"The Board wishes to update our valued shareholders as to current issues concerning QMC" .. Really!!!, I wonder what that might be....
"1. The Chairman intends to vote all undirected proxies in favour of the resolution except where a voting restriction applies." ... Printing the proxy form, surely the one they send out might mysteriously get lost in the mail.
"We have explored the institutional funds market with BurnVoir Corporate Finance Pty Ltd. While this generated real interest the general consensus was either these institutional investors wanted to await the outcome of the feasibility study (or at least wait until considerable progress had been made)" ... Hmm the 'fantastic' 'annual' progress reports didn't do it for them? Very strange..
"Given the Company’s current share price this is not an attractive proposition for shareholders. Further, based on market experience, it is likely that only 20% (or thereabouts) of the general shareholder body would take up the offer" LOL 20% !! A bit optimistic are we now..
"It would be remiss if the Board did not publically acknowledge that it is concerned at the current share price." Halle-freaking-lujah, so 23c did it for you ha?
"The Board and senior management remain focused and committed to delivering on the key objective outlined above and that by doing so we will be able to deliver value to all our shareholders. This will require some patience on your part in allowing us the time necessary to complete the White Range feasibility study as the Company moves towards production" Anyone saw any specific objectives apart from raising money to do 'stuff' with no plan or dates in place? My beer goggles aren't working.
"It is important for the Board and senior management to remain focused on meeting the objectives highlighted in this letter and that is what we are all doing." anyone, please?
"with or without amendment", this keeps poping up against every resolution. So like a share issue at 10c can be magically amended to 2c or what?
"ASX listing rule 7.1 imposes a cap of 15% of the Company’s issued capital that a company may issue in a 12 month period without shareholder approval. The issue of 60,294,545 fully paid ordinary shares is within this limit" Thank god,jesus, budha, darwin et. al. for ASX listing rule 7.1!!
"Under listing rule 7.4, the Company can seek shareholder ratification of an issue made within the 15% limit, and, if given, the effect of the ratification is to deem that the shares issued were issued with shareholder approval. This effectively restores the Company’s 15% placement capacity" oh wait, ... so they issued shares without our consent and now they want to make it look like it was! This doesn't stink whatsoever, righto carry on..
"No. of Options: 9,400,000 Expiry Date: 30 November 2014 Exercise Price: 10 cents" Good old Tulla very optimistic lol. 2014? Surely they have full confidence in management, the great brother tangs got screwed. Wait, if they are screwed what am I hmmmm ... food for thought.
"The Board seeks shareholder approval for the issue of up to 75,000,000 fully paid ordinary shares in the Company. The shares will be issued at a price which will be at least 80% of the average market price of the Company’s shares, in order to raise approximately $4,125,000." Having a second go at rule 7.1, are we that desperate or expected other funds wont cover the Xmas trips to the Bahamas.
"Resolution 5 seeks shareholder approval to establish an Executive and Employee Option Plan, the establishment of which the Board recommends to shareholders. Approval is being sought for the purposes of ASX Listing rule 7.2 Exception 9(b). The Approval remains valid for a period of 3 years" and
"The Company desires to have in place a structured mechanism which establishes consistent rules for rewarding key long standing employees for valued service to the Company"
I thought staff charging expenses as subbies and separate businesses (extra income on the side) was the 'options' plan.
Also, those long standing employees did what exactly again to get rewarded? The only reason they are long standing is because we couldn't get rid of them lol.
End rant, back to work..
QMN Price at posting:
2.3¢ Sentiment: Hold Disclosure: Held
