comiserations to shareholders

I held NAL many years ago but thank god I bailed out. I have kept NAL on my watch list though just to see what value destroying decision the oversized and hugely overpaid board would make next.

The sheer number of comercially suicidal agreements the company has entered into over the last couple of years has been almost criminal. Their holding in NIM is an absolute jewel with so much current and potential value but the board has had to flog off substantial portions of NIM as a forced seller in a fire sale to bring in cash to cover the value destroying agreements in currently in place. The US investment entities would be absolutely laughing their frigging heads off as shares and ultimately control of NIM is transfered from NAL to them. The demise of NAL will be like a death of a thousand cuts for small shareholders and from my reading of the awfully ambiguous, non-commital and worrying annual report says that more NIM shares will be sold at a discount again soon before NIMs inherent value is realised. To see that NAL was briefly suspended recently from offical quotation from the ASX for non-compliance along with a handful of other two-bit, penny dreadful dogs would have to be the final warning sign that death indeed has a plan for NAL. Under 10 cents might be an entry point more some punters intent on capitalising on a short-lived little spike on an ultimately worthless announcement over the next year but be carefull.