QBL EGM, page-64

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billy duckworth

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04/08/18

21:36

Post #: 34724517
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Originally posted by Creaturemagic ↑

Given the effort you have gone to in finding these issues, I'd guess such effort is wasted on HotCopper. I had issues with a company (NOR <- not cross promoting, they are an awful company imo, just using as example) and the way they announced contracts and revenue that never showed on the books. I sent a very long and detailed report to the ASX over disclosure requirements, and the company then released "Update on Commercial Sales Pipeline and Announced Contracts" in which they detailed that shareholders should expect no revenue from most previously announced channels and they had to basically admit they were a failure of a company (imo). There was never a formal ASX ruling or punishment (I think because unlike BIG/GSW, the market cap was low), but the company did at least have to clear up all unresolved/unexplained issues.

If you can write a very good, detailed report on why QBL has failed disclosure rules (or other ASX listing rules), with quotes, dates etc. The ASX is likely to look into it. Based on current events involving QBL with the ASX, I'd suggest they'd be very likely to take formal action if indeed the company is in the wrong. But even if QBL only has to release an official statement documenting their wrong-doings/failure to disclose/current position in Bauxite etc. then at least your questions will be answered.

It's a double-edged sword because I don't want to see Aussies lose their money because companies (GSW, BIG, NOR, QBL) seem to deceive them (imo) but I also don't want directors of such companies to get away with taking millions in wages from investors.

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While QBL is not a stock I follow, creature, I respect your comments.

Your work in a similar stock (Norwood) has been first-rate. The main proponent of that stock had me banned from those posts for having the temerity to suggest that an exposure of over $700,000 (now valued at around $140,000) as 100% of his portfolio was, to put it mildly, a little unbalanced.

QBL followers would be wise to take your thoughts seriously. The conversion of shareholder funds into executive benefits is a characteristic of this end of the market. It has been forever thus.

QBL Price at posting: 3.7¢ Sentiment: None Disclosure: Not Held
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