No mention of the $50m sale of the re-injection pumps. The $122m capital raising was for FID and pay down of debt, neither of which seems to have happened. NXS doesnt have a hope in hell of getting funding via a CR, the board cannot be trusted. Finding a buyer for a 'works program'? Hmmm, is that the best way of realizing true value?
Lucia needs to get rid of the Chairman, his name alone is an anchor that is holding NXS back. Not sure the other 'best in the business' Directors have added any value to date.
This is the third start (two false ones so far), and the dates seem to have blown out for any return. Longtom is a dog that they cant get out of unless they pump more $$$$ in, a reflection of the Book Keeper trying to run an O&G company. He thought he had buyers lining up to buy it... Liar.
To date, Lucia has kept his word on action dates, but Fowler and Co could be a problem again in the future, thats why they have to go. Next AGM could be a nice surprise for the Comapny if we get some resignations, but thats like wishing for a takeover. No get out of jail cards for NXS with Fowler in charge.
Today its all hot air, Lucia needs to deliver something before any appreciation will happen. Restructuring debt and renewed focus on growth is bull@*&t today.
NXS Price at posting:
12.5¢ Sentiment: None Disclosure: Held
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