Agree matluc1 - holders might also want to find out why they resigned. Often, it is because their values, ethics and legal obligations have come into conflict with their knowledge of certain acts or omissions by officers of the company.
What is also overlooked in this company is the interest free loan (from memory about 1 million) to a related entity.
From a legal perspective the loan is permissible but it must be made on commercial terms and those terms must be capable of being considered a commercial transaction. The standard applied is that of the reasonable person. I.e the commercial terms must be apparent to a reasonable person. This is straight out of the Corporations Act 2001 (Cth). There must be some clear evidence of a return (of some kind) for the funds loaned. I have seen nothing that suggests to me that the shareholders of QBL are receiving any return whatsoever for the use of their funds by a related entity.
This topic has been discussed on more than one occasion on the QBL thread.
I do have concerns and am of the opinion that the current activities of QBL seem to suggest that it is a cash vehicle for some of the larger shareholders.
Disclaimer : I must note that Corporate Law is not my practice area. I won't say what is as the trolls come scurrying out of their rocks to criticise.
However, I did listen during my Corps Law lectures at law school and I worry about the lack of evidence of there being any form of commercial return on the funds that have been loaned.
I have not read the latest financials as I am no longer a holder. This loan situation may well have changed since I last looked.
If you are new to QBL then do some research. I have held in the past but a close reading of the information available to all shareholders that caused me to change my mind on being a shareholder.
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