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Merry-go-round

On the face of things, Queensland Mining Corporation looks like the most indecisive company on the ASX. The market minnow, which trades under the code QMN, began the year based in Sydney but soon decided that Perth was a cheaper place to locate a company with assets in central Queensland.

Not surprisingly, the plan to find ''lower overhead costs'' in a city that charges $6 for a coffee did not quite pay off, and the company shifted back to Sydney in June.

During those six months, there has been a revolving door of directors and executives, with at least six leaving the company, some after serving just four months in the job.

But after all that indecision, the company is finally certain of something: it launched Federal Court action against its former boss, Howard Renshaw, on Tuesday. The argument rests on whether proper shareholder approvals were gained before Renshaw was awarded termination payments that QMN reckons were worth $677,333 in total. At its current market cap, that is more than 4 per cent of the company's worth.

This is just one of many subplots unfolding at QMN, where the husband of a large shareholder was this week appointed to act as a corporate adviser.

CBD will watch with interest to see who is in charge of QMN by Christmas, and on which side of the battle for control certain players end up.


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