But has anything changed in four years in 'that woman’ of an “I trust a woman more than a man” infamy accolades from inside PIF?
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Raise funds from Peter to pay Paul
Date September 7, 2011 Scott Rochfort
CBD
Remuneration forecasts bang on track ... QR National's Lance Hockridge.
The manager of the MFS-founded Premium Income Fund (PIF), Wellington Capital's Jenny Hutson, provided a novel explanation yesterday on her tactic to pay out a distribution and then soon afterwards raise the same amount through a massively dilutive placement to outside investors.
During a Q&A session at a presentation to unitholders yesterday (where investors were not allowed to ask questions), the Wellington Capital founder at least managed to ask herself some reasonably prickly questions.
On the matter of the 1¢ a unit $7.66 million distribution in April and then the 10¢ a unit $7.66 million raising in May (at a 90 per cent discount to the issue price of the units), Hutson said she was driven to help some investors get some ''cash back into their pockets''.
''With 10,000 investors in the fund, we have the full spectrum of need and investment profile.''
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