Movieclip holder with pre-loader

Hi guys.

I am using the kirupa preloader tutorial (http://www.kirupa.com/developer/mx/percentagepreloader.htm) and everything is fine and dandy. But as soon as the preloader is used on movie that is loaded from an external swf into a movieclip holder the preloader does not work.

Would any of you know if there is something obvious that would cause this to happen?

Thanks - A.