Hi Daniel,
I've respected your posts and agreed with most of what you have said about QBL. I don't intend to become a regular non-holding poster on QBL or any other company; in fact I have extremely rarely posted on a company as a non-holder, nor do I intend to unfairly criticise the company.
I had great hopes for QBL, but I lost faith due to the lack of straight answers to some very valid and important questions. I had been hoping for a good investor presentation this week to give a clear picture of the company structure, what the group had achieved, and the plans to show where it is going and how it will get there. I was particularly hoping for a graphic showing the organisation's structure, with percentages of each part owned.
Originally the 55% stake in HHC was to be purchased by issuing 5% of Vitahemp shares to the HHC owners, with a later issue of $1.5m in MCL shares when MCL listed on the ASX, which never happened; and I think that there was a suggestion that MCL would acquire a further 30% of HHC, which in turn would have taken its share of Waltanna Hemp Group from 27.5% to 42.5%, but I don't know what happened to that proposal.
The announcement today was the last straw for me because it was just more ifs, buts and maybes - another series of statements of aspirations and possibilities, without answering any of the important questions or giving any of the important details which many posters had been requesting.
Even the statement about 80t of seed, which holders are apparently presuming was harvested from the 20t planted, is not clear to me. If I recall correctly, the ann said that they have 'been able to secure 80t of seed', perhaps implying that it was from the harvest, but if it was, why did they not say that they had harvested 80t? 'Secured' could mean that they bought it from another supplier. I don't like obfuscation.
As for the hand grenade tossed into the room by Bilson, I don't jump to conclusions without some factual evidence, but I didn't feel like sticking around to see whether or not the hand grenade would explode.
I genuinely hope that things turn out well for you and the other QBL holders. I've always believed that the collective shareholders in a company are like members of a corporate family, and just because I've left the family, I don't wish any misfortune on those who stay.
Cheers,
Mike
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