pathetic deal

as a long time holder, and especially as a holder of a large slab of this company, and having been an observer of MST's fortunes well before it listed, I find today's announcement pathetic and a disgusting slap in the face of so many long time owners of this company

it is all well and good to say we owners get to vote on these developments but really, the horse has already bolted...or rather, someone has already run out the door with the cookie jar

our CFO Brett Farmer really summed-up how bad this deal is - it took $90 million and nearly 1 billion shares to get this far, then in one truly foul swoop an unknown group comes in and effectively dilutes everyone's ownership stakes by 50%, while simultaneously gaining nearly a 50% stake in the company's futures and fortunes - and all for only AUD$18.9 million

it took $90 million to grow a shareholder base comprising nearly 1 billion shares, but today only $18.9 million to water all that effort down by 50% while giving away half of the company - and to overseas interests while I am at it

all the hard yeards and effort has been in getting this company to this point - we arrive here and everyone has been spouting grand sentiments about "its time now" - "this will be it" - "the big contracts are soon to be announced" .... so bloody what !

if we are "here", if it is "now" that MST is going to boldly start collecting orders left right and centre, then why did our esteemed management sell half of our company for 2/9th of the blood, sweat and tears it took to get us here - why...

this deal is disgraceful and there is more to come - this token USD$17.5 million is only the start of a massive dilution - the second 'lend' could just as easily (now we know how weak our management is) come with equity strings attached, so if more of this pathetic fire sale mentality grips our management, then don't be surprise to see your ownership stakes watered down further - to perhaps 25% of what it once represented

what an almighty rip-off has taken place

after all the anxiety we as shareholders - we as owners have had to endure over the years, and it all comes down to this one pathetic deal by an old and jaded management, simply too desperate to see commercialisation in their greying lifetimes, before placing one foot in the grave

and by the way Mr Rivero - don't waste everybody's time with the bollocks loan of an additional US$17.5 million - for that money you can now buy nearly half of the shares you diluted today, which with your new options should see you nearly in control of 75% of this company - after a few more discreet purchases by friends (wink wink) and I am quite sure that wrestling full control and the billions in future profits that will go with that, should be relatively easy...

no wonder the original genius behind this technology walked away from the company and hasn't spoken to his own flesh and blood Terry O'Dwyer in over 2 years

this will be remembered as the day this company lost it's Australian soul - it was sold cheap, real cheap

pathetic


good luck