I remember when NDO with its 22% of Galoc was debt free and would have survived through the low oil price. Now that we are basically a debt based company due to the very suspicious doings of the new owner. A 100million loan facility at 6% + + directors fees + managing directors salaries etc etc.
This leaves no buffer if things go wrong , like a rig breakdown. Otto energy were smart and that's where we should have parked our money , with directors that act in the interest of "all" shareholders.
The only reason he renegotiated this loan is to prevent him from losing the lot. NIDO would now be insolvent and if it were a proper bank then liquidation could have been on the cards.
As a holder on many years I kick myself for not selling when nido hit 60 cents before the consolidation.
As for class action, it would be nice.
Chass
NDO Price at posting:
21.0¢ Sentiment: Hold Disclosure: Held
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