Ann: Interim dividend for the year ended 30 June , page-4

re: Ann: Interim dividend for the year ended ... I've read 3 years annual reports and the recent half year review from the Chairman and CEO.

The numbers are good and improving(Revenue experiences at least six consecutive growing half years). Balance Sheet is very strong considered nil debts and even the payables is owed to CEO's own company. No doubts they are good management and they give clear facts and good education to shareholders and explain planned actions well and the positive cashflow plus continuously growing customer base and revenue are good signs in MNF. And I don't think the direct ENG is able to change its cash burning model in a short period(at least no possible before 2012).

But as to such a small cap company I have to look at the industry rather than focusing on the figures too much.

MTU, a big player, might be a problem. Competition is a big problem.

Maybe others think MTU are not direct competitors to MNF, since its target are also Small and Medium size Business and, it also provide ADSL service and other telecommunication services which I don't fully understand, however I don't think one company which has subscribed MTU's service will not be likely to subscribe MNF's service again. Their products are basically competitors to each other.

MTU nowadays expand its hands to the retail. Who knows when another big brother like VOC will decide to play together as well? (VOC is another telecom and ISP wholesale provider with strong performance.)

Personally I feel MNF could be an impressive turnaround. But can anyone solve my concern about MNF?