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Just for the record:I sent this to ASIC on 27/5/2011:
'I cannot believe that ASIC has not intervened on PIF unitholders behalf in relation to this placement and rights issue which dilutes our investment considerably as the offer is certainly not in the best interests of existing unitholders'.
Response from ASIC 1/6/2011:


'ASIC is maintaining an active monitoring brief in respect of the issues relating to the rights issue and upcoming members meeting. ASIC has carefully considered the issues raised by the members of the Premium Income Fund (Fund) in respect of the placement and rights issue and responded to members who have complained to ASIC about these.'

Sent to ASIC 25/7/2011:
'I would like to know where PIF unitholders stand with ASIC as our regulatory body who has the power to intervene if it is proved that a responsible entity has acted negligently and not in the best interests of unit holders?
Wellington Capital as RE has twice breached their duties within the past two months. Once by amending the constitution by deed poll to issue shares in a placement at a discount which could not be revoked and resulted in a dilution of our Fund

I Sent to ASIC 31/7/2011:
'Thankyou for referring my previous communication to you on to James Stewart. I would have preferred however that in view of the seriousness of the complaints tendered to ASIC recently relating to Wellington Capital Premium Income Fund issues and the lack of intervention to date that senior ASIC staff would take the responsibility to address these issues themselves. PIF unit holders have already been financially compromised because ASIC failed to intervene when asked to relating to the Wellington Capital PIF placement and rights issue.'

Response from ASIC 1/8/2011:
'I can assure you that I am involved in and engaged with the issues that are being raised in relation to Wellington Capital Limited.

I appreciate the time taken by you and other members of the PIF Action Group to communicate your concerns to ASIC, however I am unable to comment on operational matters beyond acknowledging your communication. It is standard practice within ASIC that all complaints are registered through a central function to ensure that each of these is properly considered and responded to. James has been managing the complaints we have been receiving in relation to Wellington recently. '

Sent to ASIC 1/10/2011;
'Is it not the responsibility of ASIC to enforce company and financial services laws to protect consumers, investors and creditors? How long will ASIC continue to procrastinate, as in the case where ASIC did NOT stop the illegal placement issue by Wellington Capital of PIF shares to 'professional and sophisticated investors'? (resulting in a financially detrimental dilution of value to existing unitholders)'