Have NTL Managment been too clever by half?

Hi all

It seems to me that NTL didn't handle the Share Offer and subsequent Bonanza Resource Upgrade sequence at all well, and may have shot themselves in the foot.

In retrospect (hindsight is so easy), if they had released the Bonanza Upgrade on-time and into a surge of rising excitement the share price may have passed 0.03c and stayed there, potentially bringing in a number of new shareholders.

Then maybe a week or so later the Share Offer would've made sense to the market, supported by the Dubbo and Bonanza upgrades. While the price would've dropped back towards the offer NZ$0.022c there could've been quite a few new well-heeled shareholders keen to take it up.

Instead we have a flat share price at or below the Share Offer. It leaves no room to sell current holdings at even a small margin to buy the Offer, and may leave quite a few people wondering why they would bother.

Did they blow it?