Wellington Capital PIF/Octaviar (MFS) PIF

[CableGuy]

Re: Octaviar MFS Premium Income Fund PIF

Voice 1: Hey Jem, thanks for taking that basket case off my hands.
Voice 2: Hmmmm you owe me one! Funny how people think I’M going to pay YOU for this thing.
Voice 1: We had the option to pass it off to Brian the liquidator, but we sure as hell couldn’t show anyone else the books. You remember Brian from my wedding?
Voice 2: Yeah of course - the best man, I’ve got him lined up if things go our way in Sept….But you know things aren’t going to plan, they seem to LIKE me.
Voice 1: Put a couple of farts in your youtube presentations, that’ll take care of your PR problem. But you know these people have short memory spans, you might need to move the vote back to Aug.
Voice 2: Nah, need to make sure you are out of the woods first.
Voice 1: So what’ll ya do if the vote doesn’t go your way?
Voice 2: Oh well I’ll be stuck with this thing won’t I…..The NTA will go back up and I’ll collect my 6 mill a year. It’s not like the NTA means much once it’s listed. I might just need to buy another answering machine.


The events depicted in this story are fictitious. Any similarity to any person living or dead is merely coincidental.

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Never a dull moment in the OCV camp, the PTQ who wanted to resign now want to 'un-resign'!!!!ASX Announcement
Noteholder Trustee position
and
Noteholder Meeting 3 September 2008
11 August 2008
Noteholder Trustee position
On 25 July 2008 Octaviar limited (ASX code: OCV) announced that it was anticipated that Trust
Company Fiduciary Services Limited would become trustee of the listed notes issued by Octaviar
Investment Notes Limited (ASX code: OCVG) in place of the present trustee, the Public Trustee of
Queensland, within a few days of that announcement.
That announcement was made in the context of:
1. the Public Trustee of Queensland having resigned as trustee last year, but having continued to
act as trustee pending appointment of a replacement;
2. the Public Trustee of Queensland having made it clear that it did not wish to remain note trustee
during any workout proposal that might be put by Octaviar and accepted by the group’s
creditors;
3. Trust Company Fiduciary Services Limited having indicated a willingness to accept such an
appointment in place of the Public Trustee of Queensland; and
4. counsel for the Public Trustee of Queensland stating to the Supreme Court of Queensland that
the Public Trustee of Queensland was satisfied as to the propriety of the proposed replacement
trustee, Trust Company Fiduciary Services Limited, and as to the propriety of Octaviar
Investment Notes Limited’s reasons for wishing to make the appointment.
On 1 August 2008 solicitors for the Public Trustee of Queensland wrote to Octaviar Investment Notes
Limited stating that the Public Trustee of Queensland no longer intended to resign as trustee of the
listed notes, and withdrew its resignation notice of the year before.
Octaviar Investment Notes Limited does not accept that it is open to the Public Trustee of Queensland
to withdraw its resignation notice in that way.
As a result of the above, Octaviar Investment Notes limited has called a meeting for 3 September 2008
– as explained below.
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
SHARE REGISTRY
Computershare Investor Services Pty Ltd
Level 3, 60 Carrington Street
Sydney NSW 2000
Telephone: 1300 787 650
Meeting called by Octaviar
Octaviar Investment Notes Limited, has called a meeting of Noteholders for 2pm Wednesday, 3
September 2008. The meeting will be held at the Queens Ballroom, Level 5, Hilton Hotel, 190
Elizabeth Street, Brisbane.
A copy of the Notice of Meeting and other material forwarded to Noteholders is attached to this
announcement. The resolutions to be considered at the meeting are summarised as follows:
1. That Noteholders agree to implement the proposal put to them in the Offer Booklet of 17
July 2008 thereby amending the terms of the notes.
2. That Noteholders direct the Trustee to further adjourn the application to wind up Octaviar
Limited and other group companies listed for hearing on 9 & 10 September 2008.
3. That the Public Trustee of Queensland be removed as trustee of the notes and that Trust
Company Fiduciary Services Limited be appointed in its place, together with consequential
changes to the trust deed
Extension of time for offer
The Company confirms that the closing deadline for the acceptance of voting forms in relation to the
offer of 17 July 2008 regarding the change in the terms of the notes has been amended and that at the
request of Noteholders the revised deadline is 4pm Friday 29 August, 2008.
Meeting called by the Trustee
The abovementioned meeting of 3 September 2008 called by Octaviar should not be confused with a
meeting of Noteholders called by the Trustee for 19 August 2008.
Enquires regarding the meeting called by the Trustee should be directed to the office of the Public
Trustee of Queensland.
David Anderson
Company Secretary

