gustie, some good points. I think the finance situation will be...

gustie, some good points. I think the finance situation will be resolved. The NAB are receiving repayments so we are told they will give time to refinance or recapitalise. The problem is that an issue of shares this year will scuttle the options and an easy $3mill from conversion for NMS is blown.
The other issue is that it will be difficult to secure long term contracts with the audit qualification on foot, ie they need to sort the loans out ASAP.
Providing work picks up and they can rejig their current liabilities NMS is in a good situation. Agree with your billion $ eyes comments.
Wonder why NAB had no problems lending short term in the first place (they were very well placed to understand economic conditions)and are now playing games with refinancing? The banks have done this with a few companies, ie wait until its due, let it get overdue then screw the company with interest rates and charges to refinance. In good times NMS would just go to another bank. NMS were either poorly advised or were as gustie says billion $ eyes and did not listen. NMS are now at the lenders mercy.
In normal times we would not have an issue.