about to throw the towel in, page-3

I also have a bunch of these shares and sometimes despair of them ever going up ...and staying up(!)

However I derived some comfort from the passing of the amendment to the constitution which allows dividends to be paid from cash reserves. As NOD has $11 million on hand I read this as a hint they may hand some back to their patient shareholders.

Perhaps I am too optimistic...?

See the note below from their announcement.

Cheers,
Blackpete

In June 2010 the Corporations Act was amended to allow companies to pay
dividends out of capital and assets, as well as out of profits. Prior to the amendment
a company could only pay dividends out of
profits.
The “profits test” for dividends has been replaced by a new three
-tiered “net assets
test” which provides that a company must not pay a dividend unless:
(a)
the company’s assets exceed its liabilities immediately before the dividend
is declared and the excess is sufficient for the payment of the dividend;
(b)
it is fair and reasonable to the company’s Shareholders as a whole; and
(c)
it does not materially prejudice the company’s ability to pay its creditors (for
example, the company would become insolvent as
a result of paying the
dividend).
4.2
Amendment of Company’s Constitution
Rule
122.1 of the Constitution states that dividends may only be paid out of profits.
This means that at present if the Company was to pay dividends it would have to
comply with the “profits” test under the Constitution and not the new “net assets test"