Forum Archive Index - July 2002

["The Flying Pig" <theflyingnzpig@hotmail.com>]

The Ignominious End? - THE RISE and FALL of the NCM

The Pig’s has attention has been crystallised by the recent NZSE move that may see the NCM and unlisted board consigned to the kennel by March as investor confidence with these markets stalls in the horse latitudes.

In their place Machiavellian Mark is going to parade a new pooch called "Junior" that is guaranteed not to pee on your hubcaps, burn your lawn or display hindquarter intrigue. Different name, same fur? - Let’s hope we don't end up calling it Cur. (I sincerely hope Mark succeeds as CEO btw)

I'm not here to bash up the NZSE too much as the founding principles of the NCM deserve widespread applause and investor dissemination; however the only real winners in this process were the Brokers, the Lawyers, the Accountants, the IP valuers, the Auditors, the various other Advisers required by the NCM companies to ensure impartiality and fairness in the Key Transaction. In the "interests of shareholders" it is ironic that these Advisers whilst dispensing their expert advise, generally hid behind a veil of disclaimers ensuring precious reputations were not sullied as they "reluctantly" stripped the Silver from the cash strapped NCM companies.

So Oink it - I snort a disgruntled snuffle for the NCM companies, their founding shareholders and the Mum and Dad punters with two grand to stash away – they are still doing time in he Gulag’s and it's going to be a long winter for some Piglets. I wouldn't categorise the NZSE as a winner here either, they did their best, but I think they would rather forget the fact that they threw a lot of Entrepreneurial souls to the Wolves whilst they sat round the campfire playing "whose Rasher is it anyway?"

But in the final Rut the NZSE must take this Porkers’ reserved right trotter; they set the lay of the Pen and allowed the fox in the chicken house. Perhaps the NCM companies could take a Class action against the NZSE, but then I forget - they haven't got any cabbages remaining to do that. I reckon most Piggy’s want to forget the growing pains and move on in any case.

Reptile Journalists of late have been throwing punches at poor NCM & IPO forecasting. To me that's fair Bacon - the stats aren't great. But I put it to them that there is another Fillet on the table.

The NCM diligence process was often protracted and locked up large amounts of seed capital needed by the Promoters to make good on their forecasts. In effect the process Hamstrung the participants.

To comply with confusing and bureaucratic LR’s and complete the Key Transaction (a process that nobody really understood anyway, especially the NZSE) – Well to put it simply - I think most Promoters with Hindquarters would rather be BMW crash test dummies for a day than relive Key Transaction trauma.

On a general Hog - I say the NCM companies have acted in good faith, believing in their products, services and forecasts. For a couple, success, or failure, isn’t so much of an issue. They are the Bacon Boys having some fun and if the thing sticks its hooves in the air – HEY - "Pass me another Chardonnay Old Chap and who really gives a fodder".

So spare a dime for the NCM companies – they endured a thorough mauling, let’s hope a couple of them shine in Pig heaven!

Kai su, teknon – The Pig has Snorted.

PS: In my next scraping I will suggest some Sweet and Sour recipes for Mark and "Junior". Don’t miss it!

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