Ann: Response to ASX query letter, page-16

So lets look at each of those points in a timeline.
1. QIN's cash always depletes during first half and then the sales come in the second half, this has been their pattern, so there is nothing unusual there, def wasn't the cause of the drop.
2. Revised profit forecasts only have come out now, however the news that their chinese customer had gone may have had an effect on the initial drop, so I will give you that one.
3. The long time CEO left after the initial large drop, so was not the cause of the initial drop.

So out of the 3 things you mentioned, only one was a possible cause of the initial large drop.