cap raising, page-12

Classic Aussie company play: treat shareholders as mugs, destroy value (didn't they hit $600m market cap), take big director fees for nothing whilst becoming scared of the real world where you are actually responsible for your actions, hopelessly mismanage your company in the face of increasing competition, etc, etc. All of this occurs, of course, whilst retain shareholders are too lazy or stupid to demand change, and institutional shareholders are definitely too lazy and stupid to demand change - because if they did then maybe it would encourage people to ask how they can justify their enormous fees to track a market index. Apathy, at the end of the day, allows these people to get away with what has happened to NOD. It should never have happened, but the shareholders in total got exactly what they allowed to happen. Weak leadership should be punished, but isn't.