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To me MNF are the only listed player who seem likely to make good profits short to near-term. And isn't this the most important point for shareholders?

MNF could certainly pay a dividend to shareholders from current earnings if the board determined it appropriate.

It is true that MNF would have to make up it’s accumulate losses before income tax would be payable, so any near-term dividend would simply be unfranked. So your comments about dividends are just plain wrong.

Regarding your ENG vs MNF revenue comparison. You are quite right that Engin are enjoying are nice ARPU from it’s more mature user base. ENG has been in business for some 8 years, customers usage has matured.

However, what use is this great revenue when ENG have to spend so much to just maintain it, some $12M of losses last year. To me, ENGIN, the company seem committed and indeed addicted to recurrent losses.

As to the potential steepness of the MNF profit line, just take a look at the gross profit they make. Then assume continuation of the same average growth they’ve enjoyed since listing, project it forward and hold the company’s costs steady. It produces a sharply increasing profit, and that is assuming no increase in growth rate, and no new business activity. Please note that MNF has only been operational for a period of around 2 years and they are now break even.

I do agree that MNF would benefit from synergies such as bundled service and I hope they will find something there. MNF have recently announced an intention to bundle Naked DSL, not sure of the profit metrics of this play.

I wish you well with your ENG investment, you will be well positioned to participate in a likely stream of Rights Issues and Placements that ENG will no doubt need. Remeber, it has only $6M left in the bank and at the current rate of cash burn is going to need placements very soon. At what price are these likely to be issued at? Would have to be a discount to current market meaning around 2c?