Announcement last night...Non-exec director Michael Hiscock has resigned.... reluctantly... interesting...
Anyone got the inside scoop on that??
possibly because he had to sell 500,000 shares in the company due to a margin call.
either way MFS hasn't opened yet. so perhaps this wasn't the news that initially put MFS into a halt
I think Michael's resignation got to do with the planned restructuring of the company. Or it may be because of other personal commitments, he's director for 2 other companies as far as I know... not something we'd stress about as he only holds a rather lightweight position with MFS.
Yeh well said. I think we are going to see a bit more of this too. After all they need some headline news as there is no other 16 year olds throwing huge parties that they can pin to the headlines for 4 days straight probably means that the market is nearing its low, isn't that the way it normally works?Certainly negative scaremongering is the flavour of the day for lightweight journalism.
can someone please explain what is going on
why are we down 25% when we'll be getting shares in stella and MFS
and then the takeover will put MFS shares above $3 a share alone
i'm just trying to make sense of all this
You're not wrong there. It's currently down about 64% and still appears to be falling.the current irrational price is only temporary.
You're not wrong there. It's currently down about 64% and still appears to be falling.
The next Centro?
GP
While the company appears to be called just MFS Limited now, it used to be called MFS Leveraged Investment Group.
Maybe that italicised part has something to do with it.
GP
Shares in funds manager MFS have fallen more than 50 per cent this morning on concerns about the level of debt it is carrying.
Brokers said investors were also worried about the level of debt being carried by rival City Pacific Ltd, which has made an offer to buy MFS' financial services arm.
MFS announced today it would split the financial services and its Stella tourism businesses into two separately listed companies.
MFS said the spilt would allow both businesses to be "recapitalised to reduce indebtedness and to achieve capital structures that are appropriate for the different markets and capital requirements of these respective businesses."
Auststock Securities senior client adviser Michael Heffernan said the market had punished MFS for mentioning that the split would allow it to reduce its debt.
"Anyone that mentions debt to the market at the moment is setting themselves up for a hammering, and where there's smoke there's fire in this sort of situation," Mr Heffernan said.
"It might be irrational, but that's the way market is at the moment.
Hello and welcome to Aussie Stock Forums!
To gain full access you must register. Registration is free and takes only a few seconds to complete.
Already a member? Log in here.