Wellington Capital PIF/Octaviar (MFS) PIF
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thanks seamisty .....good days r comeing ....no not yours..miss pigey red coat...ours ag
HA HA NOR
An old folktale in which a botoxique investment bank was given a goose that laid an egg every day, and the egg was made of gold. The botoxique bank prospered and the more they had, the more greedy they became.
One day, the botoxique bank manager said, "Why wait for one little egg every day? There must be a great store of gold inside this goose. If I kill it, I can have it all now." And so she killed the goose, only to find that there was nothing unusual inside her.
And that, of course, was the end of the supply.
So in her greed she destroyed the source of her good fortune.
To kill the goose that lays the golden egg is to destroy something that provides a steady, long-term gain for the sake of a quick reward.
Summary::
In general, it means if something is profitable, don't do anything to screw it up. If a goose is laying golden eggs, collect the eggs and distribute the rewards fairly. Don't kill it in an attempt to increase short term profit by diluting the strength of the golden yolk. This strips away the opportunity for continued profit, no matter how many eggs are handed out, the quality of the yolk will pale into insignificance where it is no longer profitable. A dead goose lays no eggs, golden or otherwise, but the yolk from the previous golden eggs remain forever visible upon the face of those who dared to steal and kill the golden goose.
Posting pictures of eggs on a so called professional fund managers website with no justifiable explanation reinforces PIF unit holders opinion of the ongoing petty unprofessional lengths WC are prepared to associate themselves with. I have witnessed this type of behaviour many times before, but it has generally been associated with unprofessionals.
Seamisty
An interesting article produced by McCullough Robertsons lawyers in April 2009:::
a warning on unilateral constitution changes by a responsible entity
http://www.mccullough.com.au/publications/publications.aspx?p=47&itm=2503
a warning on unilateral constitution changes by a responsible entity
http://www.mccullough.com.au/publications/publications.aspx?p=47&itm=2503
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A stellar example, seamisty. Rock solid for joining many other precedents to put forth in our case for RE change.
This particular egg of an WC is truly scrambled against Red Terror.
Cheers to all!
WATERSHED DECISION RELATING TO RESPONSIBLE ENTITY'S POWER TO AMEND CONSTITUTION.
A release by McCullough Robertson, 19 July, 2011.
http://www.mccullough.com.au/publications/publications.aspx?p=47&itm=3207
A release by McCullough Robertson, 19 July, 2011.
http://www.mccullough.com.au/publications/publications.aspx?p=47&itm=3207
There's a very interesting sentence in McCullough's note:
"Wellington then placed units to an investor at 10 cents per unit". (bold added by me)
It's either a slip of their keyboard, or the McCullough lawyer who wrote the note has inside information about the "sophisticated investor(s)" that we don't have. On face value it now appears there was only one investor involved in buying the units that WC placed...
Ashley
Further to my post, 8306 I would personally and on behalf of the PIFAG like to thank Castlereagh Capital for all of their assistance in righting the wrong that was inflicted upon the unit holders of Wellington Capital PIF. Clearly WC erred and as a result the fund increased from approximately 755 million units to 830 million units causing serious dilution of the value of units held by unit holders who were in the fund prior to the placement. Unfortunately this could not be reversed and unit holders are stuck with the extra units. Without the intervention of the PIFAG, with the assistance of CASCAP, the situation would have been far worse. There would have been and increase firstly, 775 mill. to 830 mll. and then the rights issue adding a further 290 mill units bringing the total units in the fund to 1.2 billion units. WC have notified unit holders that they intend to again introduce a special class of units in the near future. This issue has to be further explained by WC.
Unit holders might consider their individual situations and consider whether the actions of WC is in their interest. Hopefully, we will all be given a chance to again vote in the near future and hopefully the unit holders who failed to vote will feel the need to replace WC and cast their proxy accordingly. The PIFAG members will be out in force seeking support of unit holders in the near future. We are still seeking volunteers, there are many tasks that need to be undertaken, if you can spare some time to help, please contact Seamisty or myself.
Unit holders might consider their individual situations and consider whether the actions of WC is in their interest. Hopefully, we will all be given a chance to again vote in the near future and hopefully the unit holders who failed to vote will feel the need to replace WC and cast their proxy accordingly. The PIFAG members will be out in force seeking support of unit holders in the near future. We are still seeking volunteers, there are many tasks that need to be undertaken, if you can spare some time to help, please contact Seamisty or myself.
