This statement in today's Chairman's report again answers the question (that was disputed here) about whether it was CQA or P1 that called off the deal. It was CQA.
By the end of October 2014, despite our best endeavours, it became obvious that Priority could not satisfy the conditions precedent. The Company [CQA], acting upon legal advice, abandoned the proposed acquisition of Priority.
The website at
http://www.p1card.com
still does not tell its shareholders that the deal has fallen through. It nevertheless continues to show earlier reports about the planned takeover! It will be interesting to see whether P1 reproduces today's CQA address by the chairman.
I have to wonder how it took CQA so long to see what posters here had seen from the start - P1 had no substance?
Ann: Preliminary Final Report, page-3
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