As for the oil and gas industry, Nautronix said the plunging oil price in wake of the terrorist attacks on New York had sapped the industry of confidence. As a result, the company estimated the slowdown in the oil and gas sector alone had reduced EBITDA by $900,000.
In other Nautronix news, the Board has split two-one in favour of shareholders accepting a 69c a share takeover bid by Scottish entrepreneur, Mr Ian Suttie, which values the company at $46.9 million. Board members, Mr Ross Stuart and Mr Tony Taylor, recommend shareholders accept the offer while fellow board member, Mr Alan Tribe, has reversed his previous acceptance and suggested shareholders reject the bid.
