I am not down ramping. I have no intention of buying NEW shares....

I am not down ramping. I have no intention of buying NEW shares.

I originally invested for a modest return which turned into a 50% capital loss.

Martin sold the story to investors that by signing 15 Purchase Power Agreements that NEW was creating a reliable income stream. Then two years ago the auditors took the axe to the asset values based on 30 year electricity price futures in the US having fallen substantially.

Since then electricity prices have continued to fall so watch out for new impairments.

And what was really crook about the first big impairment is there was no warning. In my opinion a dereliction of the Board including Martin of Continuous Disclosure obligations.

So if there is another impairment later this month I will not be surprised. NTA could get crunched again.

And by the way name me any entity in Australia that incurs $16.5m in fees to generate net proceeds after debt of just $98m. A 16.5% hit to raise some funds. Give me a break. That was the dumbest cash raise opeartion I have ever seen.

John Martin has been a disaster for investors.