ELE - Elmore Ltd

Re: NSL - NSL Health

And the people who lost money. Do they let him be too?
He is the man behind AustInd which is the joint venture partner for NSL Health.
Fortunately I refused to be drawn into investing in anything to do with him and I certainly have been pleased with that choice.
Someone needs to look behind the curtain to see who is the man pulling the strings. Where is the capital for the Iron Ore Hill?
Can someone pull an announcement rabbit out of the hat soon. That's the question.
His track record for companies and ventures he's been associated with is not good.

Re: NSL - NSL Health

Each to their own mate. I guess people said the same about Andrew Forrest as well.

You obviously have something against him personally.

I suggest you find another avenue to vent your frustrations.

He has nothing to do with the company now.

End of story.

Move on.

Re: NSL - NSL Health

3 posts, all in this thread.. either someone that has a chip on his shoulder or wants to manipulate the market... why not post with your actual account?

Re: NSL - NSL Health

whichever way you look at it the honeymoons over for NSL, it aint going anywhere in a hurry.

Cheers

Re: NSL - NSL Health

Patience is a virtue, especially in todays climate. It does take time for cap raising to eventuate and especially the size NSL/Austind are seeking to raise. Many that have bought into NSL IMO would assume have bought in for the longterm. Those that want a quick turn around may have chosen the wrong time to be invest in this volitile market. Very hard to pick a stock for good returns, just take a look at FMG in the past two months. A very good quality stock that is susceptable to market fluctuation, why???. To those that have issues to resolve can put their case and name to the respective authorities namely ASIC.

I have researched NSL long and hard and am in for the long haul.

Goodluck to the believers

Re: NSL - NSL Health

N1Spec said:

whichever way you look at it the honeymoons over for NSL, it aint going anywhere in a hurry.

Cheers

Click to expand...

Amazed at how interesting your post was, it's erudite nature and delivery that I felt compelled to reply in kind...

Do you know any stocks that are going anywhere other than sideways or backwards Herr Doktor Von Braun?
simply :crap:tastic

Re: NSL - NSL Health

Scuba said:

Amazed at how interesting your post was, it's erudite nature and delivery that I felt compelled to reply in kind...

Do you know any stocks that are going anywhere other than sideways or backwards Herr Doktor Von Braun?
simply :crap:tastic

Click to expand...

thanks, glad im of help.

if you feel so inclined to reply then my post must have made an impact

yipeee!

Re: NSL - NSL Health

Bit of interest today, hopefully the pending announcement is not to far away.

The interest in the announcement will have to be the amount of capital raised. Lets hope it is much more than 25 million and also confirmation of additional land acquisition.

Re: NSL - NSL Health

with NSL up 35% on a paltry 3 million on Friday, things may be turning around.
Volume is the key this week.

