K,I think James Atwood was the Bioinquire guy who got a whole...

K,

I think James Atwood was the Bioinquire guy who got a whole lot of shares and the business didn't deliver. Was this due to the lack of due dilligence by the management of NuSep, whoever they were then? Or was it that the business was OK until the management of NuSep took over, whoever they were?

Of course the board/management blamed the guys at BioInquire. Nothing ever seems to be their fault.

I wonder who was managing the acquisitions and business then?

Well whoever it was took an upward revaluation of the asset (Bioinquire) from the get go and was stated as "Gain on Bargain Purchase" in the accounts. I remember a shareholder at the 2010 AGM asking lots of good questions to the board and auditor about this matter. The questions related to the basis on which it should be revalued and could it later be revalued upward/downward. This upward revaluation was what 'created' the profit for NuSep in 2010 and allowed substantial bonused to be paid to certain employees.

Subsequently in 2011, the asset was revalued DOWN and by an amount which exceeded the upward valuation (i.e. we were net losers, even without the bonus being taken into account).

Sounds to me like the problem isn't too many chiefs, but too many sharks...leaving us as the feedstock.

Unfortunately for us, there is a limited pool of shareholders who post here beyond the occasional 2 lines of indecipherable English. If there were, perhaps we'd get a groundswell. What we need is more questions of substance posed to those who are the custodians of OUR company. Horribly, we don't and that dooms us all. If NuSep (NSP.AX) was still worth the $10.50 that it was 5 short years ago, the company would be worth over $1bn.