short and sweet....

I spoke to one of my cane cocky contacts who says he knows a group of Tully shareholders very well.

His understanding of the announcement in May of 2009 by MSF that it had terminated merger discussions with Tully was that MSF was aware that merger discussions were over in December 2008 when Tully notified MSF that Tully were pursuing its own options, ie an independent listing on the ASX.

Tully went on a pre-marketing IPO sounding roadshow in May and apparently MSF’s Mike Barry and James Jackson were made to look a bit foolish when one of their shareholders, presumably GPG or Perpetual, received the IPO presentation and noted that they thought MSF and Tully were still in merger discussions - so why hadn’t the market been informed differently?.

I guess this explains now why PPT cleared out in a hurry now. Also explains why Jackson and Barry are so “desperate” to speak to the Tully board - and apparently bewildered as well.

God might save the Queen - who will save the MSF share price or its Chairman and CEO. Perhaps they should swap some war-stories with Andrew Peacock and Michael King of MFS.

Sweet and short…