the MD needs to go.
they have had months to sort out the debt roll and to have to keep extending the refinance suggests that either NAB wanted to see more updated financials or NMS was asleep at the wheel.
someone needs to be held accountable for these blunders, the buck stops with the MD and given he is currently being paid 1% pa of the current market cap he should be the first one to be shown the door. when we get to vote on directors we need to make an example of these guys by not voting for the directors to be returned to the board.
while the net debt is only $40m its manageable, i think EY's was just covering their a*** if you ask me. If it is more than that i hope management have some good PI insurance in place because if they havent been keeping us informed i will be the first one talking to the class action lawyers.
NMS needs to put something out to the market to clarify the refinance situation, i still cant beleive the ASX didnt issue a please explain over the price fall and volume on Friday.
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