have you read the new pref offer?

how do you feel about a 20% yeild, and look at all those underwriter costs...10% gone there already (which I note Steve did not recognise in his calcs)


Net debt approaching $35m

Market Cap $19m

Gearing ratio through the roof - hard to calculate given how many obligations MSC/ACC has out there now.

possibly over 150% now, given July FY at 103%

negative NTA, thats why the yeild is so high - no security, and your Ords now go down the line again in a windup.

worthless, and remember MSCPA 19,000,000 approx line up first...at 20c each. Theres $3.8m.



So finally, to get out of the present situation, MSC end up with

$2.2m and another annual cumulative dividend obligation of around $750m


wow, what a deal.


SELL