MUL - Multiemedia Limited

[RichKid]

Re: MUL - Where to from here?

This is from www.smh.com.au

Ex-Multiemedia director pleads guilty
March 22, 2005 - 5:34PM

A former director of internet and technology group Multiemedia has pleaded guilty to 25 charges of failing to notify the Australian Stock Exchange of trading in the company's shares.
...... was fined $7,500 and ordered to pay costs of $6,000 after he pleaded guilty to the charges, brought by the Australian Securities and Investments Commission (ASIC), in the Melbourne Magistrate's Court on Monday.
............
"ASIC will prosecute directors who flout their obligations."
............
Starr, of Brighton East, Victoria, left the board of Multiemedia in November last year to concentrate on a new environmental/organic venture called Green Planet Holdings.

http://www.smh.com.au/news/Business...-pleads-guiltys/2005/03/22/1111254016241.html

I reckon that fine was too small and to state the obvious we should all stay away from Green Planet Hldgs and associated entities imho.

 

[tarnor]

Re: MUL - Where to from here?

slap on the risk thats pathetic :/

 

[lescent]

Re: MUL - Where to from here?

u300314 stated 24th March...

"Firstly I can't agree with your comments on Walker - since he joined in 2001, Mul has gone in a completing new direction. It now has in my opinion a viable product, in what is the biggest growth area of telecommunications (independant forecasts for the industry of 600 - 700 % pa over the next 2-3 years), the company with no debt and they maintain there on line to becoming profitable from herein. "

I reply ........

Gee u300314, how out of touch and 'at risk' are you with your 'considerable investment', making such wildly interesting statements.

MUL has no debt?? Don't you read the notes to the Financial Reports ??
MUL mortgaged their investment in Airworks Media to the tune of $500,000.
If that equals 'no debt' then Australia must have released new Accounting Standards. Care to comment on this u300314 ??

Also, I remember being told in early 2003 that a certain company was in DESPERATE cash flow problems and needed a QUICK injection of funds to keep going. The Board of this company decided to issue a convertible note that they could subscribe to in order to inject funds into the company. The interesting thing is...... 2 Boardmembers REFUSED to take part in the convertible note fundraising when the time came to provide the money as they didn't want to put their money in what they probably thought was a very risky company. As I was advised, the 2 Boardmembers of this company who WOULDN'T support their own company in its dire hour of need were the CHAIRMAN of the company and a Director who lived and worked overseas.

u300314..... can you guess which this company was.... as if you didn't already know !!

It's a VERY CHRONIC state of affairs when the Chairman of a company won't even support it in its hour of need - he must've really been thinking about the poor shareholders (sic). Luckily the other 2 Directors anti'd-up and 'saved the day'.

Thus the status quo remains:-

Supreme Court Trial Date: October 3, 2005 (put it in your diaries and let's
get a group of us shareholders
to attend on the days we can)
Claim Amount: $46+m
Has MUL provided its Shareholders with these DETAILS yet??: NO !
Does MUL Have Debt: YES

Keep reading and viewing as there's LOTs more to advise you still to come and we've only scratched the surface so far. What sadness.

 

[kooka1956]

Re: MUL - Where to from here?

OK, All the legal mumbo jumbo aside. Do either of you think that MUL is capable of making their profit forecast? or even becomming a worth while venture anywhere in the future?

Unfortunately lescent has transfered over from another stock forum where he/she continualy bagged this company.All queries to substantiate claims are not responded to , and information provided by this person has no real basis. In response to your questions,announcements made end of last year show the company is on track. They did predict a loss to 30/12/04 and have predicted a first time profit for this current six months . We won,t know whether this second prediction is correct for another several months,so we still need to wait. If it is correct you will make a substantiol amount,if they are wrong their will probably still be some time to get out of the company probably at a loss. My investment isn,t a large amount in this company,about $5500 at current prices,but all those funds have come from profits made in trading this company since 2001, before the tech crash. I see the current low price as an opportunity to come back in cheaply,regards KOOKA

 

[lescent]

Re: MUL - Where to from here?

Kooka advises.......Unfortunately lescent has transfered over from another stock forum where he/she continualy bagged this company.All queries to substantiate claims are not responded to , and information provided by this person has no real basis.

Ha ha ha ha.... good try Kooka - but rather pathetic.

I'm not a member of any other forum so I don't know where you think I transferred from and whatever it is you think I said elsewhere.

As a newbie chatter, I welcome you trying to disprove ANYTHING I have advised on any basis you like. As I advised u300314 and others, contact MUL and ask them personally to reject anything I've advised - you'll get a real shock with the reply as they have compliance & govenance rules they must follow, or they'll suffer the same fate as C Starr. I'm not responsible for your minor $5,500 investment so do yourself a favor and do your own due diligence.