 

[sugar3157]

Re: Octaviar MFS Premium Income Fund PIF

Timeline

• WC’s original date for vote was August
• PTQ went to court to wind up OCV July 24 and 25, but JH and CS stopped that.
• OCV’s original deadline for Creditor offer Aug 11
• Creditor offer deadline extended to Aug 29th because most (big) creditors want more time to negotiate (but not JH!)
• PTQ (or new trustee?) going to court to wind up OCV Sept 9 and 10
• WC’s vote changed to Sept 18

I spoke with WC hotline yesterday and was told the NSX is the only exit option in the short term apart from the off market transfer option which is available right now if you can organise it. When asked if redemptions can be started up again when the fund is stable and brining in money again the answer was that it won’t be that kind of fund – redemptions will be removed from the constitution all together in the Sept vote.

When asked why we won’t be given the option for a moratorium the answer (when you cut thought the spiel) is that WC aren’t interested in that option. What happened to give priority to the members’ interests! And don’t tell me we aren’t interested – we've basically been told this is not an option and haven't been given any info on this to enable us to decide.

Hi all, what does this mean....if we are not going to get redemptions then how do we receive income?

 

[sugar3157]

Re: Octaviar MFS Premium Income Fund PIF

Morning Seamisty... can you please explain what that means to the PIF fund?

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Hi all, what does this mean....if we are not going to get redemptions then how do we receive income?

Hi Sugar, You will receive an annual 6cent per unit distribution until such times as the Fund has stabilised. The distribution amount will then be re-assessed. We will also receive any money that WC receive in relation the Support Facility as a one of payment.I would imagine the units would become more attractive to buyers on the NSX as the unit distribution value increases, similar to a share that pays a dividend I guess. Regards, Seamisty

 

[SPLITPIN]

Re: Octaviar MFS Premium Income Fund PIF

Voice 1: Hey Jem, thanks for taking that basket case off my hands.
Voice 2: Hmmmm you owe me one! Funny how people think I’M going to pay YOU for this thing.
Voice 1: We had the option to pass it off to Brian the liquidator, but we sure as hell couldn’t show anyone else the books. You remember Brian from my wedding?
Voice 2: Yeah of course - the best man, I’ve got him lined up if things go our way in Sept….But you know things aren’t going to plan, they seem to LIKE me.
Voice 1: Put a couple of farts in your youtube presentations, that’ll take care of your PR problem. But you know these people have short memory spans, you might need to move the vote back to Aug.
Voice 2: Nah, need to make sure you are out of the woods first.
Voice 1: So what’ll ya do if the vote doesn’t go your way?
Voice 2: Oh well I’ll be stuck with this thing won’t I…..The NTA will go back up and I’ll collect my 6 mill a year. It’s not like the NTA means much once it’s listed. I might just need to buy another answering machine.


The events depicted in this story are fictitious. Any similarity to any person living or dead is merely coincidental.

Cableguy

Do you have that feeling of having a tail bet playing "two up" with a red coated ringmaster with two headed pennies.

Splitpin

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Morning Seamisty... can you please explain what that means to the PIF fund?

Hi Sugar, I have NO IDEA what the outcome of this will be!!!!! Maybe some of the conspiracy theorists out there can work this into something interesting or we will just have to wait until the media gets hold of it LOL!!! It's been a bit boring on here lately, maybe this will instigate some renewed interest on the thread. Seamisty:flush:

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

Hi all, what does this mean....if we are not going to get redemptions then how do we receive income?

My guess: It will be left to WC to decide when and how much we get. Much like a company decides when dividends get paid out and how much. We'll find out for sure when we get our voting materials.

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

Hi Sugar, I have NO IDEA what the outcome of this will be!!!!! Maybe some of the conspiracy theorists out there can work this into something interesting or we will just have to wait until the media gets hold of it LOL!!! It's been a bit boring on here lately, maybe this will instigate some renewed interest on the thread. Seamisty:flush:

I'm with you Seamisty. I have no idea.

