re: understanding cmq's annoucements Page 18 of the CMQ Rights Issue Prospectus (10/9/04) spelt out the terms of distributorship agreement which include the agreement with Inviro Animal Health Solutions that require among other things:
“Obliges the distributor to provide sales reports, to MAINTAIN adequate stock levels, and to use reasonable endeavours to order quantities required to achieve the sales budget agreed from time to time”.
So what have we been told? In the recent AGM we were told: “a full container load of CMQ products HAD BEEN DELIVERED to South Africa”. The accounts showed $31K sales receipt (Jan06) + $10K (Oct 05). A few days ago CMQ said: “South Africa : $1.44M sales order to Inviro Animal Health Solutions CC. (product in the process of being positioned in South Africa to meet the order)”. Dear shareholders, you get the message, haven’t you?
HAD BEEN DELIVERED to South Africa now stated as In the process of being positioned in South Africa?
Distributor maintaining adequate stock level = full container load delivered in Oct/Nov 05 with no significant amount of sales receipt to 31 Jan 06?
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