peacock for pm, page-14

BB / Radish

I don't dispute Scott's achievements with S8 but how can that benefit MFS now?

CVC control Stella and MFS is now nothing more than an equity holder. What do you expect the new MFS board will have Scott do with his experience? This is supposedly a funds management business.

CVC would have ensured that MFS are bound by non-compete provisions for Stella (this is a universally accepted M&A practice when you completely divest from an industry).

Likewise MFS won't have any real ability to influence Stella's board. Of course certain things will require unianimous board approval by both MFS and CVC, but anyone with any experience in this area would know that at the end of the day the shareholders agreement would eventually allow dilution to resolve a deadlocked board. Give CVC some credit they are not idiots.

I can't stand the current board for their closed shop approach and their effective liquidation of the quality assets, it is a absolute disgrace, but Scott's experience with S8 is not of much use to solving MFS' problems.

By the way BB, I admire you commitment I just wish someone would campaign the ASX as vigorously because allowing the current board to continue doing what they do is a joke.