Wellington Capital PIF/Octaviar (MFS) PIF

[like2ski]

Re: Octaviar MFS Premium Income Fund PIF

Hi Jadel ...do you mean you are suing them? and if so how much would it cost me to join you in doing this?...I need my money back and would sooo like to put these @#STAR$# in jail...
Regards Gazzan

Hi Jadel,
I have not been following this site to date, have just discovered it, and would be very eager to join you in suing them, can you please give me some further details and perhaps we can talk privately. Is anyone else trying to take legal action?
Best Regards
like2ski

 

[gazzan57]

Re: Octaviar MFS Premium Income Fund PIF

Hi Jadel,
I have not been following this site to date, have just discovered it, and would be very eager to join you in suing them, can you please give me some further details and perhaps we can talk privately. Is anyone else trying to take legal action?
Best Regards
like2ski

Hi like to ski...you are lucky you have missed most of the clap trap on here posted by some intelligently challenged people...but i must say there are some quite informed people also who make a lot of sense...so keep reading...and I too want to sue the thieves who stole our money...and have them jailed...
Regards Gazzan...

 

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

I’ve been wondering how long an orderly work out of the PIF would take. Based on JH’s comments on the DVD (2hr 45mins) I think that if any capital that comes back to the fund goes to assist existing assets to be finished then they could all be realised in about 12 to 18 months. JH says it would be 6 to 12 months before they make any new investments so in an orderly work out you’d expect some capital back at this point instead of the RE finding new investments. So I’m thinking an orderly work out would look like this:
• Unit holders would continue to receive distributions from the income the assets generate.
• Unit holders would expect to receive some actual capital back in about 6 to 12 months with all capital back in around 12 to 18 months.
So how much capital would we get back? On the DVD (1hr 07mins) JH says that if the assets are sold at the right time they will sell for more than 45 cents.

I must say the current unit valuations are confusing. JH says “we have some good assets that if sold at the right time will sell for more than the 45 cent in the dollar that we say is the situation on an orderly work out”. It sounds like JH is saying our units are valued at 45 cents in an orderly work out but more if the fund is a going concern? This contradicts the explanation of unit values on the July handouts but also I don’t see how the current realisable unit value if the fund is a going concern could be different from an orderly work out as both situations allow the assets to be sold\realised at the right time.

Are we any closer to seeing independant unit\asset valuations?

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

I’ve been wondering how long an orderly work out of the PIF would take. Based on JH’s comments on the DVD (2hr 45mins) I think that if any capital that comes back to the fund goes to assist existing assets to be finished then they could all be realised in about 12 to 18 months. JH says it would be 6 to 12 months before they make any new investments so in an orderly work out you’d expect some capital back at this point instead of the RE finding new investments. So I’m thinking an orderly work out would look like this:
• Unit holders would continue to receive distributions from the income the assets generate.
• Unit holders would expect to receive some actual capital back in about 6 to 12 months with all capital back in around 12 to 18 months.
So how much capital would we get back? On the DVD (1hr 07mins) JH says that if the assets are sold at the right time they will sell for more than 45 cents.

I must say the current unit valuations are confusing. JH says “we have some good assets that if sold at the right time will sell for more than the 45 cent in the dollar that we say is the situation on an orderly work out”. It sounds like JH is saying our units are valued at 45 cents in an orderly work out but more if the fund is a going concern? This contradicts the explanation of unit values on the July handouts but also I don’t see how the current realisable unit value if the fund is a going concern could be different from an orderly work out as both situations allow the assets to be sold\realised at the right time.

Are we any closer to seeing independant unit\asset valuations?

