interesting stuff guys.I am curious what happens to our MFS...

interesting stuff guys.

I am curious what happens to our MFS shares. Someone said they disappeared from their trading account.

I need to find my other etrade account details as did a transfer to get the capitol loss.

R100...do yours still appear in your account?

If not...where are they as we still officially own them imo and even if they are delisted, bankrupt, wound up....I want them sitting there.

Another question I have.

After this is all closed....is there any chance someone can bring them out again...its happened with other companies...brought them out of liquidation.....and if that happens...maybe we still hold shares in OCV?

I wouldn't mind buying a few million shares from someone in case.

Maybe we could start the company up ourself!


anyway....this article was just put up 5 hours ago:


Coolangatta 21C - 31C. Late shower or storm. Very warm. Weather

January 1, 2009 07:55am

Local shares' $6.5 billion wipeoutNick Nichols, business editor

January 1st, 2009

LISTED Gold Coast companies would be saying good riddance to 2008, a year in which they collectively lost more than $6.5 billion in value.

At the beginning of last year, our 27 public companies were riding high with more than $9 billion in market capitalisation.

But after a horror 12 months that ravaged even rock-solid enterprises, they closed out 2008 at just under $2.5 billion with almost a quarter of those companies suspended from trading and some heading for liquidation.

Although the ASX 200 managed to scratch out a 68-point gain yesterday, the leading index was down a whopping 43 per cent on this time last year, its largest 12-month fall on record.

But the tumble from grace was far uglier for the Gold Coast's listed companies. They lost 73 per cent of their value.

In the fallout, the Gold Coast also suffered a case of the vanishing 'billionaires'.

This time last year, three Gold Coast companies -- Billabong International, Sunland Group and MFS (now the tattered shell known as Octaviar) -- were worth more than $1 billion.

Yesterday, only Billabong retained that mantle, despite its shares plummeting 43 per cent to $7.85 during the year.

Sunland's shares, which have slumped from $4.49 at the end of 2007 to 74.5c yesterday, have been hit by the negative sentiment against all property companies.

Even though the company has minimal borrowings and is poised to lap up distressed assets on the Gold Coast this year, concerns are mounting that the Dubai market, where it is building its second Palazzo Versace and the D1 tower, is coming off the boil.

Listed Gold Coast companies are heavily weighted in the property and financial services sectors, probably the hardest hit in the latest downturn.

These sectors also account for four of the six companies that have had their shares suspended, including Octaviar, Raptis Group and Asset Loans.

While these companies remain suspended, their share values have not been taken into account for this survey.

Asian Pacific is headed for liquidation.

Octaviar has to wait until March to implement a deed of company arrangement to repay its creditors, while water technology company Cumminscorp continues to operate under a deed and has done for almost two years.

Asset Loans, LV Living and Macmin Silver are in the hands of administrators and several Raptis subsidiaries also are either in the hands of receivers or administrators.

Of the companies that are left standing, almost half could be labelled 'penny dreadfuls', with their share prices plunging to single digits.

Some of those companies are worth less than a Gold Coast waterfront home.

Shares in former MFS offshoot Living and Leisure Australia are actually in negative territory.

The company may be worth $70.8 million on paper, but this comes after a $100 million capital-raising led six months ago by James Packer's private equity vehicle Arctic Capital.

The only Gold Coast company to buck the trend is Robina-based Icon Energy, whose shares rose from 6c to 20.5c over 2008.

The luck of an explorer has played its part here, with Icon last week announcing a $36 million deal with the State Government-owned Stanwell Corporation to supply gas from its Surat Basin reserves to a new southeast Queensland power station.

But, according to Elston Partners adviser Anthony Castellaro, the year ahead could be promising for share investors.

"I think there has to be light at the end of the tunnel after a year like that," he said.

"The Australian market has been priced for a very severe downturn in company earnings.

"But we've already seen companies report better-than-expected numbers."

Mr Castellaro said he also was encouraged by news that margin lenders had been reporting low volumes, indicating that the artificial selling pressure witnessed by the market over the year had begun to 'dry up'.

The Bundall-based Elston Partners last month forecast the Australian share market had passed its nadir.

Mr Castellaro reiterated this forecast yesterday.

"Barring anything coming out of left field, I think plenty of downside is already priced in there."

http://www.goldcoast.com.au/article/2009/01/01/35805_gold-coast-business.html