pathetic deal, page-11

Hi BigRedRoo, yes I do feel like an oppressed shareholder, I just hope MST can get up enough that I'll get the investment back and maybe make a bit. I bought many years ago but averaged down when the sp dropped a lot so it's worth hanging in. It's not that clear whether super profits can come to us minority shareholders now even when the company becomes successful (I am more confident now that the company will be successful in its products).

On further reflection, the price of the new shares issued was always going to be around that mark, but what concerns me more is the issue of the options at only 6c. These can be excercised at any time to take ownership by the investor to 75% or more. I think it depends whether the investor is just in it for money or whether the aim is just to take over the company wholus bolus as to what might happen with this. If it's just money, we can still hope to get carried along and it might end up being a good ride. If they want 100% control, I guess it depends on the position of the secured noteholders. Whatever happens, the return of funds on the notes is pretty well secured, but will Harmony et al vote for a takeover?. I think the option price should have been a lot higher reflecting a potential value, at least to the value of options previously issued to note holders (yes I'm biased, I held MSTO as well). That would at least allow the value of the company to rise to around $300mil before a potential take over would be likely. If Harmony don't want a takeover and secured noteholders can stop it, we've probably got until the notes are due to get something back.

If there is a separate vote for issue of the options, I will vote against this.

If there is a takeover bid, our one hope might be that if enough of us ancient investors grit our teeth and hang on we might be able to drive the takeover price for the remaining shares up to better levels.

Good luck all.