Wellington Capital PIF/Octaviar (MFS) PIF

[Rocky1]

Re: Octaviar MFS Premium Income Fund PIF

Janiss

I spoke to an adviser today who contacted me on behalf of a client to register them for the action group and he recommended exactly this, so you are spot on.

I have also made contact with Nick Nichols (Gold Coast Bulletin) today and we are going to talk early next week regarding an article.

 

[breaker1]

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??

Great post mgr2118
We need to get a firm handle on what we want and what questions we want answered.
Don't be surprised if the May update comes down to about 80% in $ - just a guess

 

[breaker1]

Re: Octaviar MFS Premium Income Fund PIF

Janiss

I spoke to an adviser today who contacted me on behalf of a client to register them for the action group and he recommended exactly this, so you are spot on.

I have also made contact with Nick Nichols (Gold Coast Bulletin) today and we are going to talk early next week regarding an article.

Geoff, Ahoy there Ol' soc! Did you get that? - Gold Coast Bulletin - better a free press release than an $add - hope rocky KO's it! Great idea - good on ya cobber!

 

[Dexter]

Re: Octaviar MFS Premium Income Fund PIF

Hi Breaker1, You spoke to my husband last Wednesday evening. Thank goodness we are now able to make contact with others with the same thoughts and in the same delema! We are in full support. Include us in. We also have 3 other family members who have investments in PIF and I am sure they will participate. They have been away on hols. Will contact them tomorrow with details. Lets move things along asap. Like all other unit holders we are sick of being kept in the dark. Cheers.

 

[B and C]

Re: Octaviar MFS Premium Income Fund PIF

Hi Breaker
I have emailed you with our details to include us in your people count. How many people do we have to date? I feel we need to do this quickly before all the assets are given away at ridiculous prices.
If you could post an update on how many people we have so that we get an idea how many email/formum campaigns we have to do until we reach our goal.
Thanks to all of you for getting this started!

 

[breaker1]

Re: Octaviar MFS Premium Income Fund PIF

Hi Breaker
I have emailed you with our details to include us in your people count. How many people do we have to date? I feel we need to do this quickly before all the assets are given away at ridiculous prices.
If you could post an update on how many people we have so that we get an idea how many email/formum campaigns we have to do until we reach our goal.
Thanks to all of you for getting this started!

Hope you got my reply email!

UPDATE 4

OUR ACTION GROUP IS NOW 52 COMMITTED INVESTOR MEMBERS

CONGRATULATIONS EVERYONE - WELL DONE!

MORE STEADILY COMING IN

IF YOUR READING THIS THREAD AND HAVEN'T JOINED US YET EMAIL: breaker1@aapt.net.au

 

[Mary Lynch]

Re: Octaviar MFS Premium Income Fund PIF

Hi Everyone,
Looking forward to being part of anything that can help get things together. let's do it!

We have $570,000 in PIF and were between houses having signed a contract to buy one just before this nightmare started.

Regards Mary Lynch and John Manton

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

WEll done Breaker and Rocky!!! Welcome and thankyou to all the supporters. Obviously the word is spreading, at this rate we will exceed the 100 members needed to have a voice. Regards, Seamisty:band

 

[breaker1]

Re: Octaviar MFS Premium Income Fund PIF

WEll done Breaker and Rocky!!! Welcome and thankyou to all the supporters. Obviously the word is spreading, at this rate we will exceed the 100 members needed to have a voice. Regards, Seamisty:band

AAHW! I turned mi speakers on and no band music! Get limewire in there! Arf!

 

[akernst]

Re: Octaviar MFS Premium Income Fund PIF

AAHW! I turned mi speakers on and no band music! Get limewire in there! Arf!

I have some info on Assets in the PIF.


Sheraton Mirage, Port Douglas (loan of $10 million, that has been defaulted) - trying to sell Hotel.

$50 Million to boutique fund manager - Causeway - is for sale.

Loan against a Hotel in Wollongong (do not know how much?) - trying to sell Hotel to Mirvac.

Several property-backed securities to various property developers

Deadline of 31st July to pay back Bank of Scotland (originally $168 million) - now owe $65million.


Lets get the 100 investors soon.

Cheers.

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Akernst, The former Outreach Ettalong Beach Resort at Wollongong was part of the 65% of Stella that was sold and is now re named Mantra Ettalong Beach. Not sure if MFS/OCV have something else there.I'll do some more digging. Cheers, seamisty

 

[zixo]

Re: Octaviar MFS Premium Income Fund PIF

Hi All,

I was wondering what personal experiences investors with Octaviar have had in regards to getting information regarding the Premium income fund.

