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Wellington Capital PIF/Octaviar (MFS) PIF

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Re: Octaviar MFS Premium Income Fund PIF

I spoke to WC today. I was told the following;

1. The advisory committee is still planned and will be discussed at the next board meeting in Dec. At present there are over 200 nominees who put their names forward under 'other business' when the 3 resolutions were voted on. Should there be any others who wish to be considered then submit their names directly to WC. A Ballot will be arranged as to who will be the representatives, however, how it will be done is yet to be said. Hence the board meeting.

2.One of the 3 loans which were due to be repaid last month has now been repaid. The other 2 are on track to be repaid in Dec.

3.Daily discussions take place with outstanding debtors, including Raptis.

4.Priority still lies with repaying the 9 million to B of S

5.The second priority is to make a 3c dividend to the unitholders before Xmas.

6. They have diversified the way in which property under their control can be sold. i.e. it has been broken down and is now being sold to individuals who are able to raise money, unlike large corporations who cannot get money from frozen mortagee companies.

7. Financial reports will be made at the end of year showing the current value

8. December is going to be a very busy time with court and hopefully a settlement from Octaviar.

Thats all I can relay. Basically they said they are working hard, some with flood problems, however we must try and be patient.

Its very, very hard to wait I know. But what is the alternative?
 
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Re: Octaviar MFS Premium Income Fund PIF

Assuming the 3cents is not paid this year, does that mean sayonara to this distribution that will go with the rest of the unpaid distributions? Is it possible that the 3 cents will be paid in the new year as well as other suggested distibutions. It seems to me that we can wave goodbye to the 3 cents promised. Any thoughts please.
 
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Re: Octaviar MFS Premium Income Fund PIF

Assuming the 3cents is not paid this year, does that mean sayonara to this distribution that will go with the rest of the unpaid distributions? Is it possible that the 3 cents will be paid in the new year as well as other suggested distibutions. It seems to me that we can wave goodbye to the 3 cents promised. Any thoughts please.

My mail is that it will be very unlikely be the full 3c, but there will have to be a catastrophe to prevent us receiving some payment amount by Xmas. I am just passing info that was passed to me...so please don't shoot me down the track if it comes off the rails. No idea what that amount to be announced will be. Money is really, really tight and that is what is causing the inability for loans to be settled / refinanced. Next year will be much of the same as the fund goes into a somewhat stability mode as we have inherited some real rubbish loans that had no fundamental criteria to them. So much for the rock solid lending policies that MFS was having us believe...it was just crap as they had soooo much money from suckers like us walking in the door, and rollover investments.
 
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Re: Octaviar MFS Premium Income Fund PIF

Thank you Ian1328 for passing on this information you got from WC.

I'm a bit concerned though about this $9.4mil loan with B of S. The June Annual Report clearly stated that this bank loan had been repaid by the Fund entering into a new finance facility with a non-bank financial institution. Terms 20%p.a. interest to be repaid by 30 November.

WC are saying that one of the outstanding loans due in October has now been repaid. If repaying the $9.4mil is a priority why is the whole amount still outstanding. The other two loans are expected to be repaid in December, this is after the maturity date of the $9.4mil loan.

All sounds a bit scary. What are the consequences of not repaying the loan by maturity date ??

The sooner the Advisory Committee is set up the better, we will know more about how much we should be worrying.
 
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Re: Octaviar MFS Premium Income Fund PIF

..... Next year will be much of the same as the fund goes into a somewhat stability mode as we have inherited some real rubbish loans that had no fundamental criteria to them. So much for the rock solid lending policies that MFS was having us believe...it was just crap as they had soooo much money from suckers like us walking in the door, and rollover investments.

Hear Hear DD. Add to that - PIF is a trust so we have to pay income tax on 'profit' that we never see. Another risk exposure that wasn't explained to me. What a con job.
 
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Re: Octaviar MFS Premium Income Fund PIF

Thank you Ian1328 for passing on this information you got from WC.

