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reports in the SMH that on the first day of liquidators' examinations into MFS, now Octaviar, David John Kennedy (employed as chief operating officer) described uncontrolled spending of MFS executives, ''Mickey Mouse'' approval processes and a hostile culture in which the company's chairman, former Liberal leader Andrew Peacock, screamed at staff -
Mr Kennedy told the NSW Supreme Court he started work for MFS in May 2007, as chief operating officer - a role that no one at MFS ever lasted long in - he said real decisions were made at board level, and that Michael King was ''the decision-maker'' - an internal investment approval committee could reject a proposal, only to have Mr King override the decision and approve it anyway
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13/04/2010
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reports that a company founded by former Octaviar finance director David Anderson was paid more than $940,000 in ''professional fees'' from early October last year to September this year
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12/10/2009
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William Fletcher and Katherine Barnet of Bentleys are appointed as Liquidators of Octaviar Limited and Octaviar Administration Pty Ltd.
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09/09/2009
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delisted following failure to pay listing fees
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31/08/2009
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the administrators are appointed provisional liquidators
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31/07/2009
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the sale by Octaviar Stella Holdings P/L of its shares in Global Voyager Holdings P/L is completed
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31/07/2009
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the deed administrators have made a declaration that there will be no distribution to shareholders and you can choose to make the capital loss in your tax return this year
Click here to view Declaration (you first need to get Adobe Reader – click on ICON at bottom of screen)
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26/06/2009
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administrators advise there will be no further interest payments to Noteholders
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23/04/2009
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the Public Trustee of Queensland wants to set aside resolutions to execute the DOCA and appoint the Deed Administrators - this hearing is set down for 6 March 2009
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03/02/2009
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all shareholdings on the register are converted to issuer sponsored
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16/01/2009
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the winding up hearing is adjourned to 6 March 2009
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18/12/2008
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the adjourned winding up hearing is due to be heard today in the Supreme Court of QLD
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18/12/2008
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liquidators are appointed to Octaviar Investment Notes Limited
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18/12/2008
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creditors decide the company will enter into a Deed of Company Arrangement proposed by Fortress
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17/12/2008
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second meeting of creditors to be held 17 December to consider various matters including that the company execute a Deed of Company Arrangement
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12/12/2008
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the convening period for the second meeting of creditors is extended to 10 December 2008 - this is so as to allow the Administrators sufficient time to fully investigate the companies
business, property, affairs and financial circumstances as required by the
Corporations Act and to allow the Administrators sufficient time to form an opinion whether it is in the
creditors best interests for the companies to execute a deed of company arrangement
or that the companies be wound up
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14/10/2008
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Arctic Capital acquires the share capital of Living and Leisure Australia Management Limited from Octaviar Financial Services Limited, a wholly owned subsidiary of Octaviar Limited
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29/09/2008
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Class Action - Maurice Blackburn will mount and IMF (Australia) Ltd ('IMF') is proposing to fund a shareholder class action against the listed public company, Octaviar Limited ("OCV") (formerly known as MFS Limited ("MFS")) for losses caused by MFS' alleged breaches of its continuous disclosure obligations - shareholders who purchased MFS (now known as Octaviar) shares during the
period from 21 August 2007 to 22 January 2008, may be entitled to seek compensation or
damages for losses
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26/09/2008
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at their first meeting today, creditors resolve to appoint a committee of creditors to consult with and receive reports from the administrators
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24/09/2008
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John Greig and Nicholas Harwood are appointed voluntary administrators - receivers and managers Stephen Parbery and Anthony Sims of PPB are also appointed and will consider the various restructure proposals available - these measures never augur well for shareholders as creditors interests prevail - shareholder queries should be directed to the administrators on (07) 3308 7000
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15/09/2008
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the Noteholders have requested an extension to the deadline for acceptance of the proposal to them and that has been extended to 30 September 2008
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29/08/2008
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the company reports on developments with its negotiations with creditors
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22/08/2008
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the application for a court to consider a winding up order is adjourned to 9 & 10 September and it is anticipated that Trust Company Fiduciary Services Limited will become the trustee
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25/07/2008
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the company is to put offers to creditors and notes that the proposals would deliver a better return for
all creditors and allow Octaviar to continue as a going concern rather than for the company to be
wound up which is a worse case scenario
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18/07/2008
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as previously announced the Octaviar Group needs to reach an accommodation with its large creditors
so as to align the obligations to those creditors with the realisation of the Group’s assets - it continues in discussions with the large creditors regarding such an accommodation - developments regarding these large creditors since the announcement of 5 June 2008 are set out in an update released today
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24/06/2008
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a wholly owned subsidiary of Octaviar Limited has entered into a call option deed granting Wellington Capital Limited an option
to purchase its shareholding in Octaviar Investment Management Limited, the
responsible entity of a number of income funds including the Octaviar Premium Income
Fund - that call option has now been exercised and the shares in the responsible entity are now
held by Wellington Capital Limited
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13/06/2008
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company issues an update - there continues to be uncertainty as to whether an accommodation can be achieved with the major
creditors
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05/06/2008
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the Public Trustee of Queensland files separate applications in the Supreme Court of
Queensland seeking winding up orders in relation to the following companies:
• Octaviar Limited
• Octaviar Investment Notes Limited
• Octaviar Investment Bonds Limited
• Octaviar Financial Services Limited
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04/06/2008
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Living and Leisure
Australia (LLA) issues a recapitalisation proposal update - it says among other things that "If Octaviar Limited is forced into any form of external administration as a consequence of
the issues that it is facing, as announced by Octaviar Limited to ASX last week, that could
have an adverse effect on the ability of LLA and Arctic to satisfy the condition precedent in
the underwriting agreement which requires the responsible entity of LLA to be acquired by
Arctic"
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02/06/2008
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the company issues an update - as previously announced the Group needs to reach an accommodation with its larger unsecured
creditors such that the orderly realisation of the investment in the Stella Group can occur within
the same timeframe as the amounts owing to these creditors become due and payable - there continues to be uncertainty as to whether such an accommodation can be achieved
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27/05/2008
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GEO Property Group (GEO/Group) has exchanged binding agreements to acquire all of the shares in the
responsible entity of the GEO Property Trust, as part of its transition to internal management - completion of the
acquisition is subject to typical conditions precedent - the responsible entity is to be acquired from Octaviar Financial Services Limited (OFSL) for $2.5 million,
representing approximately 0.3% of assets under management (as at 31 December 2007) plus the net asset
value of the responsible entity as at the date of completion - the net assets will be in cash
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14/05/2008
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Octaviar Limited today announced that a wholly owned subsidiary had entered into a call option
deed granting Wellington Capital Limited ACN 114 248 458 (Wellington Capital) an option to
purchase its shareholding in Octaviar Investment Management Limited ACN 101 634 146
(Octaviar IM), the responsible entity of:
• Octaviar Premium Income Fund ARSN 090 687 577
• Octaviar Wholesale Premium Income Fund ARSN 107 973 071
• Octaviar Cash Enhanced Fund ARSN 118 285 760
• Octaviar Maximum Yield Fund ARSN 109 106 658
• Octaviar Dynamic Growth Equity Fund ARSN 121 883 020 - the Company will pay Wellington Capital a
management fee in relation to Wellington Capital’s management of OIM and its underlying funds
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08/05/2008
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GEO Property Group (GEO) is finalising negotiations with Octaviar Limited (previously known as MFS Limited) for the purchase of all of the shares in the responsible entity of GEO Property Trust - if these negotiations are completed, GEO Property Group will become internally managed rather than being externally managed by a subsidiary of Octaviar Limited
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02/05/2008
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company advises that the interest payment in relation to the Octaviar Stapled Securities (ASX: OCVG) has been made today as scheduled
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30/04/2008
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company releases its Interim Financial Report and Appendix 4D
for the half year ended 31 December 2007
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28/04/2008
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name changed from MFS Limited
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01/04/2008
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