Good Shares to Buy

MFS in trading halt

MFS tourism property investing company market capitalisation has plummeted from $3.2 billion to $478 million over the past few months. The shares slumped 69 percent on Friday amid concerns over the size of the company's debts. The position of CEO, Michael King, appeared uncertain after board discussions on his future. However, Mr King was understood to be still at the helm yesterday. MFS said proposals from a number of different organisations had been received and were being considered. It is hard to see how much value the shares present at this stage.

Untitled Comment

{ 1:09 PM, 23/1/2008 } { Posted by Anonymous }

MFS considering the sale of its Stella hotel and travel agency arm after failing to raise $550 million from shareholders. Analysts consider private equity group, CVC Capital Partners, as the only potential buyer. MFS had sought $900 million from CVC in failed talks two months ago, but broker, UBS, has now valued Stella at $712 million minus debt. CVC has conducted due diligence on the hotel and travel business, and is believed to have secured funding for a possible acquisition.

MFS Living and Leisure

{ 2:47 PM, 14/2/2008 } { Posted by Anonymous }

MFS Living and Leisure chief executive, Marshall Vann, resigned yesterday after the listed fund confirmed it was preparing to sell 'certain' assets. The fund is part of the Gold Coast investment and property group, MFS, said it was struggling to refinance a $180 million loan due to expire in May, and that it had entered into an arrangement to sell its Oceanic aquarium business, which includes Melbourne Aquarium. However, analysts said MFS Living and Leisure's Victorian ski resorts were believed to be 'safe.'

MFS Premium Income Fund

{ 12:31 PM, 26/3/2008 } { Posted by Anonymous }

MFS said last week its unlisted investment called MFS Premium Income Fund, had defaulted on a $184 million loan from the Royal Bank of Scotland. If the two parties are unable to extend a 'standstill agreement' in place until Monday, the fund is likely to be placed in administration. The 11,000 investors who placed $770 million in the MFS Premium Income Fund were told two weeks ago that it had ceased distributions. The fund's auditor said 'there is material uncertainty as to whether the trust can continue.'

Major shareholder speaks out

{ 12:17 PM, 16/4/2008 } { Posted by Anonymous }

MFS major shareholder and newest investor, Chris Scott, says it could be up to three months before shareholders know whether it will survive. Mr Scott said that it would be July before advisory practice 333 Capital determined whether MFS, now known as Octaviar, had the capacity to pay the hundreds of millions of dollars still owed to its biggest creditors, and which parts of the Gold Coast-based business were salvageable. "By the end of July it's either liquidation...or we have a future," he said.