Zman
totally agree.
I learn something new every day on the market. Its a system in a constant of flux.
I have only been trading for 8 years but can’t say there has been any day like another.
So now we know what Meryl was upto.
I am absolutely astounded that all we have heard from MFS is "don’t vote for Chris Scott...we will tell you why and give an update"...then 4 days later...
A BIG FAT NOTHING.
Chris Scott is running his own path.
We don’t have his full agenda.
Basically, or for me, it comes down to something easy when I sent my proxy form in favour of him over the current board:
The current MFS board has turned a 2.5 billion dollar company in a 498,000 dollar company and every time we hear from them...we hear nothing...its backs to the wall.
Peacock, the politician who people believe has respect, in my opinion has zero respect amongst those that count...ie: those with money.
To shareholders, he has failed.
To the major shareholders, he and the MFS board current and past has failed.
No one can disagree with this statement.
"Whoever has been in charge or involved in MFS upto the time which they went into an indefinite trading halt, in terms of decision making, has failed".
I would like to see any agreements against that statement.
Chris Scott...well we all dont know him. We know he is reclusive, but numbers talk for themselves, and he did well building and selling S8 to MFS at a premium price.
Call him stupid for taking MFS shares, but some people are convincing in arguments and maybe he was convinced Kings / Adams / etc had a grip on the parent company who bought him out.
But the anti Scott team also has a strong argument.
Scott has not put his direction and plans on the table. Nor has MFS.
Both sides want power, neither has indicated why.
Neither has said how they would do better.
One demands hedonistic respect.
The other goes off their past track record which he hopes will speak for itself.
To be honest people, I am expecting ZERO back from MFS now. I had to mentally resign myself to it a couple of weeks ago.
Although I hope one day they relist, for me now, it would just be a real bonus to even get 10 cents in the dollar back.
I admit defeat from MFS.
I do personally believe Chris Scott could do a better job at rebuilding MFS if given a chance.....however, there may not be a chance at all.
I am not being paranoid, but daily I grow more and more suspicious of what we dont know about the current state of MFS.
Why so much secrecy.
Why an 8 week trading halt.
CNP, AFG, ABS, CIY...they all had massive problems....massive massive debt problems, errors in previous reports in terms of accounting, big mistakes and big write downs.
MFS though, well they chose to absolutely turn themself off from the market and anyone’s ability to judge them from there on in.
The media tries...but even they are almost out of stories.
So we sit here debating what if this...or that.
I now can only believe the worst.
Peacock indicated that the re-listing after the business review (completed by the 'end' of march) may not be the case.
The suspension in my opinion will continue after the Octavia name change egm.
It may even continue until a week after the 7th April Chris Scott EGM so the MFS board knows if they have a job or not.
All in all....anyone caught in the MFS situation has taken a pounding.
We can hope...but from every angle.....we are getting a beating.
I have accepted mine....still following the situation....I just believe now there a forces at work that will end in shareholders not being happy.
A $1 price of relisting...I think would make about 20% happy.
That is pretty unlikely given the fact that margin loans are ready to be dumped on market.
Will MFS even relist?
Right now and like 99.9% of you (excluding Peacock of Craig White)....we all have no idea.
What sets me off though...I just cannot believe a company can go into a suspension for this long and absolutely lock out all involved in the MFS situation.
MFS
mfs limited
