MXE unknown

***MXE*** Please explain !!!!

  1. 2,036 Posts.
    I was really peed off the last couple of days in regards to MXE shares falling , and for the share placement allotment, so decided to e-mail MXE CEO and letting him have it, I was sent a reply explaining the reasons for the new share allotment, to my knowledge the share placement was organized many monthe ago when MXE shares was 3 cents, so thus 4 crnts was a good price at the time of the placement.

    My conclusinon is MXE placement wii be snapppped up to those lucky investor, or MXE will change the price much hhugher than last said.

    I still know MXE has a great future and MXE will be back to normal soon,

    Recieved by the CEO :

    Thank you for your email, and I am pleased to reply. Perhaps a face to face or telephone call maybe more productive than an email but I will try.

    At the time the Board accepted Mr Tetley's offer in November 2001 two factors were undeniable. One MXL's share price was trading at around 3 cents and had been so for the previous month. In that regard Mr Tetleys offer was very generous at the time and indeed courageous. Two there was no alternative funding source available to MXL at the time and had this offer not been accepted MXE would have been in some trouble.

    Other facts that must be considered are the Board in would have had no expectation that the share price would rise to the levels seen through March, nor would the Board have anticipated the decline. The MXL Board have been forthright at all times in keeping the market fully informed of all material activities. If there is a source annoyance it is that our legal advisors who were briefed in December 2001 took 4 months to prepare the documentation you are now in possession of.

    As for your derogatory comments about the directors and the support they are giving the shareholders, I suspect it is better left alone. I will make this comment however that Mr Tetley's financial support for this business amounts into the millions, if that doesn't indicate support please explain to me what more you think he should do.

    Ross Clements
    MXL Consolidated Pty Ltd

    Tel: +61 2 9249 5300
    Fax: +61 2 9299 3946
    [email protected]



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