wheres wally, page-19

Thanks BillyIdol. I have taken up your idea about contacting ASA and have sent them the following email.

To Australian Shareholders Association
I am not a member of ASA but am wondering if ASA has been contacted by other shareholders of NMS or done any work on NMS as many sharholders are most concerned by what is happening with the company and its' future survival.

As you are probably aware they recently dismissed Christian Lange, the CEO and suspended trading in shares prior to Xmas while they undertake a review of company operations, being conducted by PwC, and attempt a capital raising of $80 million at 6cents a share on the basis of a rights issue of 3:1. The share price was 20.5cents prior to suspension. They also had options that were due for conversion as at 31/12/2010 at 20cents that were ignored as part of the restructure so shareholders lost their money cold not being prepared to invest in a company that seems to be in total disarray.

All of these problems come as a complete surprise to shareholders who have been advised by management that everything is in order and commented that although things have been tough due to the GFC the future is bright and on track. This was also contained in the November Annual Report and most recent presentation to Investors. There was never any mention of a $6 million loss and a negative cash flow or any release of public information on these critical points. The company recently had a capital raising of almost $50 million for an acquistion that didn't eventuate and yet all the money is now gone. Many other things appear to be happening behind the scenes and we have no confidence in ASIC or ASX to take any action.

Concerned shareholders have posed questions to NMS on some of these concerns but the response never measures up to what actually transpires. Some key management personnel seem to have their own agenda which is not necessarily in the interests of shareeholders.

I have put together a rough financial analysis of the company which I can make available but I am sure you have access to much better resources than myself.
I look forward to any comments you are prepared to make as shareholders are considering taking this to the media if we cannot get acceptable answers.

I will post any response I receive