e.g L&L), which is some positive news

Hello Rocky1,
I also spoke to someone this morning from OCV and they also confirmed (if you can believe what you are being told) that Octavier Ltd cannot get their claws into the assets of PIF if they go into liquidation. Also the debt to Bank of Scotland is now $65 million. Payments are coming from interest paid back by developer's loans plus income from the assets held by the PIF. Naturally they could not tell me what those assets were.

 

[akernst]

Re: Octaviar MFS Premium Income Fund PIF

Octaviar PIF
(Status as of 6th June, 2008)

1. There are over 11,000 investors

2. $770 Million approximately in fund.

3. It is a separate entity, from the parent company (Octaviar Pty Ltd).
If parent company is liquidated, then PIF is not part of it, but there is a worry about loans owed to PIF,
and support facility ($50 million), probably will not happen.

4. No funds or assets cannot be transferred to parent company.

5. The parent company has a support facility (ie $50 million) to bail out PIF if in trouble. (ie if cannot pay redemptions)

6. The PIF did lend several loans to the parent company (they were unsecured, but now are secured? I hope)

7. The PIF owed $186 million to the Bank of Scotland in March, 2008, but reduced now to $65 million.

8. The PIF must pay the Bank of Scotland, before anything else can happen(ie unfreeze redemptions, disbursements).

9. If PIF is liquidated, then investors will probably not get $1.00 unit price, but part there of. But if not liquidated, then it
is possible that it could continue, if Bank of Scotland is paid out and parent company pays back the loans owing to PIF.
Assuming there is a competent manager running the PIF.

10. The other assets in the PIF, as far as I know are:-
Port Douglas Sheraton Mirage
Port Macquarie development project (where some of the funds have gone into)

 

[Lou3435]

Re: Octaviar MFS Premium Income Fund PIF

All
I have just joined this forum and registered for the action group (by email) with Breaker1. Trying to come to grips with all that is happening but am happy that there is a group of like minded people out there who do not want to take this lying down. Keep up the good work.
lou3435

 

[mgr2118]

Re: Octaviar MFS Premium Income Fund PIF

Hi Fellow OPIF Investors,

Been watching this forum for a few weeks, and glad to see so many interested and passionate people.

Also been intrigued with how everybody is looking at the problem – to me, there is only one constant (i.e.. non variable), and that is
A$1 = A$1.

The Banks, Queensland Public Trustee, etc all want the same thing, and that is A$’s, with the number dependent on their transaction.

Our problem, until recently, is still somewhat of a mystery, and that is how many A$’s are we all talking about.

The most recent “official” Investor Update (March 2008) from OPIF says the following:-
Gross Assets A$869.4M (unaudited as at 31Mar08)
Loan issued to third party bank A$168.0M (as at 31Mar08)
We are also provided with % Fund Asset allocations of
Commercial Loans 43.1%
Asset Backed Investments 31.7%
Property Backed Managed Investment Schemes 15.6%
Fixed Interest Investments 7.8%
Cash 1.8%

Whereas the loan is definitely defined in A$’s, unless it is somewhere else, our only known is that we should have (7.8% + 1.8% = 9.6% of A$869.4M) roughly = A$83.46M in Cash or Fixed Interest (hopefully earning us all a good rate of return at ???% per annum).

What we don’t know (again someone may be able to help here) is:-
• What are the assets that make up the other $786M?
• When were these assets last valued?
• What are their valuations today?
• How much income/return etc is supposed to be coming from those assets?

I believe that, from this point forward, we should all be insisting that data is presented as A$’s, and get rid of all this marketing and PR spin associated with percentages etc.

If the banks and other lenders don’t want to be communicated to in % or asset values etc, I see no reason why the OPIF investors, who put in their hard-earned A$’s, should be treated any different.

Welcome feedback??

 

[Janiss]

Re: Octaviar MFS Premium Income Fund PIF

I recommend that everyone who has invested through an adviser requests their adviser to personally notify all their clients who have invested in MFS PIF about the formation of the Action Group and this Forum. This should help to build up the numbers very quickly.
Lots of media coverage will obviously also help.
I found out about this Forum through an article posted on Business Spectator website which allows for alerts to certain topics to be posted daily.
see : http://www.businessspectator.com.au...n-verge-of-collapse-FC29P?OpenDocument&src=ea