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02/02/08
20:14
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Hi Guys,
1. mfs major shareholders did not sell;
2. Michael King did not sell - interest aligned to retail investors;
3. debt positions disclosed after craig white took over did
not change much from disclosed in Dec07; and valuation in dec 07 was much higher at $6.50.
4. The profit made out of the sale of aged care business proves MFS has quality assets;
5. mfs diversified (mft) share price stabilized;
6. 125bps Fed rate cuts reduces short term funding cost significantly;
7. sensible media coverage starts to emerge;
8. so far there is no evidence that mfs has sub-prime exposure;
9. no evidence of disgraceful transactions as occured towards the end of the HIH collapse, and there is no Rodney Aldler.
10. mfs is in the right business - the upgrade of earnings from flight cetnre is another good sign.
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