As a company director it is hard to admit that you are wrong. And thus good money is thrown after bad. That is what is happening at Northern Petroleum (NOP) and for shareholders to get anything back the board must be sacked now.
The bottom line is that Northern will be out of cash by Christmas. The board may not repeat its 2013 crime against financial humanity by paying itself a bonus for 2014 but it is expensive. It will preserve its place on the gravy train with a rescue placing which will keep the lights on for another year but will not allow any value to be created for shareholders. And so I propose:
on ShareProphets | CommentsFiled under: