check out mnf financials i just did, page-24

Good to see a range of topics here on MNF.

As for Naked DSL, expect MNF to buy direct from the source wholesale DSL, Optus or someone like that. Even iiNet, even though they are a competitor, who cares if the deal is good and the POP presents as MNF anyway, who is to know? I doubt Internode competitively wholesales DSL.

The report put out today is virtually identical to the last similar investor presentation, a few things have changed, I have not compared them. It is likely that MNF were legally required to post it on ASX as they intended to send it to someone with some small changes. This is not to be taken as a new ANN. MNF have proven in the past that they do not re-post old stuff just for the hell of it. Maybe they are presenting it to a potential takeover suitor? Who knows.

Sparkler makes an excellent summary of the Symbio debt, key words, related entity. Advantages for all, especially shareholders. A friendly creditor is better than an unfriedly creditor! Especially one who will take MNF shares as part payment of debt, bonus!

I am not sure of what Symbio costs are and how much they charge MNF for backend & termination. It appears that ENG make about 40% gross and MNF appear to be a little cheaper on their VOIP plans than ENG, by about 10% depending on the plan. So, maybe MNF pay about 5-10% of MNF revenue for Symbio to provide all the backend? I really don't know but this strikes me as quite cheap if this is the case, I would not be hammering them for much of a discount if it is not there to give? If MNF brought it all in house then they might save a little but not much?

As for paying down this debt, MNF with their documented 100% PA growth should have anyware up to $12-$14M T/O in FY09, with their approx 30% margin this will give them approx $3.6-$4.2M of gross profit, enough to pay down Symbio & normal operating expenses. Remember that MNF have taken the $2M of Symbio debt as a loss in FY08 so even when they pay it down in FY09 they will still show as profitable in FY09!

Of course Symbio can also convert debt to scrip in MNF as they have done in the past. At 15c Per share $1M would only be about 6.6M shares if they need to and I doubt they will anyway as Symbio probably want the money and MNF will have the ability to pay it.

There are a few posters here today who make ridiculous claims about insolvency & selling MNF into Symbio etc. These posters operate in a style very similar to what we see on the mining speccy stocks here on HC. If you want to post, post with some evidence or hard facts, not to do so undermines any credibility you might think you actually have.

Hotcopper12, you say you are in finance? Ok, I got a deal for you. Let's say you are the bank and I am MNF and I come come to you looking for an overdraft lets say for $2M. You examine my financials and give me an answer. What is the answer?

I am not in finance as you claim to be so am not an expert but I have been involved in plenty of financial deals both personally and with private companies with similar loan and overdraft amounts. If you concluded that I was insolvent and there would be no loan and I was your manager, you would be summarily dismissed, on the spot, no ifs or buts, you would be gone with a bullet, so to speak.

I welcome anyone else who is a lender to comment on this.