Ashley, there were a number of investors. Sophisticated, who knows.
............... but does that mean 1 plus 200 Charles?
Pick a number between one and twenty.
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Yes Ashley; when I read it off a printout it too stood out like a Kilimanjaro peak in a Redfern backyard. More than a slip of a tongue as eventually courts will pry Armstrong Register from Jenny's rigid armpit and a "sophisticated one' will be tarnished with the brush of Truth.
Watching Murdochs squirm during their public interrogation, I try to imagine Jenny on the griller sizzling merrily through a similar interrogation. Merriment won't last long when Judge Gordon's assertion of Member's rights will trump every time from now on.
Judge Dowsett; there's a clue in it for you.
Cheers,
Hi Charles36,
I fully support Castlereagh and the wonderful work the AG is doing for all of us.
I do think that Castlereagh should make a comment as to the latest court case. I feel as if, by not hearing from them, that we are left dangling, and not knowing where we stand. Perhaps they are working on a statement, but there silence is deafening. For what we poor unfortunate investors have been thru, I don't think it is too much to ask.
I would just like to know, in there opinion, if we still have any chances of removing WC,or are we dead in the water.
atlas1950
Legal dispute cuts into G8 net profit
Nick Nichols, business editor | July 21st, 2011
Chris Scott and Jenny Hutson.
A LEGAL stoush over a Singapore acquisition has shaved more than $2 million of G8 Education's profit expectations for the 2011 financial year.
http://www.goldcoast.com.au/article/2011/07/21/334095_gold-coast-business.html
Nick Nichols, business editor | July 21st, 2011
Chris Scott and Jenny Hutson.
A LEGAL stoush over a Singapore acquisition has shaved more than $2 million of G8 Education's profit expectations for the 2011 financial year.
http://www.goldcoast.com.au/article/2011/07/21/334095_gold-coast-business.html
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Thank you atlas1950 I am sure your sentiments are exactly what a lot of us poor unfortunates are thinking
Hi Atlas and Faithnomore,
I have/had assumed that Castereagh are awaiting the Judges full report before commenting further.
However, I have just looked at https://www.comcourts.gov.au/file/Federal/P/QUD140/2011/actions and although it shows are case as still "open" it also lists as "finalised-Granted/Allowed".
I've asked before what the ramifications of "open" means, but, as yet, nobody seems to be able to enlighten us.
:swear: John H.
Having said all that, there is now way that we are going to let the matter rest!!!
It's difficult not to agree with the sentiments of Atlas 1950. We are becalmed. I suppose, as it has been for years, that we again Godot-style have to wait and wait. Perhaps some light will be seen when the text of the full judgment is handed down. In the meantime, I ask myself how it's possible to attempt to stack an EGM without ensuing action from the authorities. It's a funny old world.
CasCap are like the rest of us, we await the Judiciary's pleasure. No strategy nor decision can be made until we know what confronts us. The main thing as far as I can see is we all maintain our firm commitment to remove WC. Let us not forget that ASIC have the Regulatory Authority to remove an RE for many reasons and surely WC fall somewhere within this ambit. The PIFAG have made a detailed complaint to ASIC and as no information has been received to the contrary it is assumed very serious attention is being paid to our concerns. A very good friend one described to me his feelings about ASIC, "Asic is like a slow moving elephant but once it gets moving it tramples everything in its way."
Let"s hope we hear those thundering feet shortly.
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I always wince up steeling myself ready for that face & that jacket but this one had me doing a double take. Is her head TWICE the size of Chris' or what?? Looks like a caritature blown up head on tiny shoulders. Has someone had fun with photoshop or is it just me?? Damn, I'll have to wait a while til dinner now.
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Yes, I agree Charles. They have been embarrassingly and frustratingly inefficient and ineffective so far BUT taking action on blatant & contrived abuse of power is their job and sooner or later they HAVE to do something here, especially in the light of recent activities that are indisputably not in the Unit holder's best interests. (We know they gathered information at the court.)
Hopefully the new boss will have a sense of work ethic & pride and in the near future their investigations will lead to actions that send a message that they are able and willing to protect law-abiding tax-paying citizens.
