Absolute gold @Freehold.
Number 4 was the issue here for ASX Code: NBO
NBO merged with an unrelated party and was successful initially however suffering from the effects of the GFC, repeated capital raisings from the parent company were the order of the day as expenditures continued to exceed revenues. There were also a few opaque outgoings which the annual reports and extraordinary general meetings did not clarify either. In 2015, NBO was the subject of a forced divestment from the merged entity with much reduced access to joint assets and daughter companies. It was without doubt a most rocky period. Post divestment, NBO crashed through all support levels. A painful basing pattern then ensued, with more capital raisings required. However some green shoots ensued in 2016 after NBO rediscovered stakes in some woofers it held and found some like minded entities on STT on HOT. It also coincided with a total company reorganization, commonly referred to as getting its sheet together. This resulted in an uptrending channel overcoming initial past resistance levels. Despite some technical retraces, related to contract losses, NBO is now poised to breakout in 2017 where it is expected to post its first dividend since divestment and will be tipped when ready for the STTcomp. As yet, it is safe to say that NBO is not entertaining another merger. The market will be duly informed should circumstances change in line with continuous disclosure obligations.
Discl: NBO has often been confused with NOB (Knob Incorporated). However management refutes these allegations.
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