MFS mfs limited

mfs business update

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    For further information please contact
    SHARE REGISTRY
    Investor Relations: 131 MFS (131 637) Computershare Investor Services Pty Ltd
    E-mail: [email protected] Level 3, 60 Carrington Street
    Website: www.mfsgroup.com.au Sydney NSW 2000
    Telephone: 1300 787 650
    MFS Limited
    ABN 90 107 863 436
    ASX & MEDIA ANNOUNCEMENT
    BUSINESS UPDATE
    3 March 2008
    RESIGNATION OF ROLF KRECKLENBERG
    Mr Rolf Krecklenberg has resigned from the board of MFS Ltd (ASX: MFS) following the
    completion of the $409.2 million sale of a 65% stake in Stella Group (Stella) to funds
    advised by CVC Asia Pacific (CVC).
    The chairman of MFS, the Hon Andrew Peacock, on behalf of the board, thanked Mr
    Krecklenberg for his contribution during the past three years.
    “Mr Krecklenberg has been a significant contributor to Stella’s growth and his
    background and experience in the tourism and hospitality sector augurs well for Stella in
    the future,” Mr Peacock said.
    Mr Krecklenberg will remain as Managing Director of Stella Group and his resignation
    from MFS was foreshadowed when the transaction with CVC was announced on
    4 February 2008.
    MFS has retained a 35% stake in Stella and Mr Peacock announced that MFS director
    Mr Paul Manka would join the Stella board.
    MFS is continuing with its strategic review of its business, which includes consideration
    about the future composition of the board.
    Mr Krecklenberg’s Final Director’s Interest Notice is attached.
    SHORT TERM DEBT
    As a result of the settlement on Friday 29 February 2008 of a number of asset sales,
    including the Stella transaction, MFS is in the process of repaying all its short term debt
    obligations. MFS has already repaid the $200 million loan facility to Fortress Credit
    Corporation.
    For further information please contact
    SHARE REGISTRY
    Investor Relations: 131 MFS (131 637) Computershare Investor Services Pty Ltd
    E-mail: [email protected] Level 3, 60 Carrington Street
    Website: www.mfsgroup.com.au Sydney NSW 2000
    Telephone: 1300 787 650
    GIPL SALE
    MFS has agreed to sell its investment in the property investment and advisory firm
    Gersh Investment Partners Limited (GIPL) to companies controlled by or associated
    with its principal and founder, Mr Joseph Gersh.
    MFS and MFS Pacific Finance will receive $20 million cash, MFS Group will be released
    from future funding obligations on GIPL projects, and will also be released from
    requirements to pay additional consideration under the original purchase agreement for
    the business and various other liabilities associated with GIPL. The transaction is
    expected to be completed in mid April.
    MFS chief executive Mr Craig White said the sale was consistent with the Group’s return
    to its core businesses of funds management and structured finance.
    EXTRAORDINARY GENERAL MEETING
    MFS is aware that interests associated with Mr Chris Scott are seeking an Extraordinary
    General Meeting. The Company has yet to receive a formal requisition and will respond
    once it has received details.
    For further information, please contact:
    John Hurst, MFS Limited
    Phone: 02 8259 7257
    Appendix 3Z
    Final Director’s Interest Notice
    + See chapter 19 for defined terms.
    11/3/2002 Appendix 3Z Page 1
    Rule 3.19A.3
    Appendix 3Z
    Final Director’s Interest Notice
    Information or documents not available now must be given to ASX as soon as available. Information and
    documents given to ASX become ASX’s property and may be made public.
    Introduced 30/9/2001.
    Name of entity MFS Limited
    ABN 107 863 436
    We (the entity) give ASX the following information under listing rule 3.19A.3 and as agent for the
    director for the purposes of section 205G of the Corporations Act.
    Name of director Rolf Krecklenberg
    Date of last notice 04.10.07
    Date that director ceased to be director 29.02.08
    Part 1 – Director’s relevant interests in securities of which the director is the registered holder
    In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
    Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be
    disclosed in this part.
    Number & class of securities
    101,049 Ordinary Shares
    Appendix 3Z
    Final Director’s Interest Notice
    + See chapter 19 for defined terms.
    Appendix 3Z Page 2 11/3/2002
    Part 2 – Director’s relevant interests in securities of which the director is not the registered
    holder
    Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be
    disclosed in this part.
    In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
    Name of holder & nature of interest
    Note: Provide details of the circumstances giving rise to the
    relevant interest
    Robar Holdings Pty Ltd
    (indirect interest)
    Number & class of securities
    4,335,728 Ordinary Shares
    Part 3 – Director’s interests in contracts
    Detail of contract N/A
    Nature of interest
    N/A
    Name of registered holder
    (if issued securities)
    N/A
    No. and class of securities to
    which interest relates
    N/A
 
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