Sorry for the delay in replying. Busy day and I went to the...

Sorry for the delay in replying. Busy day and I went to the Aspen AGM this morning - a similar stock to NOD in a way dealing with accommodation and hurt by the mining fall.

Not much came out of the NOD AGM other than what was produced in the ASX reports. Two highlights were the huge reduction in Corporate costs to an estimated figure of $.5m per annum by March 2015 compared to $2.1m in FY2014. Much of the savings are due to the removal of the CEO. Another highlight was the joint venture project being planned for Boyanup which has just been announced. If all of the homes planned, are built there, then the one project would provide revenue of around $40m which is greater than NOD's 2014 total revenue.

One thing that has been pointed out to me since then though is that our Chairman David Franklyn is the MD of Entrust Funds Management. Nomad's biggest share seller over the last three years is Entrust Private Wealth Management and their last big sale was just last month. Franklyn does not appear to be involved in the latter company but his two co-directors in the first Entrust company are in both companies and appear to be in control. It is a bit scary that our Chairman is connected in this way with Nomad's major share seller and Franklyn has no interest in any Nomad shares himself according to the Annual Report. Pity I wasn't aware of this before the AGM as there does seem to be room for questions there.

GPASAS