Good on you Dora What i like about you your a real thinking person
I was in the office of a leading Brisbane Stockbroker about 4 weeks ago talking about all this mess And his words were that 14 cents on Liquidation sounds to me like a real scare tactic & the 31 mill to Liquidate sounds a bit inflated too Gee i wish we had the truth Cheers The Dame ///////

 

[simgrund]

Re: Octaviar MFS Premium Income Fund PIF

Greetings all,
Sincere thanks to Zixo for his organising effort of a Sydney AG start-up meeting today.
Regards

 

[SPLITPIN]

Re: Octaviar MFS Premium Income Fund PIF

I asked JH the same question at the July Forum. I remember when I asked if suing the former RE meant suing yourself due to you taking on the existing RE - this got a laugh but didn’t really get answered. JH explained how the former directors only had $20mill as a group to go after.

................................

I started to think that was good as OCV IM doesn't have any money but now that I think about it perhaps they (WC IM) do.

DoraNBoots

If we have deducted correctly that there has been no change to the RE but the ultimate holding company of the RE has changed and is now Wellington Capital Limited, does that mean that current RE is still responsible for all the bad old days.

As is most likely, the current RE would obviously have adequate insurance and assets to cover such an eventuallity. Maybe the $120M +.

So maybe that is what Jadel is refering to.

Interesting.

Regards

Splitpin

 

[breaker1]

Re: Octaviar MFS Premium Income Fund PIF

G'days folks,

I just (Friday) received an email from a PIF AG member stating:

"I have just received in today's mail an Issuer Sponsored Holding Statement as at 11th august regarding the LISTING OF PIF ON THE NATIONAL STOCK EXCHANGE as of 19th September 2008!!! Can we sack Wellington?"

Has any other PIF investor received one of these letters?

It sounds like Jenny is more confident then ever as the 19th is only one day after the RE vote, the 18th Sep.

 

[Jadel]

Re: Octaviar MFS Premium Income Fund PIF

Breaker

Lets hope WC makes us a reasonable offer and we are not forced to go down that path .

 

[Wolfgang]

Re: Octaviar MFS Premium Income Fund PIF

G'days folks,

I just (Friday) received an email from a PIF AG member stating:

"I have just received in today's mail an Issuer Sponsored Holding Statement as at 11th august regarding the LISTING OF PIF ON THE NATIONAL STOCK EXCHANGE as of 19th September 2008!!! Can we sack Wellington?"

Has any other PIF investor received one of these letters?

It sounds like Jenny is more confident then ever as the 19th is only one day after the RE vote, the 18th Sep.

Hi Breaker

I have received this letter on friday !!!!!!!!

Wolfgang

 

[sugar3157]

Re: Octaviar MFS Premium Income Fund PIF

Hi Breaker

I have received this letter on friday !!!!!!!!

Wolfgang

so does this mean JH had already made her mind up prior to August 11th 08?....mmmmm.....fishy!!!

 

[Wolfgang]

Re: Octaviar MFS Premium Income Fund PIF

Hi Sugar
It looks like she made her mind up long long before August 11th 08

Wolfgang

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

so does this mean JH had already made her mind up prior to August 11th 08?....mmmmm.....fishy!!!

Hi All, Whats fishy about foward planning? Makes good business sense to me to be prepared in advance for the NSX listing. WC has made it clear for quite some time that the units will be listed on the NSX if WC gets the 75% vote. The votes will all have been counted 48 hours prior to the Sept 18th meeting so there will be plenty of time to cancel pre-arrangements by the 19th. I am sure there is a time frame for listing so rather than wait until after the meeting and start from scratch WC is just being organised in my opinion. There have been many posting in regard to why hasn't JH done this, or JH should have done that with other issues regarding the PIF with out the vote, so what is the difference? I hope WC are as efficient in the rest of their dealings with the Fund. Seamisty

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

Should we wait for the EGM results before responding to instructions in the JH letter? It seems premature to me. I guess WC would say that if want to get an October distribution we must do as they say!

 

[sugar3157]

Re: Octaviar MFS Premium Income Fund PIF

Hi Breaker

I have received this letter on friday !!!!!!!!

