mynetfone is the best voip investment on asx

This thread needed a new subject line, I think I found the most appropriate one here given that most on this forum support MNF!

I am not interested in WIMAX and it's forecast effect on the delivery of VOIP phone services in Australia.

There is only one VOIP company in Australia right now that is profitable, does not make $8M-$12M of losses PA (FRE & ENG) and is growing at a rate of 80-100% PA. This company is MNF with FY08 financials recently posted showing $7.5M revenue with 60,000 subscribers. If it continues it's growth, next year it will have 120,000 subsribers and $15-$20M revenue and a few Million in profit. What is not to like?

Companies make all sorts of hopeful announcements and shareholders make a hell of a lot of assumptions. This is very evident here on HC. Just look at dud speccy mining companies on some of the other forums. ENG & FRE are very similar to most of those stocks particularly in respect of how much money they lose, how many great sounding announcements go nowehere and how often they run out of money and need to do a capital raising everytime they run out of money.

Everyone agrees that ENG looks interesting because of it's largest shareholder being Seven, the owner of Unwired. This is comforting, I agree....until you think whereit is all going. I would caution all ENG shareholders to consider that Seven does not want you on the ENG register, if they had a choice you would not be there.

This is what takes the shine away from ENG as a potentially good investment right now. You saw in March this year that ENG ran out of money and Seven backed a 3c cap raising that gave them the largest shareholding for peanuts. You will see another of these as ENG continues to burn cash and Seven will again step in and underwrite the placement to increase their shareholding. ENG had $6M in cash at Jun 30, how much is left now as we approach the end of Q1 FY09?

Just look at Unwired, Seven wanted it 100% and they got it, do you honestly thinkthey won't end up with ENG being 100% owned? Again, I ask you, what is in it for Seven to have ENG shareholders? ENG shareholders add no value to Seven's plans and would just be a thorn in their side that they will have to answer to as they stripmine ENG cashflow into Seven's coffers. They do not want to share with you, get it?

Seven will either make a full takeover offer which LT holders won't accept (expect 5-6c maybe?) or simply wait until ENG runs out of cash and aquire it cheaply thru cap raisings, just look at recent history.

MNF is the best VOIP play you can get into because it is a safe investment based on current fiancials and growth, it's shares won't go down, how can they with solid financials like the recent FY08 results with continued growth & cashflow pouring in the door?

Now Phishfeet, you have stated that MNF FY08 financials are in fact bogus, put up or shutup on this one. We have all contributed to your constant WIMAX and Fibre world domination theories attempting to disctract away from ENG crap financials ($12M loss in FY08, remember) so come on tell us where the MNF FY08 financial report is misleading.