letter

I just rang regarding my investment in the MFS Premium Income Fund and was told that a letter to investors is due within 5 days.

Details of the status of the Fund and how it will attempt to go forward will be notified.

The Fund currently has no idea re the value of assets/loan nor shortfall to date. Therefore investors cannot speculate on any capital shortfall.

The current run on the Fund as investments mature indicates that the bulk of investors want out.

It is anyones guess whether related party loans have priority of other debts.

Also told that the redemption freeze could continue for one year. Great for investors geared for regular interest payments.

And I thought that both City Pacific and MFS , ASX listed companies were reputable and safe organisations.... never again.