Wolfgang

Hi All, Whats fishy about foward planning? Makes good business sense to me to be prepared in advance for the NSX listing. WC has made it clear for quite some time that the units will be listed on the NSX if WC gets the 75% vote. The votes will all have been counted 48 hours prior to the Sept 18th meeting so there will be plenty of time to cancel pre-arrangements by the 19th. I am sure there is a time frame for listing so rather than wait until after the meeting and start from scratch WC is just being organised in my opinion. There have been many posting in regard to why hasn't JH done this, or JH should have done that with other issues regarding the PIF with out the vote, so what is the difference? I hope WC are as efficient in the rest of their dealings with the Fund. Seamisty

Hi Seamisty...what price do you think our $1 unit will be worth on the NSX ?
Regards sugar...

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

Some time ago I spoke to John ? at Octaviar. He told me that to get large institutions (wholesale clients) to invest in PIF the institutions had to be able to withdraw their investment on 24 hr call otherwise they weren’t interested. This might answer your question.

I wonder if the 60M units held by MFS Management Ltd were express units.

(I know I'm repeating myself but I'm sick of hearing a reason for the PIF's woes being the large number of withdrawals. The fund dropped from 880M to the 755M after 30Jun07. Nearly half of that was MFS Management whipping out their 60M. I.e. 6.8% of the fund.)

BTW there currently ARE different classes of units. Some paid 7.5%; others 9%.

Oh and Michael King was out playing polo again yesterday.

 

[sugar3157]

Re: Octaviar MFS Premium Income Fund PIF

I wonder if the 60M units held by MFS Management Ltd were express units.

(I know I'm repeating myself but I'm sick of hearing a reason for the PIF's woes being the large number of withdrawals. The fund dropped from 880M to the 755M after 30Jun07. Nearly half of that was MFS Management whipping out their 60M. I.e. 6.8% of the fund.)

BTW there currently ARE different classes of units. Some paid 7.5%; others 9%.

Oh and Michael King was out playing polo again yesterday.

Hi Duped....just wondering do you have a PI tailing Micheal King?.....
If you do...can you get him to get his pin number to his bank account....lol

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Hi Seamisty...what price do you think our $1 unit will be worth on the NSX ?
Regards sugar...

Sugar, in all honesty I have not wasted any thought as to what the NSX price of the PIF units will be as I have no intention of selling mine!! So therefore I am more concerned with restoring unit value through good management and business skills which in turn will increase the current 6 cents per unit per year return. It is only when this is achieved that you will see the NSX price increase. Lets hope Javier is right and there will be an alternate exit strategy offered to those who do not wish to sell on the NSX, but in the short term no one could expect more than 45cents per unit until it is proved they are worth more IMO. That being the case, 6cents per year per unit return is not bad (as has been said before). I guess we will all know one way or the other soon anyway. Seamisty

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

Hi Duped....just wondering do you have a PI tailing Micheal King?.....
If you do...can you get him to get his pin number to his bank account....lol

Couldn't afford a PI. Don't really need one anyway. Found out by chance. He's not really keeping a low profile is he.

 

[Wolfgang]

Re: Octaviar MFS Premium Income Fund PIF

Hi All

This may be of interest to you


THE developer of the Mackay city high-rise Latitude, Barry Ison, is the last man standing after the project's builder went bankrupt and its financier was rescued on the verge of liquidation. Mr Ison said the only thing now delaying the 11-storey development was an ongoing court case with former Latitude financiers Premium Income Fund (PIF), an arm of struggling finance group Octaviar.

The rest of it from daily mercury.
http://www.dailymercury.com.au/storydisplay.cfm?storyid=3781927

Wolfgang

 

[sugar3157]

Re: Octaviar MFS Premium Income Fund PIF

Hi Seamisty...are you or someone else going to give JH a call this morning to see what is happening with our fund....no info from the powers that be...is frustrating...regards sugar