I still watch NNW with interest, and I have to say, also with some amusement at these directors.
Now they are calling this a postive result for NNW. So someone at NNW has turned into a spin doctor.
maersk has it right - please explain !
So they have handed over A$34 million to a company that did not meet it's performance targets.
How is that a positive? A$34 million is not just a couple of quid.
I expect they think it's a positive because they didn't have to hand over any more, yet that was their intention when first going into the deal.
It shows they did nowhere near enough due diligence on OfPay, and were taken to the cleaners.
Stupid, stupid management - right from the start it was a bad deal, and way over-priced, and a few of said at the time.
The positive result would have been if they were able to recover their A$34 million, which they cannot.
Don't expect an explanation for the OfPay fiasco either.
I became disillusioned with this management some 6 months or so ago, and nothing has changed. They have done some good things, but OfPay was a corker of a blunder from the start, and a huge financial blunder however you look at it.
Apologies for the negativity, and I'm glad they are out of the deal, but disappointed it cost them A$34 million to find out that OfPay is not what it seems.
Gw
NNW Price at posting:
10.5¢ Sentiment: None Disclosure: Not Held
