nbs accounting - don't ignore the intangibles, page-9

Richee at the moment support is ebbing away as supporters lose faith in the business model & management, particularly the latter as even a great business can be ruined by management particularly at this start up phase. Many see even simple things as warning flags - the Republic Consulting Crowd do not even have the courtesy to acknowledge correspondence & so these simple matters are piling up to give shareholders the impression that NBS could be a good opportunity, but the other option is suffering a substantial loss without any shades in between.

Even if we get positive confirmation about Chinese payments & the continuation of this contract NBS will continue to trade at some sort of heavy discount to where it might otherwise be. NBS has to rebuild credibility and how it handles the AGM will be the next big test. A number of shareholders will be attending the AGM to look the Directors in the eyes & will be very interested in not only what is said & just importantly how its said. If it doesn't measure up, expect another batch, perhaps almost the last batch, of believers to exit.

It will will interesting to see how the Malaysian Chairman & CEO handle all this; particularly any response if there is a significant vote against renumeration motion & also Peter Dykes re-election motion. I am not sure if Malaysian contingent will make of some Oze style pointed hostile questions? ;-)

I have said it before on this forum I cannot see that have the Financial Controller in Australia with CEO, Chairman & main trading entity in Malaysia as something that is sustainable.