mfs board in a panic

MFS investor calls meeting
5/03/2008 By: Helen Schuller

MFS Limited (MFS) said an investor in the company has called a meeting of shareholders. MFS said it was taking legal advice as to the validity of the calling of the meeting.
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In a statement to the ASX the company said it had been notified today by interests associated with Chris Scott that he had called a general meeting for 7 April 2008.

“Any shareholders that have received material from interests associated with Mr Scott should not take any action at this time,” MFS said.

“The MFS board will advise shareholders further shortly.”

MFS shares are on an indefinite trading halt as the company reviews its financing and operating structures after its market capitalisation halved in January amid concerns about its financial position.

MFS advised late Friday that it had completed the $409.2 million sale of 65% of the Stella Group to CVC Asia Pacific.

The company said the proceeds would enable MFS to repay its short-term debt obligations and provide it with the financial flexibility to complete a strategic review of its business.

MFS shares remain in trading halt at 99c.

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