I am thinking (hoping) the company has enormous potential from here as well
Here (again) is a picture of the chart of the period that “matches” in price terms :
The coincidences have spurred me into trying to get a handle on what was happening then, and the way it was dealt with then to see if the same things have happened in our more recent history ...
And what about the next ‘leg up’ ?
Are any similar successes/problems likely to happen this time round, and if they do will they be dealt with in the same or in different ways ?
So in case anyone else is interested or wants to play .......
2010:
As well as BlackRock deciding to sell out in 2010, there was some important news :
NRW’s founder, Jeff Mglinn announced he was stepping down on May 14 https://thewest.com.au/news/wa/nrw-founding-chief-resigns-ng-ya-212450
(Possibly this had more to do with the BlackRock’s previously noted share dump than BlackRock being sour grapes about Morry Waked leaving?)
Regarding this departure :
@Valin’s post of 17/05/10 https://hotcopper.com.au/posts/6702090/single is a press story by Amanda Saunders about his history, cofidence in Jules, future plans and his overall philosophy ( which I have highlighted in bold as Inthinkmit gives an important insight into a company attitude ongoing today.) ...... “NRW said McGlinn would step down as chief executive in July, to be succeeded by his protg, chief operating officer Julian Pemberton.
Jules has been here for 13 years and I have always trained him to be the person to take over, he said.
McGlinn said he has no regrets about his time at NRW. I nurtured it, taught it everything I possibly can and helped it, he said. Now it is time to go out and make its own way in the world. I want to make sure its successful.
McGlinn guided NRW into a $300 million float in September 2007, pocketing $72 million. He retains a 9.6 per cent stake worth $34.6 million at yesterdays closing price of $1.32, down 9 on the day.
The former diesel mechanic said money had been no more than a pleasant side-effect of his success. He had also started two steel roofing construction companies, both sold to BlueScope Steel in 2006. This isnt about money . . . Ive always been one of the people who says that if you achieve the goals you set yourself, the by-product is money, he said. He recalled the alarming plunge in NRW shares to 13.5 at the height of the global financial crisis. I got everyone together and said, this isnt a problem for us, we are going to make $37 million after tax this year and they are valuing the company at $32 million, so dont put your heads down, all start buying shares. And thats what we did.”
(20min delay)