Wellington Capital PIF/Octaviar (MFS) PIF

gazzan57 said:

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

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like2ski said:

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

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DoraNBoots said:

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?

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DoraNBoots said:

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.

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breaker1 said:

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.

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Wolfgang said:

Hi Breaker

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

Wolfgang

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sugar3157 said:

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

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Wolfgang said:

Hi Breaker

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

Wolfgang

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seamisty said:

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

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BootsnAll said:

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.

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Duped said:

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.

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sugar3157 said:

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

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sugar3157 said:

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

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