MFS - MFS Limited

[BionicBoy]

mfs...a 2nd egm is booked and needs shareholder support

Attention all MFS shareholders.

The MFS board has called an EGM to vote on a name change from MFS to Octavia.

Good waste of shareholder money in my opinion.

Chris Scott, the biggest shareholder of MFS shares but only a shareholder and not on the MFS board wants to make some changes to the MFS board so shareholders get a fairer say.

This 2nd MFS EGM has just been set up by Chris Scott.

Click the link below if you are a MFS shareholders to read what Chris propose and that is to get 5 people including himself appointed to the board.

The current MFS board have shown us their skills in running MFS.

It time to get people on the boar with a vested interest in running MFS properly.

You can download the PDF in the link below, sign it, fax it and post it. Just copy the web site and paste it in a new browser window.

All of the details are on the form.

If any problems or question, my email is boybionic@hotmail.com

If you are a MFS shareholder, we really need to get behind Chris Scott to get on the board and turn MFS into a $5 share again or more.

http://www.re-pdf.com/?f=2980&x=bccfa0d23e9e75d8b6f942a462b1a4b0

 

[robert toms]

I faxed mine last Tuesday.
If he at least unseats an incompetent board it will be a win.
To return to be a successful company it will need a radical change to it business plans.

 

[Prospector]

http://www.news.com.au/business/story/0,23636,23301079-462,00.html

The Directors should have advised ASX/ASIC that it held shares in the company that would be impacted by margin calls.

Nice. Thanks MFS.

Perhaps ASIC/ASX need to actually enforce their laws so that Directors dont think this is an OK thing to do? What is the point of having these laws if people just ignore them and get away with it

Class action anyone?

 

[robert toms]

A story in the AFR today that an Asian buyer has shown some interest in buying MFS.There has been no bid formulated or quantified as yet,but AFR mentioned a price of $1.50 or thereabouts per share.If only,but if it sounds too good to be true........

 

[The Mint Man]

A story in the AFR today that an Asian buyer has shown some interest in buying MFS.There has been no bid formulated or quantified as yet,but AFR mentioned a price of $1.50 or thereabouts per share.If only,but if it sounds too good to be true........

Well I think the holders of MFS will take any good news ATM that gets thrown our way

Cheers

 

[The Mint Man]

Class action anyone?

Just on that Prospector,
The Rivkin Report recently said in their 'Virtually Live' session that they have heard rumors of 1 or 2 law firms looking into a class action on behalf of share holders.
They also said that they have heard some "off hand" remarks suggesting that there is as little as 50c to $1 of equity left in MFS.
Another interesting point was that they said they know alot of people in the eastern suburbs of Sydney who leveraged them self into MFS and subsequently have bitten the dust badly.
Considering some from Rivkin are left stuck with this one, I imagine that they have done some research before making these comments.

A class action does seem to be on the cards. Time will tell.

Cheers

 

[Prospector]

Another interesting point was that they said they know alot of people in the eastern suburbs of Sydney who leveraged them self into MFS and subsequently have bitten the dust badly.
Considering some from Rivkin are left stuck with this one, I imagine that they have done some research before making these comments.

A class action does seem to be on the cards. Time will tell.

Cheers

Wow, if Rivkin & co went this way then it really does make one wonder! Maybe there are some angry legal types in eastern Sydney who might wave their fees? Can't see any other way of extracting money from this.

 

[vida]

What's the point of a class action if there is no money in the company? The costs of fighting any legal action would totally bankrupt MFS and leave nothing for anyone except the lawyers, who always win and even they may not get paid everything they bill ... we should support the company to get it back on its feet, not threaten it with total destruction and we get nought !

Wow, if Rivkin & co went this way then it really does make one wonder! Maybe there are some angry legal types in eastern Sydney who might wave their fees? Can't see any other way of extracting money from this.

 

[Prospector]

Of course you are right Vida, only the lawyers can gain. But as I see it there is little future because a company that operates like MFS needs investor confidence for survival, let alone growth, and I dont see any of that surrounding MFS (and others of similar ilk) at the moment.

 

[vida]

MFS needs investor confidence and it isn't earning that right now for sure!!

I invested in MFS just a day or so before it crashed on the strength of its Stella business and now its gone. I didn't investigate enough and did not imagine something like this would happen. Gosh !! What a nightmare for my $$

Hopefully Octavia (or whatever new name is going to be) will resurrect and some kind of business model will evolve which has a future. It can't be the same as MFS (hope not) but it may be worthwhile in the long term.

There have been companies in the past that dived to death's door but lived on and are doing ok ... the problem is that the banks are in trouble too gosh!

Of course you are right Vida, only the lawyers can gain. But as I see it there is little future because a company that operates like MFS needs investor confidence for survival, let alone growth, and I dont see any of that surrounding MFS (and others of similar ilk) at the moment.

 

[robert toms]

Talking of class actions.A few years ago I was part of a class action re collapse of Harris Scarfe.I only had just over 2000 shares which I bought for about $1.50.All people in the class action ,or litigants,put in $200 up front as a once only cost of the action.
Four years later and numerous court appearances by the directors etc..the case was settled.I got $254 back,and that included my original $200...so got $54.
It was found that the directors only had liablity,or insurance,up to the value of $20 million..and I think most of that went on legal fees.
I hope that any legal firms investigate exactly how much ,if any,that they can recoup before any class actions are taken...and advise shareholders accordingly.

