capital raising, page-53

Galileo
I agree that CQT to my knowledge have tried to accomodate GFA as per the JV agreement. The point i have been trying to get across is that GFA have contributed very little other than creating angst for CQT management & us the other share holders.
GFA have not kicked one goal that CQT set them other than spend the initial $5 million as per stage one of the JV agreement.
Because GFA were able over a period of time to acquire 18.66 % of shares on issue, & JT lost a large portion of his shares, this put them with the possible co-operation of others in a very strong position. As a result it appears until yesterdays placement GFA were quite happy to be non co-operative with CQT whilst having the gall to attempt to negotiate better outcomes for themselves both in the JV & exclusive areas. My calc shows GFA down to approx 14% (correct me if i,m wrong) with the balance of the top 20 holding a lot more power. This situation i believe will give CQT management a lot more comfort in going forward.