Please do not think I am supporting CLange or the board with my previous post. Far from it - we were paying Christian Lange $750,000 per annum and for that sort of money he certainly should have seen this coming 12 months ago. CLange can go and blame the CFO or whoever else he likes but at the end of the day he was paid the big bucks to make sure this didnt happen. He just grew the business to fast without thinking about the costs along the way. I am not going to accept that Neptune's problem was caused by the GFC or current downturn either. Neptune started going wrong the moment he bought STS. Why the hell didnt he just buy CORE IRM for only 13 Million Dollars and leave it at that. What has happened is near criminal IMO. Hope he is investigated by ASIC truthfully, especially if NMS goes under which truthfully I dont think it will because I think there is a lot that NMS are not currently telling us. I think most of the business units are sound, they just had too much debt and cost overheads which ate into profits. Certainly I think one ship has too go and so does STS. As far as the rest of the businesses go I think they are all sound, with the US business caught up in the post GFC.
NMS Price at posting:
8.4¢ Sentiment: Hold Disclosure: Held