I'm a bit concerned though about this $9.4mil loan with B of S. The June Annual Report clearly stated that this bank loan had been repaid by the Fund entering into a new finance facility with a non-bank financial institution. Terms 20%p.a. interest to be repaid by 30 November.

WC are saying that one of the outstanding loans due in October has now been repaid. If repaying the $9.4mil is a priority why is the whole amount still outstanding. The other two loans are expected to be repaid in December, this is after the maturity date of the $9.4mil loan.

All sounds a bit scary. What are the consequences of not repaying the loan by maturity date ??

The sooner the Advisory Committee is set up the better, we will know more about how much we should be worrying.

i know i'm stupid but maybe someone can explain it to me. If jh is having trouble paying back a loan of $9.4 million how can we expect her to pay out $23.1million before christmas[=$770,000,000 at 3% is $23,100,000] or is the 3% of the writen down value of aprox.$400,000,000 which would be only $12,000,000 and then every one will be getting only half of what we were expecting[lol] but that would be misleading and i'm sure jh would never mislead us[again] i suppose that if it was the case we could get those auful people ,the PIFI, to force assic to take her to court again oh and one other question . how do you borrow your self out of debt paticulary at the rate of 20% intrest?
 

Sean K

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Re: Octaviar MFS Premium Income Fund PIF

i know i'm stupid but maybe someone can explain it to me. If jh is having trouble paying back a loan of $9.4 million how can we expect her to pay out $23.1million before christmas[=$770,000,000 at 3% is $23,100,000] or is the 3% of the writen down value of aprox.$400,000,000 which would be only $12,000,000 and then every one will be getting only half of what we were expecting[lol] but that would be misleading and i'm sure jh would never mislead us[again] i suppose that if it was the case we could get those auful people ,the PIFI, to force assic to take her to court again oh and one other question . how do you borrow your self out of debt paticulary at the rate of 20% intrest?
I count about 20 grammatical errors there sume.

I'm not convinced by your argument.

Maybe use a spell check, or have your work proof read.

Cheers,
Kennas
 
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Re: Octaviar MFS Premium Income Fund PIF

Ian1328 - Your cautious report on the present situation was appreciated. Your points 1-8 covered a lot of ground and you gave a source for your info which helps a lot. Let's hope nothing more goes wrong before Xmas that might hold up a distribution of sorts.
 
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Re: Octaviar MFS Premium Income Fund PIF

One other point discussed when I spoke to WC was the lack of information being received from them.

I was told that an update newsletter is happening monthly, they don't consider it necessary to update weekly. Early Dec will be the next one. No specific date tho'.

Its driving me nuts like everyone else, frustrating beyond belief. I try to remain positive and not to think about it but still have a look each day at this forum to see if anyone has any good news.
 
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Re: Octaviar MFS Premium Income Fund PIF

Not a smart move challenging one of the forum moderators sume, they like to be recognized for their usefullness, not ridiculed by a poster making use of their forum. I might just say goodbye now in case it is your last post. Seamisty:ald:
 
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Re: Octaviar MFS Premium Income Fund PIF

I count about 20 grammatical errors there sume.

I'm not convinced by your argument.

Maybe use a spell check, or have your work proof read.

Cheers,
Kennas

Greetings Kennas,
Your grammatical meticuluosity is truly appreciated.
I am using this forum to improve my English. Other contributors oblige profusely. And I am pleased that your interventions now are for grammar infringements rather than for exchanges of expletives.
In appreciation,
Simgrund and no doubt many others
 
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Re: Octaviar MFS Premium Income Fund PIF

Keep posting Sume

Any person who takes the time and effort to write a post should be respected

I am sure many people on the forum are interested in content and how you feel about the issues, which has nothing at all to do with grammar.
 
