And it just gets better or worse, depending on your perspective.
Firstly, the 131 pages yesterday wasn't quite enough - apparently?
Market valuation??
How's that working out today?
Market valued QBL at??
How's that working out today?
Just a concept??
And this is the best bit - Apparently they have taken MCL from "just a concept" to a "leading company in the industry". What?
Did they buy MCL as a concept in the first instance? Did they tell holders when they bought the 55% of MCL that they were buying 55% of "just a concept"?
There are times when one is entitled to just shake one's head in utter disbelief. Oh me oh my!
"Question 3)
Aren't we paying too much for MCL relative to what we paid for our initial interest in MCL?
We are confident that we paid for MCL, based on market valuation and what the market valued QBL at based on the MCL investment. Since our initial acquisition of MCL, we have turned MCL from just a concept into a leading company in this industry. In addition, since the initial acquisition, legislation changed to legalise hemp food products which enabled the building of our Vitahemp and Vitaseed’s businesses, and legislation has changed to allow Cannabis exports. The value of MCL today is ‘simply’ much greater than when we did the initial investment. Obviously, had we not done a logical calculation as to what MCL was worth, and given fair value, there is no way that the shareholders in MCL would have agreed to give up their MCL shares. Again, anything we pay for is too much because it is our money into someone else’s pocket! But if what we purchase is going to make us a lot more money than the cost of investment, then the investment is well worth making. We believe that the future potential of MCL is very significant and we wanted to ensure that all that value will be captured directly for the benefit of QBL and its shareholders.
