very impressive half year report, page-22

I believe that MNF was started as a retail face of Symbio for the purpose of attracting a retail VOIP client base. At some point it was realised that in order to build a client base that it would effectively have to buy the client base by offering free adaptors and very low cost plans. This would have cost a small prvate company like Symbio far too much money.

I would imagine that being the shrewd operators they are that they decided to let the general public pay for that by going public. In doing so they have maintained a 50% interest in MNF and had all of their financial requirements and revenue targets well and truly met. MNF looks set to crack $10M in revenue at EOY FY09 since they made this decision and launched in May 06 2006.

Not bad, and for very little investor expenditure. I think the last report indicates that it has cost investors about $6.8M* to get to this point, compare this to FRE @ $30M** and ENG @ $36M***.

It is going to be very hard to overlook MNF's stellar financial performance in the market along with it's seemingly limitless potential, the offers will surely come.

As for Seven not knocking on the door, I would not be so sure that there has not been some interest and perhaps even discussions between the parties. You would have to think that Seven would be crazy not to take that step and seek a Due Diligence report if for nothing else than to try to figure out how to improve the running of ENG, LOL!

I truly believe that there is little value in the backend assets of MNF and would imagine that the IP in terms of feature employed on the MNF network would be handed over as part of any takeover. Remember, Symbio is charging what looks like at least 10% and maybe as high as 20% of the potential margin that MNF would be making if it ran it's own backend. If MNF had a backend it would probably cost it between 10-20% anyway so what's the difference?

If an entity that already had a capable backend was making an offer surely it would not want the additional expense of the Symbio backend to purchase when they already have a capable backend system?

Worry not Poop, the way MNF have structured is extremely flexible and makes it extremely attractive to a broad range of potential suiters whether they have their own backend or not.

* MNF 1/2 Yearly FY09 Accumulated Losses $6.76M

** ENG 1/2 Yearly FY09 Retained Earnings Accumulated Losses $36.21M

*** FRE Full Yearly FY08 Loss from continuing activities after income tax of $26.19M plus another estimated $4M to 31/12/08 Est $4M loss figures taken from FY09 1/4 reports.