bell potter are underwriting the script which means any shortfall in takers they are obliged to pay up for.
so qtk will get the cash and bell potter will get any shortfall of new shares. bell potter have shown some faith which suprises me given that their clients who took out the notes are way out of being in the money. i had expected that bell potter would be none to pleased with qtk. two years from the date the notes were taken out, from memory that will be around september 08 qtk will be obligated to pay $4 million back to the noteholders, should they choose not to convert.
regardless im glad im out of this nightmare, i paid a hefty price to have my eyes opened. if something seems to good to be true it generally is. qtk was ramped like a fast greyhound out of box one and was capitalised at close to $200 mill within a few months of relisting from administration. then the wheels fell off and they have never recovered.
probably not all mp's fault really. they have definately been screwed over by the chinese i think. if asic didnt strike him with charges that proved frivolous then his reputation would have remained intact, pratt would have been onboard, the chinese may have honoured the contract, it could have been a totally different story. we will never know.....
QTK Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
