systematic sell down, page-4

sold mine so i'm not a holder any more.

there are a number of reasons why the market doesn't like the deal:

1. nxs lost 68% ownership (from 85% to 17%). if 2% worth 75m then 68% worth $2.55b. this is a big giveaway.

2. nxs can sell 2% to Shell for 75m. how much does the remaining 15% worth? 562m at best. more likely half of that which worth 281m.

3. when the big chunk of crux is gone how much does nxs worth is hard to determine.

4. then this is a debt issue. top and bottom line uncertaintities.

sp was at 0.11 last september when crux is 85% owned by nxs. now sp is at 0.11 and crux is 17% owned.

if there is a big value gap i don't think the market would not notice it.