Many long termers like myself remember NDO in the 30`s and higher. Then poor judgment by management or poor drilling luck or both led to a long decline where management promised much at annual meetings, delivered little and walked away with swags of options and performance rights . Capital raisings an dilutions followed and many faithful or deluded faithful saw their dollars disappear. With Galoc and extension stabilized and producing well their at last appeared considerable upside from 4cents and a chance to recover some finances. In the last year management were granted performance rights which had the potential to make them multi millionaires.
This takeover has crystallized 130million plus shares from performance rights to management, directors and employees. At least 44million to Philip Byrne. What is management`s attitude to these sudden riches? Do they feel responsible to stand, work hard and achieve a better outcome for shareholders by growing the company? Or do their dollar dazzled eyes immediately unanimously suggest acceptance thus crystallizing losses for many long term holders seduced by their stories of glories ahead? This is a b-gger--- outcome for many holders but a great outcome for management enriched at the expense of shareholders.As management drive their newly acquired Rolls around town congratulating themselves on their cunning I hope they have the self perception to feel a momentary sorrow for the myriad of shareholders burnt by the company over the years. And one may hope for that rare insight such that they realize they should never direct companies again
NDO Price at posting:
5.0¢ Sentiment: Hold Disclosure: Held
