something stinks

For all it's potential, this company is a dog because it is run like one. We spent most of the past financial year without a CEO thanks to Michael Fowler and his "management team". Now we're expected to put our blind faith in the people he hand picked as his successors. How can we be expected to make an informed decision at the forthcoming AGM, when we don't even know who or what we're really voting for?

For months I have been reading endless drivel about how great LDM is for NXS, along with wildly optimistic future scenarios and valuations. I must be the only person here who thinks he is grossly over-rated. Since his first day in charge back in April, all he has done is release a PowerPoint presentation filled with vague forecasts, and upgraded his job title from CEO to Managing Director. In that same period of time, the share price has gone from 22.5c to now be at 11.5c (who knows how low it will go?). It is no secret that major shareholder M&G wanted Richard Cottee reinstated as CEO last year. Of bigger concern is that M&G still chose to dump 100 million shares (at a significant loss) despite the appointment of LDM. If LDM is such a savvy operator, wouldn't these guys have been buying instead of selling?

And why hasn't the $75m put option been triggered yet? That deal should've been done on the same day as the FIRB announcement. Heaven forbid that NXS would ever move swiftly to make money.

Our board are payed handsome salaries along with other incentives such as free shares/options. Therefore they stand to make a fortune if the share price skyrockets. That's a good incentive, but it's not unreasonable to suggest that they may be prepared to take a few risks in order to try and achieve this, safe in the knowledge that they can still walk away at any time with their pockets full.

I'd much prefer to see NXS put up for sale tomorrow at 25c a share, rather than letting management and their giant egos risk everything for a dream that may never eventuate. Hopefully they'll have the decency to end this charade before Christmas.

Nexus Energy...FOR SALE