Check the announcement below...released 10 minutes ago.
Could the current decision makers at MFS fail any more than they have till now.
Will its seems yes they can.
1: More selling of of assets without shareholder approval.
2: No time extension from ASIC for releasing their results. This has serious implications in terms of being able to relist again on the ASX.
3: MFS loooks to have breached the subscription agreement in relation to the issue of Senior Unsecured Notes with Challenger Managed Investments Ltd
4: Queensland Pulic Trustee commenced legal actions against MFS.
Here the MFS Business Update.
MFS Limited ABN 90 107 863 436 ASX & MEDIA ANNOUNCEMENT BUSINESS UPDATE 17 March 2008 SHERATON MIRAGE PORT DOUGLAS MFS Limited (ASX: MFS) confirms its subsidiaries, in their capacity as trustees of the Blue Sky Development Trust, have entered into exclusive negotiations for the sale of a number of Port Douglas assets. The assets include the Sheraton Mirage Resort, Mirage Country Club and Golf Course, two development sites and the Balé resort. MFS has been engaged in discussions with several interested parties since it commenced an international sales campaign for the assets in September 2007. This process resulted in expressions of interest from a number of potential purchasers. MFS believes that the proposal presented by the potential purchaser with which it is in exclusive negotiations with would, if consummated, represent the best outcome for stakeholders in the Blue Sky Development Trust in the current circumstances. There is no guarantee that any binding sale agreements will eventuate from the current negotiations. MFS will update the market further should binding sale agreements be executed. SENIOR UNSECURED NOTES MFS has received a statement of claim from Challenger Managed Investments Ltd alleging a breach of the subscription agreement in relation to the issue of Senior Unsecured Notes (which are due November 2011). MFS has endeavoured to resolve disagreements in relation to the terms of the Notes through negotiation with Challenger during recent weeks. MFS strongly denies there has been any breach and will resist the claim vigorously. MFSG STAPLED SECURITIES MFS also confirms that the Queensland Public Trustee, as trustee for the listed unsecured MFSG Stapled Securities, issued legal proceedings seeking information from the Company relating to MFS’ financial position. For further information please contact SHARE REGISTRY Investor Relations: 131 MFS (131 637) Computershare Investor Services Pty Ltd E-mail: [email protected] Level 3, 60 Carrington Street Website: www.mfsgroup.com.au Sydney NSW 2000 Telephone: 1300 787 650 2 MFS had previously provided the trustee with information and has consistently stated that it is willing to provide the trustee with all reasonable information requested. MFS will comply with the court’s timetable for the production of documents and information to the trustee over the next 2 weeks. HALF YEAR RESULTS The Australian Securities and Investments Commission have informed the Company that it has not granted an extension of time for the lodgement of the financial results for the six months ended 31 December 2007. MFS is working closely with its auditors and advisers to finalise the half yearly results statement and will release these results as soon as practicable. For further information, please contact: John Hurst, MFS Limited Phone: 02 8259 7257
MFS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
