<<During the quarter and prior to the shareholder vote to remove the majority of the Board a total of $2.5M of NGE’s capital was invested in oil exploration companies, with the majority in an unlisted company. The NGE Board is reviewing these investments and considering their options.>>
It's hard to believe the former board invested wisely in an oil exploration company just prior to oil's collapse. My guess is if we see the details, a hanging would be in order.
If there is anything vaguely illegal about this (you'd think they would have to disclose the investment to shareholders) or any connection of this company to the former BOD, I think shareholders should press for prosecution under whatever securities laws exist in Australia.
Wiggling
NGE Price at posting:
2.1¢ Sentiment: Hold Disclosure: Held
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