Myronc,You are aware of course that the Company is under...

Myronc,

You are aware of course that the Company is under administration and as such normal company rules do not exist. As I said before I fail to see your urgent need, now, to have the Company spend some $300k plus to produce 2 sets of audited accounts (an oversight in a recent post I neglected to say that this $300k was an annual cost). All this to produce superseded and irrelevant accounts. Also you are insisting that an AGM (possibly 2) is held at a further cost of around $15/20K. Again, I ask where is the money to pay for this to come from? You don't seriously expect the Creditors, the Administrator or the Shareholders to pay this? Also you do realise that even if this AGM were to be held we Shareholders are not entitled to vote or ratify anything, plus it would be chaired by the Administrator, who is the mob running the Company. Of course there may be a different agenda, not outlined, for your requests to have this AGM.

You also say “Meanwhile it is obviously reasonable to assume ASIC's interest is in stewardship of MST under the legislation they control,”

I understand that you hold an opinion that, amongst other things, there has been poor transparency and a failure to properly undertake some requirements during this administration however, for what it is worth I refer to an ASIC guide on insolvency (freely available) where it states:-

“A voluntary administrator isn’t required to report to shareholders on the progress or outcome of the voluntary administration”.

“ASIC may grant relief to a company under voluntary administration or subject to a deed of company arrangement from the requirement to hold an annual general meeting.To get the benefit of this relief, ASIC must be notified that it is being relied on and the administrator must answer, free of charge, reasonable inquiries from shareholders about the administration during the deferral period. If the company is listed, the relevant stock exchange must also be told. The relief also provides for the use of alternative methods of distributing an annual report to shareholders at the end of the period.”

“At the end of this deferral period, if the company is still in voluntary administration or under a deed of company arrangement, ASIC may give the company an exemption or further deferral from all or some of their financial reporting obligations in certain circumstances.”

“ASIC may also give an extension of time for the annual general meeting or decide to take no action for failure to hold the annual general meeting if a public company is in voluntary administration or under a deed of company arrangement.”

“A voluntary administrator and a deed administrator must lodge a detailed list of receipts and payments with ASIC every six months and at the end of their administration.”

Despite recent incorrect claims of failure to abide by the above as well as illegality by some on this site, this is all in terms of sections of the Corporations Law and legal procedure. Ironically, these claims of illegality may have even been made to the ASIC.

Please show where none of the above has not occurred, and therefore why ASIC should have any concerns? I also understand that you may feel that as a Shareholder of MST that you have some heighten sense of entitlement over shareholders in other companies that may have experienced administration as well as over the Creditors of MST however, as hard as it to accept it this is not the case.

Also you may also be aware that following a 2010 Senate Committee inquiry into insolvency regulations, it was announced “the government has no plans to amend the framework for supervision of the insolvency industry”. I would think that this is not a boat that can be rocked, no matter how hard you may wish it.

I understand the risks associated when an investment in shares go wrong as in most cases, the investment is lost. It is a risk reward scenario, we share in both the risks of failure and the rewards when it goes well. If an investor does not understand that perhaps they should look elsewhere.

As you say "go figure"