agm tuesday 29/11/11, page-9

Hi Search,

Thanks for your reply. I have only had personal experience with one company that has taken this tack and appreciate your perspective greatly. My extremely limited experience with this approach was successful, but I certainly take your point about current market conditions.

The company that I held from IPO was MRU ( I don't think that this will be considered cross promotion as the company is no longer listed, and I feel that naming it will give others the opportunity to research an example of a share split further if they wish)and, similar to MHM, a large percentage of the number of shares was held by management and and other top 20 holders. The share split did not seem to have a dilutionary effect - yes the share price dropped (initially), but the value of my holding did not as this was compensated for by the increase in the number of shares that I held.

I also agree with your point about purchasers wanting to gain a stake of MHM having to pay up for the opportunity. On dull (or depressing!) market days, I take solace in looking at how far I would push up the sp if I were to purchase the holding I now have, which I have been accumulating since Feb 2011, in today's market place. It is certainly not going to take a lot of buying action to see a rapid increase in sp.

Cheers,
hippies