Re: NSL - NSL Health

Page 1
NSL Health
2 October 2008
BUSINESS UPDATE: MANAGEMENT APPOINTMENTS, CAPITAL RAISING, IRON ORE HILL
PROCESS AND TIMETABLE
Managing Director and CEO Appointed
The Board of Directors of NSL Health Limited (Company) is delighted to announce that Mr Cedric Goode
has been appointed as Managing Director/CEO elect for a three-year term from 1 December 2008.
Mr Goode holds a Masters of Business Administration and brings with him more than 16 years of mining
industry experience, most recently as Vice President Commercial at Dyno Nobel Asia Pacific Ltd where he
led the commercial division throughout Australia, Indonesia and Papua New Guinea.
With industry experience focussed in the Iron Ore, Coal and Gold sectors, Mr Goode has held a variety of
technical, commercial, operational and strategic roles both domestically and internationally.
A proven track record in North American and global strategic planning, global new business acquisitions,
merger integration, joint venture establishment and profit and loss responsibility, makes Mr Goode an
ideal MD/CEO elect. Details of Mr Goode’s proposed remuneration package are set out at the end of his
announcement.
Other Board Appointments
Complementing the appointment of Mr Goode to Managing Director/CEO, the Company has secured the
agreement of Mr David Macoboy (Non-Executive Chairman), Dr Jaydeep Biswas (Director – Commercial
Development) and Mr Jim Malone (Non-Executive Director) as new directors.
Each of these directors brings a different skill set and a significant level of experience to the Company
moving forward.
The appointments of Mr Jim Malone and Dr Jaydeep Biswas take effect immediately and the appointment
of Mr David Macoboy is subject to the completion of the merger with IOH.
Short bios on each of these directors are set out at the end of this announcement.
Given the new appointments to the Board, Mr Faldi Ismail (Non-Executive Director) has resigned to
facilitate the hand over to new management. The Board would like to thank Mr Ismail for his valuable
input and commitment.
Once the merger has completed, it is likely that Mr Peter Wall (Non-Executive Chairman) and Mr Sean
Henbury (Non-Executive Director) will both resign as directors so that the new, more experienced
management team can take the Company forward.
Underwriting of Capital Raising
The Company is pleased to advise that it today entered into an underwriting agreement with Vanilla Group
Australia Pty Ltd (Vanilla) to raise a minimum of $5 million with a best endeavours obligation to raise up to
an additional $10 million.
Page 2
Vanilla has advised the Company that it has already secured commitments for the $5 million underwritten
portion of capital raising and is in advanced discussions with various parties for the balance of the $10
million.
Vanilla has also agreed to use best endeavours to facilitate a $25 million convertible note facility for the
Company. In this regard, an introduction to the proposed funding party has been made to the Company
and negotiations are progressing.
The underwriting agreement is subject to Vanilla being satisfied with the Company’s due diligence
investigations/results (acting reasonably), consenting to be named in the Company’s prospectus and the
prospectus being lodged with the Australian Securities and Investments Commission on or before 15
December 2008. The underwriting agreement is otherwise on ordinary commercial terms.
Under the terms of the underwriting agreement, the Company is entitled to seek additional investors to
subscribe for funds over and above the amount underwritten by Vanilla and various other leads are being
pursued on this basis.
The capital raising will support the expenditure and working capital requirements of the group once the
merger with IOH is completed.
Iron Ore Hill Update
IOH has made significant progress in advancing its interests in Southern India. In particular, IOH has,
through its Indian legal team, held discussions with the State Government of Kerala which has indicated
support will be given for an expedited application process for a mining lease over the entire iron ore
project in Kerala, India (known as Iron Ore Hills 1, 2 and 3).
In response, IOH’s Indian subsidiary lodged a mining lease application over an area of
358,686 Hectares of land covering Iron Ore Hills 1, 2 and 3 in Kerala on 29 September 2008 before the
Department of Mines and Geology, Government of Kerala. IOH will now be vigorously pursuing the grant
of this mining lease.
This is an advancement of IOH’s strategy for securing land tenure over the Kerala iron ore project.
Previously, the strategy was focussed on securing significant freehold title to the land on which the project
is situated before submitting a mining lease application. While it is likely that the freehold title will still
need to be acquired, it may be possible to defer additional land acquisitions until a later stage in the
project development i.e. before the execution of the mining lease deed with the Government of Kerala.
This advanced strategy will require less funding up front. However, holding surface rights will strengthen
IOH’s application for a mining lease and, as such, IOH will continue to pursue the requisite surface rights
over the proposed leased area either by way of securing Non-Objection Certificates or by executing
‘Option Agreements’ with the land owners by paying nominal consideration - thus freeing up a substantial
portion of the funds for exploration of the project. While commencing the exploration operations, the
leased lands can then be fully acquired by IOH’s Indian subsidiary.
Under the present mining lease application, IOH’s subsidiary has asked for interim permission from the
Government to allow it to drill bore-holes, collect samples and analyze this data to estimate the size of the
ore body and ascertain the grade. As it stands, IOH will only be able to undertake these activities on the
44 acres of the land it has acquired until such time as IOH’s Indian subsidiary secures the option rights on
additional land (which is proposed). This interim permission, if granted, will allow IOH to expedite the
timeline to commencement of exploration activities.
In addition to the above strategy, IOH has commenced negotiations with another private iron ore mining
company that has secured a mining lease adjacent to IOH’s interests in Iron Ore Hill 3. IOH’s Indian
lawyers are progressing these negotiations with a view to securing this mining lease. This complementary
strategy is being pursued because the initial indications are that the exploration/mining activities can be
commenced on a relatively short timetable after completion of an environmental impact study and
subsequent approval from the Central Environmental Ministry. As such, obtaining access to this mining
Page 3
lease may enable IOH to undertake exploration/mining activities on the area adjacent to Iron Ore Hill 3 on
a faster timetable than would otherwise be the case. Further information will be released to the ASX as
the negotiations progress.
Matha Mine
The right of first refusal in relation to the Matha Mine has lapsed due to Kingsway Resources Pte Ltd not
taking up its option to acquire the mine. As a result, the Company will be calling for the $500,000 loan
made available to Kingsway Resources Pte Ltd to be immediately repaid.
While disappointing, the Company is aware that other mining assets are available for purchase in India
and these opportunities will be pursued vigorously once the merger with IOH is complete.
Timetable
A revised indicative timetable is set out at the end of this announcement.
- Ends-
For further enquiries:
Sean Henbury
Company Secretary
NSL Health Limited
Ph: (08) 9486 2333.
Page 4

