It is good to see that Mr Klein is already being rewarded for his cunning acquisition of NQM... the Baal Gammon & Herberton tin & base metal assets which were spun off a few weeks to Monto (refer ASX announcement dated 4th Feb 2011) are racking up some tidy profits for CQT shareholders already...
the assets that were sold were never really given a value by us CQT holders when the company purchased NQM - we were more focused on the gold assets - but Mr Klein managed to extract a tidy sum for them when he sold them to Monto... the deal was as follows;
CQT received, $1.5 million in cash (with another $1.5m due if/when Monto decide to mine the Baal Gammon deposit)
CQT also received 300 million shares in Monto (ASX code MOO), and 150 million $0.03 call options in MOO expiring 30th June 2014.
On 3rd Feb 2011 MOO was trading at $0.016 per share, which effectively valued the CQT stake at $4.8 million. At the time of me writing this, MOO is trading at $0.023 per share, so now the CQT stake (not including the options) is worth $6.9 million~!!
Hats of to Mr Klein and the CQT board for selling a non-core asset for a value, as of today, in excess of $8.4 million (plus the options, plus potentially another $1.5 million in due course)... especially given the rocket surgeons and brain scientists of the CQT thread on HC had attributed a ZERO dollar value.
As usual, the naysayers are all mysteriously quiet whenever there is any good news for CQT, and although the naysayers stand at the ready to pour buckets of you know what on management whenever they can, they are slow to offer any humble words of congratulations!
As a loyal CQT shareholder, I will now stop recycling my Caviar tins (perhaps you could stop recycling your Baked Bean tins Vic & Magpie?) to ensure the price of Tin stays strong to help MOO get the project off the ground and build more wealth for CQT shareholders~!!
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