MUL multiemedia limited

amendment of 3y notice lodged 04/09/03, page-2

  1. 4,941 Posts.
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    Hi Pillman,

    At least some clarification has been provided. But realistically, this should have occurred first time, not today.

    That said, the nature of the clarification shows the following:

    BEFORE = 31.242M

    DISPOSED = 1.2M (~7.8c) for $93,757 received

    ACQUIRED = 12.0M

    DISPOSED = 12.0M for a "net" consideration of $710,934 (or ~4.9245c)

    AFTER = 30.024M

    This suggests that 12.0M Options were converted. This was probably accounted for by ASX-R of 15 August, in which 12.0M shares were issued on the following basis:
    5.0M @2c = $100,000 cost;
    2.0M @2.2c = $44,000 cost;
    1.5M @1.5c = $22,500 cost; and
    3.5M @1.2c = $42,000 cost.

    Adjusted for these conversion costs, the 12M shares were sold for a (gross) consideration $919,434 or ~7.7c per share.

    Now, query, if the Options were converted on /before 15th August (ie: the date of the relevant ASX-R), then why wasn't a Change in Director's Interests similarly filed at that time? After all, the converted Options went to Ballintine, but no Directors Notice for this was issued.

    For a period of 3 weeks, it appears that shareholders were none the wiser that the 12.0M conversion of Options on 15th August went to a single shareholder and that that shareholder also happened to be a continuing Director of the Company.

    This morning's clarifying statement is indeed to be welcomed, but the situation remains that the Company must now get on top of their Corporate Governance, continuous disclosure, and ASX Listing Rules compliance processes. This is so as to avoid any future, continuing, or poorly communicated changes in Company, or price sensitive /relevant information.

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