Re: NSL - NSL Health

Timetable
Event Date
Announcement of Merger 10 July 2008
Dispatch Notice of Meeting seeking approval for Merger 31 October 2008
Suspension of NSL shares from trading on ASX at the opening of
trading
29 November 2008
General Meeting to approve Merger 29 November 2008
Lodgement of Prospectus with the ASIC and ASX 15 December 2008
Opening of Offer under the Prospectus 22 December 2008
Closing Date of Offer under the Prospectus 14 February 2009
Settlement of the Merger 19 February 2009
Anticipated date the suspension of trading is lifted and NSL shares
commence trading again on ASX
25 February 2009
Director Bios
David Michael Macoboy BEc (Hons), BCom, FAICD, CPA
(Proposed Non-Executive Chairman)
Mr Macoboy has a wealth of business and corporate finance experience. Holding degrees in economics
and finance, Mr Macoboy has held a number of senior executive positions throughout his career including
Finance Director, Consolidated Minerals, Director of Finance & Corporate with Portman Limited, Group
Treasurer with Australian Capital Equity, Vice President, Investment Banking with Merrill Lynch and
General Manager and Treasury & Capital Markets with Challenge Bank.
During the past three years, Mr Macoboy has served as a director of the following listed companies:
● Ammtec Limited Chairman - appointed 11 September 2007
● Global Construction Services Limited (appointed 1 July 2007)
● Ironclad Mining Limited, Chairman (appointed 1 July 2007)
● Grange Resources Limited (appointed 30 November 2007)
● Territory Resources Limited, Chairman (appointed 28 December 2005 resigned 9 August 2007)
● Monarch Gold Limited (appointed March 2002, resigned 30 June 2007) Consolidated Minerals
Limited (appointed 1998, resigned 31 December 2006).
Page 5
Dr Jaydeep Biswas, B.E (Chemical), PhD, MBA
(Director – Commercial Development)
Dr Biswas, an Indian National, is a seasoned executive with senior management experience in
multinational and government-owned enterprises both in Australia and internationally, including the Shell
Group from 1987 to 2001. Dr Biswas’ roles have been in research, academic, commercial, finance and
operational areas. Since 2001, Dr Biswas has been a consultant or Board member in many companies
across industries such as resources, property, technology, energy sustainability and finance.
The role of Director – Commercial Development will be focused on securing funding support for the
merged group, assisting with the on ground strategy India, and management of key relationships both in
Australia and India.
Jim Malone, B.Comm (UWA), ASA
(Non Executive Director)
Mr Malone has successfully worked as an accountant, stockbroker, business analyst, CEO and a
Company Director of mining and resourced companies over the past 21 years. Mr Malone is currently a
Director of six listed and non-listed resource and investment companies. He has been instrumental in the
listing and management of seven ASX-listed companies across industrial minerals, gold, uranium, coal,
copper, molybdenum and oil and gas exploration/development in Australia, the United States, South
America, Asia and Europe.
Jim has worked for Arthur Andersen Accountants, Hartley Poynton stockbrokers, CSFB and Lehman
Brothers merchant banks in London and the West Coast Eagles and Richmond Football Clubs, the latter
as CEO from 1994 until 2000.
Remuneration of Managing Director/CEO
Mr Goode will be paid a salary of $450,000 per annum and will be issued, subject to shareholder
approval, 4,000,000 short term incentive options and 12,000,000 long term incentive options. The options
will have varying exercise prices and will only vest on achievement of defined performance criteria (to be
set by the remuneration committee).

Re: NSL - NSL Health

Nice one Sam76, thanks for posting the info...
I guess it all comes down to how the negotiations run in India and wether or not the appointees are versed in the local cultural intricacies...
Disc; I still hold my free ride shares....

Re: NSL - NSL Health

Well this one appears to be tanking....

Does anyone have any faith in the guys running this show, or are they not so great managers?

This announcement has been pending for quite some time and never eventuating. If sam76 is right on the timeline then suspension of trade could come before the announcement of capital - then we'll be stuffed until well into next year.

Re: NSL - NSL Health

I believe that if they delay the AGM they then can delay the suspension.

I agree the lack of info forthcoming is disturbing to say the least.

Re: NSL - NSL Health

sam76 said:

I believe that if they delay the AGM they then can delay the suspension.

I agree the lack of info forthcoming is disturbing to say the least.

Click to expand...

Good thinking - they've delayed both as you said.

I would love to know who'd be willing to invest at the moment....

Has to be a sure fire for a group of investors to want to touch anything.

Re: NSL - NSL Health

Hatchy, NSL will only be rerated if and only if the capital raising is completed. Dissappointed in myself as to why I didnt sell when it reached 10 cents. A cool 1/2 mill down.

Thems the breaks I suppose.

Re: NSL - NSL Health

I think it would be very surprising to see any movement before the years end. I have no idea who these guys are getting to invest, but they must be bananans.... Iron ore at a time like this....

I do hold NSL - there's not to say i'm happy doing so.

Re: NSL - NSL Health

Seems there's some funny sh*t going down with this NSL merge. Far more questions than answers at the moment and the silence from NSL's side is deafening IMO. Might explain why there has been zero updates from NSL heavies for 10 weeks. Hope it all works out for holders. I watch with interest but am not one. I know too much about some of the shady people involved in the background of this one. Good luck.

Re: NSL - NSL Health

It would be nice to hear that the IOH people are finally or maybe hopefully warming to a merger with NSL. Maybe one of the reasons for lack of announcements IMO.

Still timing is everything but opportunities dont last for long, especially in India.

A positive Cap Raising announcement and confirmation of the merger to take place on both sides will see interest return. It certainly is trying times for those junior stocks that dont update the market.

Re: NSL - NSL Health

Well today's update saw nothing too surprising.

A lacklustre board delivers less than expected.

Loans don't get repaid (no surprise in this market).

Most of all - No Merger!!!!

Well boys, sit tight as I think there'll be some selling tomorrow, not that this thing can go much lower. 1/10th of 1c anyone?