Drew...I have done some more thinking on the SPP.Using the last...

Drew...

I have done some more thinking on the SPP.

Using the last available shareholder top-20 table as a guide (29 Septemeber 2006) I have assumed that there would be more than 2000 shareholders who hold 10000 shares or less in MCL. At 3.7 cents, a marketable parcel is 13500 shares ($500 worth), so there could be perhaps another 100 shareholders in the range 10001 to 13500 shares.

Lets call it 2000 shareholders under a marketable parcel. There are approximately 900 shareholders with more than a marketable parcel. So the admin and mailing costs could be cut by about 65 percent by having the SPP, by cutting out 65 percent of the shareholders.

If none of the minority shareholders take up the SPP entitlement, then there would be about 8 million shares to be sold. I am sure these would be placed privately, or maybe they could be sold to people buying through the SPP. Not sure of the legality of that.

There is a provision for 666 shareholders to take up a full entitlement in the SPP (allowing for the oversubscription allocation). Some will come from the minority shareholders, some from the others. Maybe most shareholders will do nothing. Maybe the company does not want the money, but would be quite happy to take it if it is given to them via the SPP.

There would be huge admin savings here, and if handled correctly, probably not much change to the share registry. It would be great if the remaining minority shareholders' shares could be sold to the shareholders wanting more shares via the SPP.