For your/other MUL shareholders information, there is a disgruntled shareholder on another forum who has advised he is commencing a Class Action against MUL and is currently briefing lawyers and seeking other shareholders who participated in the Share Purchase Plan of October 2003 - to take part.

As a titbit of advice, go to the Supreme Court of Victoria and pay the fee and search documents in the file Switchcorp & Ors v/s Multiemedia Ltd - all substantiation will be provided for you to see. I paid the fee and saw for myself.

The status quo still remains:-

Multiemedia to face the Supreme Court on October 3, 2005 to defend a claim for $46+m. :goodnight

 

[pinguen]

Re: MUL - Where to from here?

Looks like your questions have been answered.

 

[el_ninj0]

Re: MUL - Where to from here?

Looks like your questions have been answered.

Even though I pulled out of this company at significant loss in mid last month, I still believe it has good potential. I dont think all the questions have been answered in todays announcement. It was merely an update on the thoughts of the directors, and assuring the share holders that their investments are safe, nothing more.

I personally wont be investing in them again because they dont provide enough announcements to keep the market interested in it.

 

[Knobby22]

Re: MUL - Where to from here?

The statement says basically:

There are good contracts out there, maybe we might get one?

Our cashflow is diabolic but a firm in New York (prob. a vulture fund), may help us out. Shareholders, be ready to be diluted to buggery. Oh, by the way, if we can't convince them to save us we may be out of business.

.....


Personally, I have still not written MUL off. There may be an opportunity to buy between three and six months away.

Anyone who is a shareholder at present though must also enjoy playing Russian Roulette. (With at least 3 of the 6 chambers holding bullets).

 

[dmargon]

Re: MUL - Where to from here?

hmm, pretty close to the mark i think..
still, we all live in hope that they arnt lying to us.
i thought MTD was strategic a few months ago, looks like they will sell anything to cover the burn rate, except for their expensive offices..
i think point 6 is interesting, why would they bother to raise it if they are sure that there isnt a case to answer..
d

 

[Knobby22]

Re: MUL - Where to from here?

What a strange statement.
They say they have a foreign partner willing to provide cash for equity but no terms are mentioned! Didn't stop the price rising though.

 

[dmargon]

Re: MUL - Where to from here?

and the documents they posted are unsigned.
are they legal??

 

[lescent]

Re: MUL - Where to from here?

Boy - this chat has gone as dead as MUL's share price and its prospects.

Let's get some debate going here now that I'm back in Australia. I'll focus on trying to SAVE more shareholders :-

Interesting how Ballintine had to restate his announcement to the ASX that the Supreme Court case against MUL for $46 million hadn't been quantified - only to change his tune and admit that it actually had been quantified. How embarrassing.

What a ridiculous statement too that the plaintiffs have been 'wholly unsuccessful' in the case so far - Ballintine must think shareholders are idiots - because if the plaintiffs have been wholly unsuccessful, then WHY does a Supreme Court judge think the case warrants a TRIAL on October 3, 2005?

Ballintine stated in the ASX announcement that MUL had advice from their lawyers telling them they'll WIN - so WHY doesn't MUL make an announcement to shareholders and TELL US the details to put our minds to rest. If MUL LOSE the Supreme Court case, they'll be NO MUL left.

You know there's heaps more your not being told.

For instance did you realise that the supposed wonderful $10 million Equity Financing deal will dilute the shares on issue volume from just under 1.5 BILLION shares to just under 2 BILLION shares if and when it's fully drawn down? It's a joke heh - just like hyper-inflation in Germany in 1923 when you needed a wheelbarrow full of money to buy a loaf of bread.

Did you realise that $10 million equals another 500 MILLION shares will need to be issued in due course which will equate to almost 25% of MUL's share capital, which will mean that if it gets to that level, the Equity Financier will have to consider TAKEOVER provisions of Corporation Law and Foreign Investment Review Board approval etc. etc. etc.?

And when you consider that MUL has raised approx. $25 MILLION in just the past 2 years from shareholders, yet STILL LOST $10 million last year, and NEEDS ANOTHER $10 MILLION Equity Financing Line of Credit to keep operating. PATHETIC !!

Already MUL have issued more than 13 MILLION shares at a value of $260,000 just to activate the Equity Financing. Where will it end ?

Did you realise MUL is a company that's LOST more than $65 MILLION since its listing and STILL needs HUGE lines of credit just to stay liquid?? Think about it.

How long will/can it last ??

I heard on the grapevine that there is a large and powerful group of shareholders who are going to vote off the useless Board of 3 cronies, and then sack all the senior management in a last-ditch effort to turn around the company. They're going to do it before MUL dilutes the shareholding any further by drawing on the Equity Finance - because you can be sure that the Equity Finance shareholder will probably support the current Board and management.

Oh and don't forget that MUL still faces the Supreme Court on October 3, 2005 with a claim against it for $46 MILLION and another group of disgruntled shareholders are commencing a CLASS Action against MUL concerning the share purchase plan that raised >$17 MILLION in 2003.

