A friend visited the company last week and found everyone in good heart. It is no longer a company on the way to insolvency. Further underlined after speaking to the company myself. At the time, the 2p share price implied a high probability of the same, so the 2p share price is a thing of the past.

MPS are market leaders, and have the best product - now that 11,000 bits of unsatisfactory new kit installed by the previous management have all been put right by the new but experienced service director Carolanne Hurley.

MPOS have three times the sales of Cybit and its peers. Their competitors would give their eyeteeth to have MPS 20 -25m sales. Well managed, a company of this size would have 2-3m profit and be capitalised at 30m - that is eight times higher than yesterday's figure - six times today's. Anyone encountering the new CEO would be impressed, and I suspect that the new team he has brought with him are a lot better and more certain to perform than if he had had to rely on open recruitment.

This still a high risk, high reward play, but I expect the risks to reduce from now on.

It looks as though MPS will be cash positive in Q2

Please note I hold MPS shares

How can anybody invest in this company when the management
themselves cannot be trusted, in fact that is being way too nice
about them, they are bloody crooks, shares like this give the AIM
market a very bad name, plenty of them around, nice little scam to issue
a really bullish trading statement about 2 months ago to get the
share price above 3p and then just 7 weeks later issue a dire discounted
funding with the promise of bankruptcy if it is not successful.

I dont share your views i'm afraid LIcom, all the management should be
resigning in disgrace.

Why are the management crooks Mackem? MPS made it quite clear funding would be needed months ago. Previous management did a very poor job, they simply tried to run before they learned to crawl. The new management team have done an exceptional job restructuring the business after such a horror showing from the previous team. Surely your not blaming the new team for past errors.

MPS could not have survived without the recently effected, cathartic, total management changes spearheaded by Terry Donovan. The faults in the main AM5000 product have been rectified, the technical supremacy restored, the costs slashed, funding launched and partly secured. Last week the first major distribution contract under the new regime was launched in France and Italy through Cobra to replace business lost when the local subsidiaries were sold as franchises two years ago.

The new management team are beginning to effect an improving financial performance. The UK overhead cost base is closer to an acceptable level and recovering monthly unit sales are pointing to consistent monthly cashflow breakeven within the next six months.

You're having a laugh !

With the price over 2p i think the company easily had time to
warn shareholders that a fundraising was going to be done at
a massive discount, instead they issue a bullish statement then
say nothing for 2 months then fleece existing shareholders who
held/hold the stock.

Hi Mackem,

I am not having a laugh mate. I am unsure if you are a holder. However, I would guess you are, or have been and missed the following announcements, which, in my mind exonerates the company of all allegations you level at them. The company have made it quite clear via two CEO`s that funding would be required. (see official announcements below)

I am more than happy with my holding, especially after the consolidation the placing price will be 50p. Now apply the split/consolidation to the price as it stands today , this equates to c62p - 12p premium. However, probability is a further slide as the PI grapple with the equation. Confused, the sellers hit the market. My only concern is with institutional underwriting. Will the placing be underwritten? It needs to be to ensure working capital to fulfil company strategy.

Minorplanet Systems PLC
19 July 2005



Minorplanet Systems plc ('Minorplanet' or 'the Company')

Fundraising and trading updates

Update on fundraising

Minorplanet has previously announced that it intended to raise further funds by
20 July 2005 to repay loans provided by GE Capital Equity Holdings, Inc.
('GECEH') and Terry Donovan, CEO and to place the Company on a more secure
financial footing to complete the Directors' strategy for the turnaround of
Minorplanet's business.

GECEH and Mr Donovan have now agreed to extend their loan repayment due date to
31 October 2005, to allow the Company to complete a substantial fundraising in
the Autumn. This extension is conditional, inter alia, upon the Company being
able to continue to meet its working capital requirements in the period up to 31
October 2005 and upon GECEH being satisfied with the terms of (and application
of proceeds from) any future fundraisings prior to that date.

The Company is working with its advisers, led by MacArthur & Co., on the raising
of funds and will update shareholders in due course.


Minorplanet continues to seek funding after yr of significant change
AFX

19/11/04
LONDON (AFX) - Minorplanet Systems PLC, a global Vehicle Management Information (VMI) business, said it continues to explore sources of funding.