Did N.I. obtain their shares by deliberate purchase, or were their shares provided “in kind” i.e. by way of equity granted by MAN in lieu of payment on invoice from N.I. for “marketing services”? I suspect the latter, and this always impacts N.I.’s research note credibility because there is really no accurate way of gauging the true value of whatever services they claim to have provided for their original equity stake. In other cases I’ve observed, N.I. appears to get handed shares extremely cheaply as recompense so that they only need to sell a small chunk on their first pump to break even on whatever actual “work” they did. The rest is gravy or can easily be written off if nothing eventuates.
MAN Price at posting:
3.3¢ Sentiment: None Disclosure: Not Held
