octaviars debt to pif

Good morning athyrio, My thoughts in response to your post regarding 'Chris Scott, whose interests now control the Octaviar board, was offloading key assets (such as management rights to Octaviar’s funds) to spokesperson, advisor and former business partner, Jenny Hutson without getting shareholder approval or an independent valuation' According to the Feb PIF update (I haven't found a more recent one)Octaviar had borrowed the following monies from the PIF.(illegally in most cases according to the PDS) Since then the debt to LLA has been secured,so in the event of OCV being wound up, I would assume the PIF, which is not owned by OCV,only the management rights, would be liable for the outstanding debt to the fund! Also don't lose sight of the fact that OCV was getting zero because its fees were based on performance and the fund was not performing!!!!In my opinion if OCVIM RE were to be found guilty of misuse of PIF funds, they could well be liable for distributions outstanding to holders as well!! That is on top of the $50 million it already owes the PIF. The PIF could well be in the line up of creditors in the event of a divvy up.(Hmmn, I must bring this to the attention of the PIF Action Group) Cheers, Seamisty :::DISCLOSURE OF RELATED PARTY INTERESTS
As at 29 February 2008 the following Asset Backed Investments were held by the Fund in entities associated with or managed by
Octaviar Limited or its subsidiaries.Name of Investment*
Interest rate /
return
Security
% of Asset
Backed
Investment
Sector
% of Fund
Portfolio
Fees Payable to
Octaviar IM
Establishment
Fees to Related
Parties
Causeway Asset Management Ltd1
ABN 72 110 962 340
8.60%
Charge over Company Assets
Causeway Private Debt
Opportunities Fund
7.7% 2.4% NIL NIL
OPI Pacifi c Finance Limited2 10.20% Unsecured loans 8.4% 2.6% NIL NIL
Living & Leisure Australia Group3
(ASX code LLA)
ABN 60 101 634 315
N/A Units in Listed Company 1.1% 0.3% NIL NIL
Living & Leisure Australia Trust4
ARSN 092 701 589
13.25% Unsecured loans 8.4% 2.6% NIL NIL
Living & Leisure Australia Trust5
ARSN 092 701 589
9.50% Unsecured loans 15.4% 4.9% NIL NIL
DISCLOSURE OF RELATED PARTY INTERESTS
As at 29 February 2008 the following Asset Backed Investments were held by the Fund in entities associated with or managed by
Octaviar Limited or its subsidiaries.
Name of Managed Investment
Scheme*
Market Value as at
29 February 2008
% of Property Backed
Managed Investment Schemes
Sector
% of Fund Portfolio
Fees Payable to
Octaviar IM
Establishment Fees
to Related Parties
GEO Property Trust6
(ARSN 104 482 206)
$19,038,075 13.5% 2.1% NIL NIL
Bluesky Development Trust7
ARSN 107 926 063
$2,009,000 1.4% 0.2% NIL NIL
Property Trust No.78
ARSN 105 824 566
$1,001,619 0.7% 0.1% NIL NIL
Octaviar Maximum Yield Fund No.19
ARSN 109 106 658
$85,000,000 60.1% 9.5% 1.1% pa NIL
* 6 GEO Property Group (ASX code ‘GPM’) is a stapled group comprising GEO Property Trust (ARSN 104 482 206) and GEO Property Group Limited (ACN 117 546 326). GEO
Management Limited (‘GEOML’) (ACN 116 506 882) is the Responsible Entity for GEO Property Trust. GEOML holds an AFSL no 304866 and is a subsidiary of Octaviar Limited
(ABN 90 107 863 436).
7 & 8 McLaughlins Financial Services Limited (ABN 65 088 647 796, AFSL 227010) is the Responsible Entity for Bluesky Development Trust and Property Trust No.7.
9 Octaviar Investment Management Limited (ABN 20 101 634 146, AFSL 246553) is the Responsible Entity for Octaviar Maximum Yield Fund No.1.
Entities associated with Octaviar Limited receive management fees for acting as the Responsible Entity of the managed investment schemes identifi ed in the above table.
As at 29 February 2008 the following investments were held by the Fund with Property Backed Managed Investment Schemes managed
by Octaviar Limited or its subsidiaries.
* 1 Causeway Asset Management Ltd (ABN 72 110 962 340, AFSL 286005) an Octaviar Limited (ABN 90 107 863 436) subsidiary entity, is the Responsible Entity for the Causeway
Private Debt Opportunities Fund (ARSN 125 168 587). Drawable Loan Facility secured by Causeway Private Debt Opportunities Fund assets.
2 The Fund holds unsecured notes issued by OPI Pacifi c Finance Limited. The notes are unsecured and rank behind liabilities of the company but ahead of shareholder’s capital. OPI
Pacifi c Finance Limited (‘OPI’) is a New Zealand Based company managed by Octaviar Limited. The majority of OPI Pacifi c Finance Limited’s assets are 2nd mortgage loans held
over assets in Australia and New Zealand. The Fund is also pursuing repayment of loans in which it participated with OPI. The repayment of the $4.4 million due to the Octaviar
Premium Income Fund has not been released to date.
3, 4 & 5 Living & Leisure Australia Group (ASX code ‘LLA’) is a stapled group comprising Living & Leisure Australia Trust (‘Trust’) (ARSN 092 701 589) and Living & Leisure Australia
Limited (‘Company’) (ABN 92 107 863 445). Living & Leisure Australia Management Limited (‘LLAM’) (ABN 60 101 634 315) is the Responsible Entity of the Trust. LLAM is a
wholly owned subsidiary of Octaviar Limited (ABN 90 107 863 436). Each Stapled Security consists of one fully paid share in the Company and one fully paid unit in the Trust. The
unit in the Trust and the share in the Company are stapled together and can only be dealt with as a Stapled Security