mfs update...4 more big screw ups

Seriously folks.

Check the announcement below...released 10 minutes ago.


Could the current decision makers at MFS fail any more than they have till now.

Will its seems yes they can.

1: More selling of of assets without shareholder approval.

2: No time extension from ASIC for releasing their results. This has serious implications in terms of being able to relist again on the ASX.

3: MFS loooks to have breached the subscription agreement in relation to the issue of Senior Unsecured Notes with Challenger Managed Investments Ltd


4: Queensland Pulic Trustee commenced legal actions against MFS.


Here the MFS Business Update.

MFS Limited
ABN 90 107 863 436
ASX & MEDIA ANNOUNCEMENT
BUSINESS UPDATE
17 March 2008
SHERATON MIRAGE PORT DOUGLAS
MFS Limited (ASX: MFS) confirms its subsidiaries, in their capacity as trustees of the
Blue Sky Development Trust, have entered into exclusive negotiations for the sale of a
number of Port Douglas assets.
The assets include the Sheraton Mirage Resort, Mirage Country Club and Golf Course,
two development sites and the Balé resort.
MFS has been engaged in discussions with several interested parties since it
commenced an international sales campaign for the assets in September 2007. This
process resulted in expressions of interest from a number of potential purchasers.
MFS believes that the proposal presented by the potential purchaser with which it is in
exclusive negotiations with would, if consummated, represent the best outcome for
stakeholders in the Blue Sky Development Trust in the current circumstances. There is
no guarantee that any binding sale agreements will eventuate from the current
negotiations.
MFS will update the market further should binding sale agreements be executed.
SENIOR UNSECURED NOTES
MFS has received a statement of claim from Challenger Managed Investments Ltd
alleging a breach of the subscription agreement in relation to the issue of Senior
Unsecured Notes (which are due November 2011).
MFS has endeavoured to resolve disagreements in relation to the terms of the Notes
through negotiation with Challenger during recent weeks.
MFS strongly denies there has been any breach and will resist the claim vigorously.
MFSG STAPLED SECURITIES
MFS also confirms that the Queensland Public Trustee, as trustee for the listed
unsecured MFSG Stapled Securities, issued legal proceedings seeking information from
the Company relating to MFS’ financial position.
For further information please contact
SHARE REGISTRY
Investor Relations: 131 MFS (131 637) Computershare Investor Services Pty Ltd
E-mail: [email protected] Level 3, 60 Carrington Street
Website: www.mfsgroup.com.au Sydney NSW 2000
Telephone: 1300 787 650
2
MFS had previously provided the trustee with information and has consistently stated
that it is willing to provide the trustee with all reasonable information requested. MFS will
comply with the court’s timetable for the production of documents and information to the
trustee over the next 2 weeks.
HALF YEAR RESULTS
The Australian Securities and Investments Commission have informed the Company
that it has not granted an extension of time for the lodgement of the financial results for
the six months ended 31 December 2007.
MFS is working closely with its auditors and advisers to finalise the half yearly results
statement and will release these results as soon as practicable.
For further information, please contact:
John Hurst, MFS Limited
Phone: 02 8259 7257