Thanks Patrick, I appreciate your honesty.I sold out because it...

Thanks Patrick, I appreciate your honesty.

I sold out because it was obvious the company was spending more than it was earning. The only source of revenue was the unreliable Longtom which is prone to ongoing technical issues. Red Flags appeared when it continued to release announcments to the market about an unspecific possible sale that never seemed to eventuate. The ongoing Sedco case was also a burning tie around the Nexus neck. Another alert was when the company announced that a capital raising was not required within 12 months, I thought this was a very strange thing to announce out of the blue. I also wondered why Shell didn't seem to have any further interest in acquiring any more of Crux after it picked up it's 5% for $75m.

Of course the constant depreciataion of the share price was the main factor. Sometimes it's hard to admit a a bad investment. You'll notice that even now a couple of posters refuse to admit they got this one wrong.

I also came to the conclusion that the only posters on Hotcopper that seem to have any intimate knowledge of the industry and the Company were Richie and Taipan. Richie intimated that a number of Nexus management past and present appeared to not always act in the shareholders best interests. This has became even clearer in recent weeks. Taipan appeared to base his decisions on rational thinking rather than emotional investment.

It's very sad in a way, because with the assets this company have, this could have had a very happy ending rather than the undignified and slow death it is currently experiencing.