I consider it extremely lax on behalf of WELLINGTON CAPITAL...

I consider it extremely lax on behalf of WELLINGTON CAPITAL LIMITED in their capacity as RESPONSIBLE ENTITY of the PREMIUM INCOME FUND not to have updated PIF investors as to the confirmed sale of Kooralbyn Resort A reminder of the NSX annoncement 18 May 2o11. http://www.wellcap.com.au/assets/pif/updates/2011/nsx_release_investor_update_pif_30april_23may2011.pdf

Wellington Capital Limited as responsible entity of the Premium Income Fund is delighted to
announce that a contract for the sale of the property known as the Kooralbyn Resort has been signed.
The property is subject to a conditional contract for sale. Wellington Capital Limited is selling the
property as Responsible Entity of the Premium Income Fund and mortgagee in possession. The
purchaser is a consortium advised by DLA Piper. Spokesman for the consortium Murray Bailey said
“Kooralbyn has extraordinary potential to become the premier address in the SE Queensland growth
corridor.”
Managing Director, Jenny Hutson said
“To have a contract for sale of the Kooralbyn Resort is excellent for Unitholders. It is also an exciting step forward for the residents
of, and visitors to, the Scenic Rim and broader South East Queensland. It is particularly pleasing that the contract for sale has been negotiated with a party whose intentions are to return the once outstanding resort to its former glory.”
This transaction is anticipated to return net proceeds of approximately $22 million to the Fund.
The contract is subject to an 18 month deferred settlement and is conditional upon finance
and finalisation of town planning considerations by the Conditions Date which is eight
months from the contract date namely 16 January 2012.

Ok, so WC has not bothered to respond to my enquiry on the 16/1/2012 as to the current status of Kooralbyn. Why? PIF investors were previously inundated with NSX announcements when it was apparent that there was a serious contender for the management rights to the Fund. Now we are once again subjected to the silent treatment.

Suggestions for a book title?? My contribution is 'Schemers, plotters and high heel trotters'