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Re: Octaviar MFS Premium Income Fund PIF

Hi folks Just had a look at the NSX Exchange & its pretty grime Buyers only have 320270 units on offer to buy off us at an average price of only 8.75 cents a unit Its much much worth then ever what i for cast in the past Anybody out there still believe what JH said buyers will give us a Dollar each for our units in 3 to 5 years Hmmmmmmm I DON'T THINK SO / Dane ////
 

Sean K

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Re: Octaviar MFS Premium Income Fund PIF

Keep posting Sume
But first review the ASF Posting Guidelines.

Please note No 4.

4. Before clicking 'submit', please take a moment to proofread your post to avoid any unneccesary spelling or grammatical errors. After submitting your post, you will have twenty minutes to make modifications to it. After this time if you wish to modify your post you will need to contact either the administrator or one of the site moderators.

And also the Code of Conduct.

Note No 2.

2. All members must treat other members with respect at all times. This means insults, name calling and personal attacks on other members are strictly forbidden. Forum trolling - the intentional provoking of other forum members - is also forbidden. Please treat other members as you yourself would wish to be treated. Repeated violations of this rule will result in the suspension of your Aussie Stock Forums account.

Cheers!
 
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Re: Octaviar MFS Premium Income Fund PIF

Hi folks Just had a look at the NSX Exchange & its pretty grime Buyers only have 320270 units on offer to buy off us at an average price of only 8.75 cents a unit

Yes, and I note that there are over 1 million units on offer from sellers.

With supply outstripping demand by more than 3 to 1, it doesn't look too healthy does it?
 
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Re: Octaviar MFS Premium Income Fund PIF

Yes, and I note that there are over 1 million units on offer from sellers.

With supply outstripping demand by more than 3 to 1, it doesn't look too healthy does it?
OR another way of putting it Juan Only 1buyer to over 3 sellers I see some one cant flog them off at 15 Cents a unit The buyers are holding there ground & will not budge from there bids What little there is is of them Its all very sad & upsetting / Dane ///
 
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Re: Octaviar MFS Premium Income Fund PIF

INTERESTING - What does everyone think of the following?

Andrew Peacock
Investment General Manager
Australian Securities Ltd
L1/180 Queen Street,
Melbourne
www.australiansecurities.com.au

25th November 2008:
Value of mortgage funds rose by 12.5% in the quarter ended 15 October 2008. Low management fee of 0.55%.
Conservative ratios 60% or less.
Regards, RickH:couch
 
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Re: Octaviar MFS Premium Income Fund PIF

...Andrew Peacock
Investment General Manager
Australian Securities Ltd
L1/180 Queen Street,
Melbourne
www.australiansecurities.com.au

25th November 2008:
Value of mortgage funds rose by 12.5% in the quarter ended 15 October 2008. Low management fee of 0.55%.
Conservative ratios 60% or less.
...

The way I see it, the 12.5% growth is simply more money being deposited by investors. Probably because "ASL has an 84 year history providing financial services to its investors and finance clients". I.e. this is not a glam Gold Coast up start.

From my reading - The fund charges interest to lenders at rates ranging between 7.85% to 11.75%, take their 0.55% cut and subtract 0.39% of the loan amount (p15 of the PDS) and give the rest to the investor as interest. Which is ??? You get your $ back when the loan's paid out. My guess, if you invest $100K in a 1 yr fixed mortgage paying 8.2% you get 7.26% i.e. 1.01% more than the Macquarie bank rate (6.25% for > $50K) listed as a comparison in the newsletter. I.e. you get $1010 more a year (i.e. $19.42 a week) than the $6250 Macquarie would give you. But is it worth the risk?

IMO - not a chance. I'd rather cut my spending by that much. E.g. Monday morning coffee & cake and a couple of Friday beers. And if Ruddy doesn't like what that does to the economy then he needs to litigate against the PIF shysters to restore my confidence.

Never forget ABS show total taxation revenue has increased from $217B in 01/02 to $319B in 06/07. I.e. revenues are up 47% in five years. Yep $319 BILLION. And they spend most of it. 28% of our GDP is under government control.
 
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