Post mailed "PIF update letters" which investors are suppossedly being notified with have come in up to 3 weeks late for me which I have complained about. I've been told to check the website or my email....I guess its too bad for the people who have no internet access.

Every single email message I have sent has gone unreplied. I have updated my email address with them twice and verified it many many times so i can get a prompt investor update ...so far Ive received nothing. I definately have no problems with my email.

I have resorted to phoning and we're having greater and greater difficulty in actually getting to talk to someone let alone have someone phone me back .

Is it just me or is everyone getting the same level of "service"?

 

[Jadel]

Re: Octaviar MFS Premium Income Fund PIF

Seamisty

if OCV goes into liquidation i assume the PIF would have to stand in line behind the other creditors to get its outstanding loans to the various OCV entities repaid repaid

For Wellington Capital to have any credibility as RE they have to deliver with some hard cash to pay out the remaining PIF debt obligations

Otherwise they can be regarded as no better than parasites feeding of the stricken host without giving anything in return

In which case investors should seriosly consider replacing with a new RE

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

My fear is that PIF staff at all levels will beome fatigued. In a crisis this can be very detrimental.

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Zixo,There has been similar complaints on other forums as well as here regarding the lack of communication and overall treatment from OCV. I had the same problem with receiving updates 3 weeks after them being issued but I asked to get them by e-mail and the last one I received was on the 15th April, the day it was released. I have called OCV a few times over the last 6 weeks and have no problems getting through. My e-mail to Jenny Hutson at WC never got a reply. The main complaint from holders of the PIF is total lack of information/communication regarding the financial state of the fund and its future outlook, hence the Action Group. Hopefully as a large collective group we will demonstrate that this treatment is unacceptable and changes need to be made. regards, Seamisty

 

[wally3218]

Re: Octaviar MFS Premium Income Fund PIF

Have just emailed breaker1 and added my mothers name to the list.
It took a bit longer than I wanted to get her to agree to add her name as being a aged pensioner she didnt know what to do.
With $90000 invested the longer this goes on and the less they tell everyone the more she has got frustrated.
Trying to live on her pension and investment and with centrelink not any help.
I have emailed the minister looking after centrelink but as usual no replys or acknowledgement givin.

 

[wally3218]

Re: Octaviar MFS Premium Income Fund PIF

Has anyone else heard this
Following a large investment in the collapsed former investment bank MFS, the New South Wales Bookmakers Superannuation Fund is preparing to announce the first annual loss in its 30-year history.
You can read the full report here
http://www.acleardirection.com.au/bookmakers_caught_by_mfs___eureka_report_insert
Would be great if they could throw there weight and support into getting some questions asked.

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

That is an excellent article Wally, Possiblly worth a follow up Breaker or Rocky? Can anyone confirm the legallity of the loan (unsecured at that time) to LLA? Tuart what is your opinion regarding this please? From reading the PDS in relation to the PIF I was of the opinion that the guidelines did not allow this type of loan. I think that WC as Resposible Entity has an obligation to the PIF holders to inform us of the extent of all loans to MFS related companies, subsiduaries, entities etc. and where we stand as creditors in the event of OCV being liquidated. Regards, Seamisty

 

[zixo]

Re: Octaviar MFS Premium Income Fund PIF

Thanks Seamisty,
Until last Thursdays Australian newspaper article I wasnt aware that there were any forums which were discussing the Octaviar Premium Income fund. I have been scouring newspapers for any information and came across a site which proved quite helpful ... I hope it can help others ;

http://www.plugger.com.au/news/?search_state=news&search_name=octaviar&d=0&df=&dt=&x=0&y=0

The most annoying thing about the lack of information regarding Octaviar is how they scoff at any newspaper reports and try and discredit the reporters as misinformed and unprofessional. Its as if the reporting of news on Octaviar is mostly the cause of the misinformation.

Investors need to be FULLY informed with credible and factual information. Has anyone been in contact with Talkback Radio stations regarding this shambles - perhaps someone in the media will start listening and helping us?

 

[bigwilly]

Re: Octaviar MFS Premium Income Fund PIF

I would like to be one of the one hundred plus investors to join the action group.

Please keep the pressure up and hopefully we can do some good for everyone.

AS you can plainly see - this has all been a shambles. I am very angry and disappointed at the level of professionalism. There has been no consideration for the little man just trying to get by.

bigwilly