Much to my disappointment and resentment I supplied a fair bit of the volume today in small parcels. As some of you know, I took out a substantial loan this time last year, which was for initially only 3 months, but ended up turning into 12 months.
The loan was a personal loan from someone who wanted to help me convert my options whilst I waited on a company to repay me $212,000 that they owe me. They are still yet to pay me and I am now being forced to take a legal route, which is extremely stressful but something I am sure many on here have personally experienced.
As the repayment date for the loan is fast approaching and I have no other assets other than my shares, in the interest of other shareholders instead of taking the available volume at 2.1 and 2c the other week, I arranged an off market transaction for a decent chunk of my shares to be sold to an unknown buyer at 2c.
Much to my disappointment, other people proceeded to take that volume that was available and pushed the share price so low that the off market buyer for my shares backed out entirely, leaving me with a $182,000 loan soon due and no way to pay it off.
So with pretty much no other options and the opportunity arising today thanks to the company making an excellent announcement, I was able to slowly trickle the required amount of shares into the market without dumping or causing a heavy decline.
I still hold a decent amount of shares, I am still extremely positive about the future of NSL, however unfortunately for me I was pushed into a corner and had to get myself out of this debt or risk losing everything.
I just wanted to be upfront with everyone, as I know a lot of people know I held a pretty large holding and would want to know that I reduced it and exactly why I had to do it. For the past week I have regretted not just dumping at 2.1c and ensuring I could repay the debt, but I now have a massive weight off my shoulders and can continue to hold without the debt hovering above me.
Hopefully everyone understands and doesn't interpret my selling as any sign of reduced confidence in the company. I am hoping my lawyer can recover the funds I am owed and I can guarantee they will be going straight into NSL, just hopefully for my sake at not too high of a price.
(20min delay)