Pathetic!

Having a good read of the report, you’ve really got to hand it really congratulate the NCO directors. After all, I cannot recall another company that has fallen 30% on the back of an acquisition. Bravo!

I have the following questions of the board:

• With an acquisition price of .003, directors valued the NCO shell at less than $600K (345m shares at .003 minus cash). Why would they do this when a clean shell is worth between $1.2-$1.5m?
• Does the board feel that a depreciating share price is good for shareholders?

On the plus side, Ausnet dies look like a good acquisition but not on these terms. It has some good names associated with it and Finsure are no mugs.

IMHO, the directors should be drawn and quartered for the rights issue at .001 as well as the vend price of .003. If I were some of the larger holders, I’d requisition a meeting, remove the current board and nix this deal as it currently stands as not being in the best interest of shareholders. If they want to do so, they count on my vote.