perpetul nominees stake

Current Wellington Capital site page shows this info:

"Premium Income Fund
The Premium Income Fund ARSN 090 687 577 is a registered managed investment scheme domiciled in Australia. The Fund was first registered on 22 December 1999 and is managed by Wellington Capital Limited.
The Premium Income Fund’s principal activity is the receipt and investment of Unitholders’ funds in registered mortgages, equity, debt instruments and cash.
There are currently 830,532,768 Units on issue in the Premium Income Fund. The Premium Income Fund currently has in excess of 10,700 Unitholders."
The basic (diagram) framework of the Premium Income Fund also shown.
What is not shown or mentioned is Permanent Nominees stake of 150,000,000 issued at time of ARL/WC split.
And the entry is not an up-to-date profile of PIF today.
So in fact, 830 mil PIF stake is further diluted by PermNom stake.
Also CA is well on the starting blocks and ASIC still did not resolve the question of Wellington Capital's stated aim to hold member meeting to decide on methods for CA proceeds distribution.

To recount, WC wants Constitution amended for:
1. Oct 15 2008 to be a cut-off date,
2. to establish "Distribution mechanism" etc.

As we know, there is great danger in Dgenny being allowed
to wield authority for purposes of organising meetings.

ASIC has the statutory authority to apply to court to have these measures adapted.
ASIC can also give its statutory supervision commitment to
guarantee genuine meeting, should this be an immovable requirement.

PIF needs to start making very loud noises now about this.
Or this may become another regret for us in
the not-so-distant future.

Regards,