One of the features of the MFS debacle is the dearth of information which has been made available to both debenture holders in the finance company and shareholders of the NZX-listed parent.

This vacuum only seeks to raise more fears about possible outcomes.

When the whole MFS issue blew up in Australia, it seemed appropriate that MFS in this country, which is listed on the NZX and used the strength of its parent company and the so-called “put option” as a selling point, should have been making announcements to the exchange straight away.

I, like many others, was stunned that the company could get away with saying nothing for days and days – or was it weeks. Is anyone at the NZX listening???

At debenture holder level information has been sparse, and we found calls aren’t taken or returned. Discussions with others, including advisers, is that they have struggled to get information about what is happening too.

What’s happening now? Well it seems from last night’s NZX announcement that MFS Pacific is in wind up mode, the put option isn’t worth the paper it’s written on and quality of the loan book is “sub-optimal”.

Looking back it seems that MFS has always been a little loose with its disclosure. One wonders why it changed PR agencies last year?

Another tell-tale sign disclosure was not high on the list is that recently MFS’s NZX announcements always come out around 5pm - a very inconvenient time.

Then there are all these other questions that surface? I guess MFS in New Zealand won’t exercise its option to buy assets like Vestar from the Australian company. One guesses the advisory firm will be on the market (if it isn’t already) soon. And this promise to make good (not compensate) Vestar clients caught up in Bridegecorp and the like seems equally worthless.