yahoo im out :-)), page-16

Hi Bronk,

MUL will go wherever it wants to go and will take its shareholders with it - whether that be up or down.

This forum is about exchanging information, sharing ideas, challenging views.

The market, to date, has determined that I am wrong on MUL. But, what I have posted on MUL has concerned information from out of their Annual Reports and from out of the Findlay research.

Is it a necessary pre-condition of being on this forum that one must automatically accept the norm (the trend), or is one permitted to post views and observations, as well?

If MUL goes all the way, then that's well and good to whoever holds, but why is it that every time that a stock runs, and then something goes wrong with it, that everybody complains bitterly about the experience?

I have always advcated doing one's own research and will continue to advocate this.

You would not buy a car or a house without looking at it, and inspecting the detail (taking the car for a test run, checking out the Section 32, etc).

So, if you wouldn't do that, then why would you invest in any company without doing as much background research as is possible.

To me, MUL is not worth investing in because the Company currently lacks the cash, the resources, the substance.

It may, however, eventually succeed in having all these, but for every company that does succeed in this regard, there is generally a number which fail.

For me, investing in MUL will not come at a time when the share price has increased in increments of 1-2c at a time.

It will come when the company starts to generate the earnings that it needs to generate going forward. Then, instead of being a speculative, small end stock, it will be valued, and regarded, as a viable mid-cap stock.

For the moment though, with MUL has:
1)
879M shares on issue;
2)
~57M options on issue (all, in the money);
3)
70M convertible options (all, in the money);
4)
proposes issuing a further 90M options (last Friday's announcement, all of which are in the money); and
5)
proposes issuing more shares which, assuming 100% take-up, by all 7,404 shareholders (refer AR 2003), will result in the issue of between a further 113M (Offer A), to 617M (offer E) shares.

That could eventually take MUL's total issued capital to somewhere between 1.2B and 1.7B shares.

In any event, the Findlay calculations were predicated on the basis of 910M shares on issue (for a valuation ranage of 37-56c).

So, the question that begs itself is what impact on the Findlay valuations will an increase in MUL's issued capital of between 32% and 87% have on the valuations going forward?

Apart from this, as the Annual reports for 2002 and 2003 show, many of MUL's Top 20 shareholders from last year are no longer there, or have reduced their shareholdings, whilst for 2003, there is a new crop of Top 20 shareholders.

That's information for you. What you do with it (including whether you discard it) is your choice.