Can't work out PTQ's motives. One thing that stands out in my memory is during the court action in July (24?) there was some argey bargey about PTQ's right to have a say about their successor. From memory: OCV pushed for a ruling that PTQ had no say. At the time I thought: What's the big deal, if PTQ want out, why do they care so much? OK - PTQ wouldn't want to damage their reputation by appearing to abandon the unit holders. But dedicating court time to it? Now they want to recind their resignation.

Do PTQ really want to stay in play or are they just making sure they'll look like they did everything they could for the OCVG unit holders. Their ace is that they resigned before the OCV Ltd share price drubbing in Jan.

Hmmmm.

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

I'm with you Seamisty. I have no idea.

Can't work out PTQ's motives. One thing that stands out in my memory is during the court action in July (24?) there was some argey bargey about PTQ's right to have a say about their successor. From memory: OCV pushed for a ruling that PTQ had no say. At the time I thought: What's the big deal, if PTQ want out, why do they care so much? OK - PTQ wouldn't want to damage their reputation by appearing to abandon the unit holders. But dedicating court time to it? Now they want to recind their resignation.

Do PTQ really want to stay in play or are they just making sure they'll look like they did everything they could for the OCVG unit holders. Their ace is that they resigned before the OCV Ltd share price drubbing in Jan.

Hmmmm.

DUPED, OCV is calling a meeting of noteholders on the 3rd Sept, I think the gist of it is to pass a couple of resolutions to officially remove PTQ and vote in the new Trustee. Regards, Seamisty

 

[sugar3157]

Re: Octaviar MFS Premium Income Fund PIF

DUPED, OCV is calling a meeting of noteholders on the 3rd Sept, I think the gist of it is to pass a couple of resolutions to officially remove PTQ and vote in the new Trustee. Regards, Seamisty

can we stop them doing that?

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

can we stop them doing that?

Only the noteholders can vote Sugar, Ocv need a 50% + vote to stop the company from going into immediate liquidation. I would think they will romp it in because creditors will benefit more by the offer already put foward to them from OCV than from a firesale liquidation in my opinion.Don't forget that the PIF has only officially had $50mill legally aknowledged as OCV debt, the remaining $147mill has been recognised by OCV but not legally registered. If OCV is liquidated PIF will more than likely only receive 11.8cents in the dollar on the $50mill, that is why WC has been fighting so hard against liquidation of OCV. Regards, Seamisty

 

[flatback]

Re: Octaviar MFS Premium Income Fund PIF

My guess: It will be left to WC to decide when and how much we get. Much like a company decides when dividends get paid out and how much. We'll find out for sure when we get our voting materials.

Well well well, we are all at it again,aren't we, the so called expert unit holders who know everything,they must be putting threads on this forum for their friends who are in trouble,(not themselves no,no,no)i thought that there were going to be changes to the constitution at this meeting that we had to agree to, i dont believe that this meeting will only be for the agreement for or against the proposal put forward by JH, REMEMBER THIS there only needs to be 100 members at this meeting to call an emergency general meeting immediately,and any proposal put forward that isnt agree'd to, can be either recinded or ammended by those present, if there is nothing in the proposals put forward by JH, whereby we the unit holders, dont have an exit ability beyond the NSX,where we are at the whims of the market,maybe 20c maybe maybe maybe,we all came into this PIF because of the strength of the fund and security intimated(not so was it), now we are being asked to leave our money in something which has no guarantee's at all, i paid an honest dollar for every unit i purchased,and i expect somebody who thinks this fund is still able to be resurrected to be a good fund again, can expect us to lay down and be left to the whims of the market, my final word on the meeting can somebody try to organise a registrar of those going to this meeting before hand ,so that they are prepared to call a EGM.This is not a jib at you Duped just a continuation of the subject matter.
cheers Flatback ( there must be a redemption facility down the track which gets close to $1 per unit) once the PIF shows some good strength.JH cannot just reject this out of hand.( there must be a redemption clause written into our constitution)

 

[Mary Lynch]

Re: Octaviar MFS Premium Income Fund PIF

OR we will all go down the WC eh Flatback? Like Seamistry's emoticon!

