I thought I would wait until the FRE & ENG finacials came out...

I thought I would wait until the FRE & ENG finacials came out before replying to your post. Well, today we saw the FRE final FY08 report. Oh my god. Have you read it?

Your earlier post attacking MNF eludes to the 2 MNF executive directors drawing a $168K salary each including super. MNF as a company is streets ahead for FRE & ENG in terms of financial performance & growth. Any "reasonable person test" would conclude this if sat down with the 3 company reports for FRE, ENG (have not seen it yet) & MNF.

A reasonable person would probably conclude:

FRE, sack all senior staff and directors, reduce costs massively, conserve cash & start again or liquidate.

ENG, massively cut back costs and try to turn some of the excellent revenue into profit asap. Or maybe try and sell out the Ch 7 or maybe try to partner with MNF as they appear to be going places.

MNF, carry on, looks like they will be the dominant player out of these 3, keep on going and pickup ENG or FRE for a song as they continue to lose money.

Just in case you have not seen todays FRE FY08 report yet, FRE lost $7.8M in FY08 on just $4.9M worth of revenue. I can't name all of their 68 staff, that's right 68 staff! What the hell do they do? But I can tell you what the top people drain in wages.

Here's your top 5 FRE Salary cash flow drainers:

Rhonda O'Donnell $414,000 (she owns 847,000 shares)

John Coates $296,000 (did he work a full year?) owns ZERO shares

I Jackson $237,000 (did he work a full year?) owns ZERO shares

Mike Carew $307,000 (has left now) founder did own 21,000,000 shares, according to the FRE report he holds ZERO, possibly dumped just after he left?

F Hazel $159,000 (holds just 86,000 shares).

Ok, so lets do a summary shall we? Thats a total of $1,413,000 for just 5 of the 68 FRE employees with only 2 actual shareholders amongst them. The reported sales are $4.8M divided by 68 = $70000 Revenue per employee. by way of comparison, MNF Revenue of $6.8M divided by 33 employees = $206,000. Mmmm, tells the story doesn't it.

FRE shareholders, this is what it cost you in executive wages to run FRE at a $7.8M loss last year. These guys are just there for the fat salaries, with the exception of Rhonda even the top execs at FRE do not believe in buying their own shares! Not sure even if Rhonda bought hers anyway, with the way this sinking ship is run they were probably just handed to her, again, not sure.

I do not think I need to address any of the other assumptions you have made about MNF, Symbio, etc when you consider the FRE & ENG finacial disasters and the obvious cash burning waste they are into at present.

If you want to run a witch hunt on VOIP company directors, you should focus your attentions on the directors & senior execs at ENG & FRE. MNF directors appear to have clean hands and know how to grow & run a business. When you have finished there then come back here and have a rant.

MNF holders had better hope that MNF directors are just far too busy at the moment signing up new MNF customers to read the FRE report, if they do they almost certainly will be looking for a pay rise!!!!

I hold MNF not because they are the best of the 3 leading VOIP companies in Australia but because they run a tight, efficient company with 100% PA growth and I doubt they will ever be responsible for putting out shameful compnay financial the like of which were are now used to from comapnies like ENG & FRE.