MUL multiemedia limited

the age today 6.08.03

  1. 61 Posts.
    Just to Let everyone Know, More press today in the Business section The AGE page 3... refer below

    Good luck to all who hold this stock...

    Mini Multiemedia makes mega market move
    Author: Gabrielle Costa
    Date: 06/08/2003
    Words: 224
    Publication: The Age
    Section: Business
    Page: 4

    Shares in Multiemedia more than doubled in value in early trade yesterday, with massive volume driving up their price by 122 per cent, to 9.1 ¢ from 4.1 ¢ on Monday.
    By the close, stock in the former dotcom had levelled out at 5.8 ¢, with almost two-thirds of the shares it has on the market, or 500 million, changing hands.

    On Monday, the price shot up by 1.5 ¢, with 250 million Multiemedia shares bought and sold.

    The massive turnover and price increase followed Monday's announcement that the tiny company had secured a $15 million deal to deploy satellite technology throughout Australia and the Pacific Rim for British internet service provider Transcom.

    Traders said most of the buying and selling was in small parcels, and funnelled through discount brokers that were often used by mum and dad investors.

    CommSec senior analyst Craig James said he believed that as news of the British deal filtered through to the market small investors had taken a stronger interest in the company, which also has a deal with Microsoft.

    Company chief executive Adrian Ballantine said he was not surprised by the movement in the stock in light of Monday's announcement.

    He declined to comment in detail about future announcements by the company, saying they had to be revealed to the market at the appropriate time.

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