On Four Corners TV program last night there was a story about how anyone in the SPACE/Satellite business was making mega-$$$$$$ yet MUL seems to be the major exception to the rule here.

MUL Shareholders - SAVE YOURSELVES before it's too late.

Lots more to advise, but let's have some feedback and see whether anyone can disprove anything i've said. :goodnight

 

[Knobby22]

Re: MUL - Where to from here?

I don't think there is anyone on this board still owning MUL.
I have never owned Mul and I agree with what you've said in your overly emotive comments. Are you short selling?

What do you know about the court case? Why are you so confident Mul will lose?

Another point, we know it has been going backward but maybe it will turn around as promised.

The dilutionary equity was provided, at least someone is prepared to back the company. How can you be so confident that you are right?

I am sitting and watching. It is definitely not a buy at present on the info we have but we shall see.

 

[dmargon]

Re: MUL - Where to from here?

Overview

Multiemedia is engaged in the provision of satellite broadband services and equipment and the importation, wholesale and distribution of technology products. Co is made of two distinct business units: NewSat delivers high-speed, two-way satellite broadband services to organisations in Australia and overseas. MTD (Multie Technology Distribution) is a wholesale company that imports and distributes computer hardware and software throughout Australia.

Data provided by Mergent, Inc.
Symbol: MLTEY
CUSIP: 625439104
Exchange: OTC
Ratio: 1:100
Country: Australia
Industry: Mining
Depositary: BNY (Sponsored)
Effective Date: Dec 06, 2004
Underlying SEDOL: 6147978
Underlying ISIN: AU000000MUL3
U.S. ISIN: US6254391047

the rest of the data is at this link http://www.adrbny.com/dr_profile.jsp?cusip=625439104

not a pretty sight over there as well.
but even an idiot should be able to make a satelite business a success i would have though... of course, other than a crazy rumour in hotcopper.com.au about balentine telling his staff that the company will never make a profit, (which would send him and any of the staff that have traded after that day to jail, which is abviously silly and he wouldnt do) we should assume that the company is now in profit as per the managements two (or is it three) notifications to the market that it would be in profit from april fools day, we should not be complaining about the teams
performance, other than the fact that they dont tell the market how wonderfully they are going pos profit day, last april.

if a vote is about to be raised count me in.. ive only got about 25million shares but that might help in keeping the current team in place, if they live up to their forcasts, and if they dont - off with their heads..

 

[dmargon]

Re: MUL - Where to from here?

oh, ps i bought at less than 1.8c.....

 

[dmargon]

Re: MUL - Where to from here?

heres a laugh
http://www.awb.com.au/AWBL/Launch/S...utAWB/BoardProfiles/BoardProfiles.htm#clinton

 

[lescent]

Re: MUL - Where to from here?

What a classic

Seems the AWB don't know that Starr resigned as a Director of MUL last year and that he's been prosecuted by ASIC and pleaded guilty.

The greatest hoot is that Starr's the Chair of AWB's Compliance Committee when he can't comply with simple tasks as a Director of a 2-bit company like
MUL.

It's going from the sublime to the ridiculous.

That reminds me of an interesting story I got told 2 years ago that MUL's Board and Ballintine were personally working closely with Charles Abbott to help them raise capital.

You all know... that's THE Charles Abbott (ex. Deputy Chairman of HIH Insurance - Australia's largest corporate FAILURE) who's facing sentencing by the Courts in a few months time and will probably end-up like his mates Rodney Adler and Ray Williams amongst others.

Just shows you the calibre of people Ballintine works with and it makes you think.....What are the terms of the $10 million Equity Financing deal ??????
On second thoughts, I think I'm too scared to ask.

MUL doesn't seem to want shareholders to know.

Anyway MUL shareholders.......SAVE Yourselves.......QUICKLY. :goodnight

 

[TjamesX]

Re: MUL - Where to from here?

For me, this whole thread is just a big lesson in how insanely critical management are when it comes to a company. it doesn't matter what business/industry its in, where its positioned, what its 'going' to do in the future - if the people steering the ship don't have integrity and brains....... its just a matter of time before it all goes to ***it.

TJ

 

[Knobby22]

Re: MUL - Where to from here?

So true.

 

[lescent]

Re: MUL - Where to from here?

So true TjamesX & Knobby22.

What a strange announcement this week by Ballintine....it seemed positive but no real depth in details, no income forecast for the deal etc. etc.
It's like MUL's usual 'Clayton's Announcement' ie. the announcement you make when it's not really an announcement.

The litmus test is going to be MUL's upcoming performance announcement and to see whether it bears any similarity to the statement, restatement, and further statement by Ballintine that revenue and profit forecasts are totally on track and running to forecast.

The shareholder's challenge I hear is just waiting for this information to strike,
as it'll vindicate their move.

Me thinks that Mul shares are moving ever closer to

What'd you all think??