 

[sugar3157]

Re: Octaviar MFS Premium Income Fund PIF

Hi all...I have just about had all of this....give me the the PIF fund and I will get it back up to our hard earned dollar per unit plus...what a lot of morons we have given the PIF to....you would think it was rocket science to run a profitable business...its not...just common sense...ok we have been robbed of a fortune...but we can rally with hard work...I am sure there are plenty of other self employed business owners here who can make up a board...like myself.....or we can just lay down and give up on our money.....IF you wanr rhe job done right ...do it yourself!!!!!!!!!

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

Greetings from the Gold Coast. Is everyone impressed by the way business is done here ? Doesn't matter whether you're in finance, property development or tourism, the same rules apply :-
1. Main objective - stuff as much cash as possible into your own pockets.
2. Have little or no regard for investors & have no sense of responsibility to them.
3. Have little or no regard for business ethics, corporate responsibility or corporate law for that matter.
4. Set up a complex web of $1 subsidiary companies to shift around the money so that it gets distributed to other complex company structures of which you have a vested interest in.
6. Make sure you get a couple of smarta..se coporate lawyers involved to ensure that you can't be held personally responsible for anything.
7. At the end of the day, brush the dirt off your expensive suit (or red leather jacket) and move onto the next project.

Make no mistake, in the business sense the Gold Coast is a small place. I can't help believing that this crew of people from MFS / Octaviar / Wellington are related - associated - doing deals. Who offered Wellington the RE job ? Who appointed the board from Wellington as the board of directors of Octaviar IM (previous RE). HMMMMMMM...............

 

[sugar3157]

Re: Octaviar MFS Premium Income Fund PIF

Greetings from the Gold Coast. Is everyone impressed by the way business is done here ? Doesn't matter whether you're in finance, property development or tourism, the same rules apply :-
1. Main objective - stuff as much cash as possible into your own pockets.
2. Have little or no regard for investors & have no sense of responsibility to them.
3. Have little or no regard for business ethics, corporate responsibility or corporate law for that matter.
4. Set up a complex web of $1 subsidiary companies to shift around the money so that it gets distributed to other complex company structures of which you have a vested interest in.
6. Make sure you get a couple of smarta..se coporate lawyers involved to ensure that you can't be held personally responsible for anything.
7. At the end of the day, brush the dirt off your expensive suit (or red leather jacket) and move onto the next project.

Make no mistake, in the business sense the Gold Coast is a small place. I can't help believing that this crew of people from MFS / Octaviar / Wellington are related - associated - doing deals. Who offered Wellington the RE job ? Who appointed the board from Wellington as the board of directors of Octaviar IM (previous RE). HMMMMMMM...............

Hi Burnt....OMG finally some one who knows what he is talking about YAY!!!!
u the man!!!!!!!!!

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

Wellington Investor Update 9/5/08 :-
Price payable by Wellington for purchasing all the shares in Octaviar Investment Management (which holds 4 other funds beside PIF) is -
4 x actual profit of OIM for the 12 months following the acquisition PLUS the value of the net tangible assets of OIM at the end of the 12 months.
Profit will be ZERO (taking into account all the funds as well as brought forward losses).
Value of Net tangible assets....hhhmmmmm.....what assets will be left and who values them ?? Also, the bank loan (that JH told everyone during her roadshow would be repaid by August), balance remaining has been refinanced. That should nicely offset any tangible asset values.

 

[sugar3157]

Re: Octaviar MFS Premium Income Fund PIF

Hi Seamisty ...can you tell me what you think about Burnt's statements please...

 

[Burnt]

Re: Octaviar MFS Premium Income Fund PIF

Wellington Media Release 24/6/08 :-
Legal proceedings commenced by Wellington against Octaviar are not for recovery of the $147.5mil stolen from the PIF. The claim is for compensation for the unitholders, for the activities undertaken by the officers of Octaviar that contravened the contitution & compliance plan of the fund, in that their activities were not undertaken "in the best interest of the members of the PIF". (no criminal proceedings have been launched though!)
My understanding is that the RE can list the PIF on the NSX without unitholders voting for or against it, as long as they believe they are acting in the members' best interests. However, if unitholders vote for listing on NSX, then when it all turns to sh.t, Wellington cannot be held accountable for not acting in the best interests of the members.
Be warned, no matter how much thought, consideration, deliberation, analysis or assumption you give to what may or may not happen, these people have a plan in place, and they are 4-5 steps ahead.