Ann: More than $11 million secured in accelerated sales program, page-124

Hi Guys,

Good news that QIN were able to bring A$11m in the door but it may be too little too late as HT, IMO rightly points out.

To see an analogous situation play out pop across to PDN who have just appointed administrators today.

The situation was very similar whereby PDN owed EDF (and others) a large sum of money and were deemed to have breached a security threshold and had to post more collateral which they were unable to do.

This is very similar to both the possible exercise of the Put Option and the debt load that QIN currently has. It is difficult to gauge what third parties will do in these situations and in PDN's case EDF said "stuff this, we'll liquidate you and take our chances".

That could well be the logic of several third parties here.

The fact that FW hasn't charged in yet on a white steed bodes ill for QIN's chances of survival. At the very best, I unfortunately think a highly, highly dilutive restructure is all that shareholders can hope for here (and a possible class action!).

I fully anticipate a further extension to the suspension and, hopefully not, but it wouldn't surprise me, an announcement one day that administrators had been called in.

Good luck.

Cheers
John