 

[vida]

That scenario of your $54 court win is typical of these cases I would think. the lawyers take it that the shareholders want to punish the company more than they want their money back. They would advise its a winnable case but they can never tell how long it will go or how much the other party will dispute and fight and how far things can escalate. Legal costs in these litigious matter can never be accurately estimated. The lawyers would give a reasonable estimate to start with to encourage the action then as things get going and become more complex and the other side's lawyers fight hard, then legal costs escalate skyhigh and what is left over? The shareholders might win but only on principle - everyone is bankrupted except the lawyers. Let us not encourage class actions against MFS - I am dead against it.

Talking of class actions.A few years ago I was part of a class action re collapse of Harris Scarfe.I only had just over 2000 shares which I bought for about $1.50.All people in the class action ,or litigants,put in $200 up front as a once only cost of the action.
Four years later and numerous court appearances by the directors etc..the case was settled.I got $254 back,and that included my original $200...so got $54.
It was found that the directors only had liablity,or insurance,up to the value of $20 million..and I think most of that went on legal fees.
I hope that any legal firms investigate exactly how much ,if any,that they can recoup before any class actions are taken...and advise shareholders accordingly.

 

[Prospector]

The shareholders might win but only on principle - everyone is bankrupted except the lawyers. Let us not encourage class actions against MFS - I am dead against it.

Sometimes principle is all that is left though. If shareholders feel that the new entity is not going to work, and in the current financial gloom that is a distinct possibility, then maybe principle is all that you can fight for. Which is why I am hoping there are a few angry lawyers out there who might do it gratis!

 

[vida]

Are you really serious? lawyers do it gratis ROTFL ROTFL LOL LOL The angrier lawyers get the more expensive they get. Some lawyers may do it 'no win no fee' for the cash strapped shareholders and there are barristers who may agree to that but they do it only if they think they will win. And then they will expect to get paid for every minute, to the next billable hour. And I doubt it lawyers representing MFS would agree to 'no win no fee' but would expect upfront retainer payments as a company in such a precarious condition is a bad risk to support on an expensive litigation journey - principle is better forgotten as its all very stressful for all concerned and there will little money left & the bad press etc will further shrink the SP

Sometimes principle is all that is left though. If shareholders feel that the new entity is not going to work, and in the current financial gloom that is a distinct possibility, then maybe principle is all that you can fight for. Which is why I am hoping there are a few angry lawyers out there who might do it gratis!

 

[communique]

News today - MFS Premium Income froze distributions on fund for 180 days. It seems that the shareholders meeting on 28 March will be packed in Brisbane.

 

[vida]

Is this the shareholders meeting that was cancelled now that Chris Scott the brains behind S8 and the travel/accommodation business which was sold, has been invited to join the board. this is good news and now that MFS has this guy on board there is hope there will be a decent restructure to health. I am even tempted now to buy more MFS once they start trading again. I'm sure the SP will dive further once back on market and I will dive in after it In meantime I will accumulate cash, enjoy life and not worry about it.. sigh relief

News today - MFS Premium Income froze distributions on fund for 180 days. It seems that the shareholders meeting on 28 March will be packed in Brisbane.

 

[robert toms]

As I understand it the meeting on the 28th of March is to change name to Octaviar (or something similar)
The EGM on the 5th April has been cancelled.That was the meeting to overturn the current board.Scott and two of his allies have been allowed on the MFS board.This has averted the EGM and saved me a postage stamp.
There is general story on Christopher Scott in the AFR today...you have more confidence in his ability than I have...I do not know much about him ,only S8..
I hope that your faith is rewarded !

 

[vida]

thanks, now I remember getting the leaflet from MFS to sign about the name change which I agreed to, mailed out and forgot. They will try to rebuild what they did not sell of the Stella Holding which is probably the most valuable asset MFS have now. They have sold an enormous amount of other assets to pay down the debt. I think the strategy will work and in very long term we will see our capital value returning to our holdings. Patience needed.

As I understand it the meeting on the 28th of March is to change name to Octaviar (or something similar)
The EGM on the 5th April has been cancelled.That was the meeting to overturn the current board.Scott and two of his allies have been allowed on the MFS board.This has averted the EGM and saved me a postage stamp.
There is general story on Christopher Scott in the AFR today...you have more confidence in his ability than I have...I do not know much about him ,only S8..
I hope that your faith is rewarded !

 

[wally3218]

I wonder if MSF still want to change there name.
There is going to be a class action against them for continuous disclosure breaches by IMF and the two law firms it engages, Maurice Blackburn and Slater & Gordon
Looks like it will be a long time till investors get any of their money back.

 

[robert toms]

I do not know whether it will matter much if they change their name or not...will still be liable if any unknown facts that were not revealed come out in legal proceedings.
I hope that the scenario is not bleak as it seems...because people with funds in MFS are likely to have first bite of the cherry if the company is wound up.
More should be revealed tomorrow.
As a shareholder I do not know what to think !I hope that I am not an ex-shareholder soon!