A cautionary posting to NSL

Below is a reply I sent today to a poster on NSL a company involved in India


Any thoughts on a reason for the delay in the PO? Were terms agreed upon or might there be a chance that the buyers are trying to screw us down on price?

GLB
Hi GLB, From experience dealing with and having shares in a company controlled by an Indian company, be prepared to wait a long time for those POs. Its in the Indian business psyche to be extremely long winded in doing anything which involves money. Although they are modernising rapidly, I believe the old British colonial Victorian ways of doing business still prevail. I hold shares in Legacy Iron (LCY) which are 72% owned by NMDC National Mining Development Corp of India. They are massive steel and Iron producers. When they bought into LCY (approx 28%) we all got very excited and expected our holdings to go through the roof. At the time LCY were at 23 cents. They bought in at 7 cents which at the time was low but we held on believing in the big picture that they would be buying up companies in Australia using LCY as the vehicle. They did nothing of significance and we watched our shares languish to where they are today at .004. Strongly suggest all posters here go over to the LCY site here on HC and read through the posts and announcements by them and NMDC for say the last 3 years. In fairness the fall in the IO price has contributed to our demise but misleading announcements from the Indian media have also contributed.
Please don't take this as down ramping. I still hold shares in LCY and am very tempted to buy some in NSL as I think you are on a good thing here. But PLEASE BE VERY CAUTIOUS in any media report coming out of India and promises. Take a look at LCY as a cautionary tale and Good Luck to all here. Cheers Mal