Ann: Conquest Agri Raises $500k , page-18

Some of us have wondered, here and elsewhere, how CQA could possibly spend the $500,000 it has raised on a due diligence study of Priority One.

IMO, examination of the website at www.p1card.com, together with the 'Recent News' under the site's 'Investor Relations', gives us nothing that suggests that Priority One is a company that actually does any business.

Surely $500,000 is an exorbitant sum to spend on investigating such an apparently tinpot company as Priority One.

So the question is this. Who gets this $500,000 and for doing what?

This is omething for CQA shareholders to keep an eye on at the forthcoming meeting to approve the arrangement.

CQA's announcement about the capital raising also says its acquisition of Priority One must have the approval of Priority One shareholders.

Who are they kidding? Priority One these days makes no mention of the existing shareholders who got their shares via GCN. None of those shareholders has reported hearing anything from Priority One since the day their shares were issued. There have merely been distressed questions asked by them on HotCopper's GCN forum, along the lines of "What is going on with Priority One?"

GCN seems to have washed its hands of things to do with Priority One. In fact the two companies are evidently mutually unmentionable by each other.

I wonder whether the new Priority One and CQA are just hoping these shareholders don't really exist and that they will go away. Well they do exist, and instead of just going away they should be asking questions to ASIC.