Ann: CQT: Variation of Takeover Bid - Increase in, page-3

re: Ann: CQT: Variation of Takeover Bid - Inc... Hi Plough. CQT will plug the short term cash component gain ad nauseam.

As you intimate, still below the HSK offer using a HSK share price undervalued on fundamentals (imo).

They neglect to highlight the upside NQM shareholders would be giving away. Interest in Pajingo would reduce from 60% to 12% on a full CQT takeover all that upside transferring to existing CQT holders. Shhhsh.

CQT really want control of Pajingo, by getting control or 50% of NQM.

HSK too only need 50% of NQM to fully protect their 40% holding in Pajingo.

The protection of that 40% investment will be of absolute importance to HSK. The current Pajingo partners have a similar mindset and a trustworthy relationship. On the other hand, I believe HSK would be very unhappy to have a minority interest with CQT in charge.

Expecting the games and half truths to go on for some time.