MEDIA CORPORATION AUSTRALIA LIMITED (ASX.MEA)

the receivers inform us that some shareholders did not receive the proceeds from the buy back and now rank as third unsecured creditors - it is highly unlikely they will receive anything according to the receiver

a Preliminary Report is lodged with ASIC by a Liquidator

Chris O'Brien of O'Brien Palmer is the receiver and manager appointed to the company (which is also in liquidation)

a Notification of Filing of Application For Winding Up Order was lodged with ASIC today

we understand the company has honoured its commitments regarding the share buy back (31 May 2007 - we thought this was the case based on reasonably good authority, but apparently that is not so)

we understand that the deadline for acceptance of the buy back offer has been extended to 31 May 2005 (there has evidently been a 96% take-up of the offer to date)

company is still awaiting final clearance from ASIC with respect to the Enforceable Undertaking - they are hopeful this will be through soon

managing director confirms that the share buy-back has been extended to 28 February 2005

in response to our question, "is there a problem in getting the cheques out to shareholders who have already accepted the buyback?" the managing director responds that "we are awaiting final clearance from ASIC with respect to the original Enforceable Undertaking that was undertaken by the previous Directors"

we understand the company undertook to mail out buy back cheques by 29 November 2004 but has thus far failed to do so - we are seeking an explanation

at about this time the company arranges a buy back of investor shares and invites shareholders to fill out acceptance forms by Oct 18 2004

the restructuring referred to below is almost complete - the company is looking into a share buyback at 40 cents which is still underway and will be formalised over the next two to four weeks - buyback documentation will then be sent out to shareholders - it is the company's intention to have its shareholder restructure complete by early November

Mr Norris says "we have been endeavouring to settle a number of issues with regard to the restructuring of the group which took place some 21 months ago. I am not at liberty to discuss the exact nature of these issues between the major shareholders, but we are working on resolutions and strategies for taking the company forward for everyone's benefit . . . .we will be in touch with all shareholders as soon as we are able to release something concrete, which I hope will be very soon"

finally hear from Mr Werro - it appears that there has been little progress since the company gave an enforceable undertaking to ASIC in June 2002 in relation to the issue of a prospectus - the company is in "constant contact with ASIC" and hopes to have a fresh proposal to put to ASIC within the next month - there is evidently a dispute between some of the major shareholders which is impeding progress - financial accounts have been completed for 2002 and 2003 but the audit not yet finalised - there should be a communication to shareholders by the end of 2003 (we would like to hear from a shareholder if they receive anything!)

left message again for Mr Werro to call and emailed Mr Norris seeking an explanation

another company that seems to have had scant regard for its shareholders - we are seeking an update of developments and have left messages with company secretary Andrew Werro to call us

delisted following failure to pay annual listing fee

the company has not paid its annual listing fee - it will be removed from the official list on 1 September 2003 if it does not pay the fee by Friday Aug 29

the company failed to lodge its half yearly financial statements on time and ASIC has taken action to prevent the company from using the limited disclosure regime when raising money

name changed from Midwest Radio Limited