I completely understand your concerns, especially regarding cost structure. To be fair to management, I too have been in that position where a transaction has lead to never ending blue skies and significant levels of cash. It's easy to get complacent regarding costs in those circumstances (but still no excuse). However I'd rather face a cost rationalisation exercise than a complete project rethink.
I'd encourage holders to share their views with management. When you don't have significant levels of skin in the game it's important to hear from those that do (but in a constructive manner). Let's face it, it's not as if they've had major shareholders that have been focussed on driving the business. The spin out has simply been a liquidity event for most large NMT holders. I can't imagine that there has been much feedback given to management on future direction of the company.
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