Ann: Capital Raising and New Corporate Advisor-MEM.AX, page-7

Hi Michelin . As an outsider looking in I don't think Tooheys8"a view is unreasonable . I think he has raised a couple of reasonable issues .

Office holders issuing shares to them selves being the first . If I was a holder like yourself that has taken a large hit I would be a bit annoyed that shares can be issued to essentially fund getting themselves out of a bind that they put themselves into in the first place . As for what Tooheys8 would have done differently , that's irrelevant . The office holders should be made accountable for their actions rather than writing out a cheque to themselves to continue sucking in air .

The last CR was undertaken to develop the machine . It does appear that this money has been likely spent on legal costs that were inevitable it seems . Do you not feel hoodwinked , even a little ??

Just out of interest have you contacted the directors yourself and vented your disappointment . If so what was their response

For the record I still have MEM on my watchlist and have a sell rating as I suspect that the bottom hasn't been seen as yet . I would like to think that this will be a buy at some point but their affairs are in such a mess that I don't believe current management are capable of getting out of this mess .

I will continue to watch with interest to see how this plays out

DYOR