DiggerI am not sure where you're getting your info from, but...

Digger
I am not sure where you're getting your info from, but based on ASX all info, ANZ swapped their debt for equity. In fact if you read check annual reports they were still th major shareholder withl held 65 million shares as at 1/8/04.

ANZ must still have held 65m shares as at 1/2/05, otherwise they would have been required lodge notice of dispersal with the ASX (substantial holding abve 5%).

Obviously they have sold at least 59m shares since as they are no longer in the top 20 - after FEb 05 because of dilution of share issue - holding fell below 5%.

The reason I question the validity of this $46m claims is despite numerous request, nobody has posted in factual details to support their claims or where it is listed for further hearing in the Supreme Court.

Begs the question why would you maintain a substantial shareholding in MUL (22m as at 1/8/05) which your suing. Assume you win you get to get in line with all other creditors and your shareholding bbecomes worthless.

Dont forget what went on this site a couple of months back with a couple of sacked staff posting defammatory remrks. Funny how quickly stopped when they were identified, with the reasons for their sacking.

For your info is the 2002 asx announcement on Switchcorp Multiemedia has also agreed the terms of a Heads of Agreement with the owners of Switchcorp Pty Ltd. The agreement will result in Multiemedia securing 51% of Switchcorp Pty Ltd following a capital
raising in this proposed subsidiary and secure the services of two highly skilled and experienced executives in the area of electronic payments processing.

The Company does not anticipate it will be required to raise additional capital in Multiemedia to achieve this result.Switchcorp aims to create an alternative electronic processingfacility that will enable small business merchants to take advantage of value-added EFTPOS services not currently available to them in the
Australian market. Switchcorp will be in a position to provide a unique and sustainable value proposition to the market.

Switchcorp's executives have successfully implemented many such installations for major Banks, Building Societies, and Retailers in the Australian and offshore markets over the past decade, and have developed a suite of software products which will integrate to
accounting systems to increase the efficiencies in EFTPOS systems operated by merchants. Following the review by the Reserve Bank of Australia in relation to the transparency of payments interchange
fees relating to credit card transactions the current environment for the provision of electronic payments services is extremely favourable for the launch of this business. Switchcorp will hold the exclusive
license for the distribution of this software worldwide, other than the South.Collins Hill Pacific Islands (other than New Zealand) and the Caribbean Islands, and a joint arrangement for mainland China.

"Switchcorp is a terrific opportunity for Multiemedia", Adrian Ballintine said, "not only do we secure an excellent business opportunity for our Company, but also the services of highly experienced executives, who have elected to prove their value toshareholders in terms of remuneration through the options package
that has been included in the Notice of Annual General Meeting toshareholders. I encourage all shareholders to vote with the recommendations of the Board in this instance to ensure we are able to take advantage of this exciting opportunity ".