I see it but this was explained in the latest update>
RUAR
In a press release dated May 21 2007 we announced that we signed a letter of intent to acquire 50% of RUAR subject to completion of due diligence including review and verification of its proposed business plan. In a July 9 news release we stated that we had concluded due diligence on RUAR. Subsequent to the issuance of this news release and after several meetings with RUAR ownership, NNRF management determined that further examination of the agreement was required.
It was the intent of NNRF, once the acquisition was complete, for RUAR to implement the process of becoming a publicly traded company on the London Alternate Investment Market and dividend to NNRF shareholders NNRF's interest in RUAR's H-XCELL fuel division. During this extended due diligence period Mr. Sinclair and Mr. Goerke toured some of the companies that RUAR plans to acquire as part of its business plan. Continued review of the planned RUAR acquisitions and further due diligence meetings indicated that the capital requirements of RUAR exceeded what the NNRF Board of Directors and management felt could be justified by potential returns. Management have determined that the proposed acquisition and RUAR's business model, as currently structured, is too expensive and does not generate a viable return to NNRF shareholders. At this time The Board of Directors and management have determined that NNRF concentrate on strengthening its existing acquisitions and potential acquisitions that are more suitable to the company's core nuclear industry business.
