2c on QIN - lost money on it @ 1.51 so might be a bit biased (mind you better than the drop from $1.3)
~ reading the reports from management would indicate that the business was growing comfortably with repeat selling of new plots and offtakes arranged for the total harvest into the future. Company appeared to be only a couple of years away from being profitable.
Glaus? short firm from USA did an analysis that indicated QIN were buying back mature plots to hide the real price of sandalwood oils and wood. The china offtake company turned out to be a hole in the wall that only took one shipment and were up to some sort of tax ripoff. Lots of other problems raised and they felt that QIN was worthless ~ value $0
Qin's replies lacked depth and the CO/Managing Director takes a walk a week after the report comes out declaring he's putting together a bid consortium to buy out the company
This morning announcement that a contract for their product was cancelled in Jan but not declared for 5 months.
Personally have very little confidence in the current board and don't have a real understanding of the actual value of the business. Based on the metrics I originally used it would appear to be a screaming buy but not for me until the board is replaced and an independent auditor does a complete assessment.
You can't short it and haven't been able to since the original report was released. Don't put any important money on it is my view as this knife might finish up hitting the basement.
