cqt declares takeover offer "unconditional", page-5

MINEFIELD,
As long as Don Walker stuck with CQT over HSK, HSK's 90% condition was totally impossible, and he's seemed to get increasingly vehement since his original takeup of CQT's Offer.

And without 90% leading to compulsory acquisition, HSK can't access NQM's cash, which must be a factor given the convertible notes they might have to redeem next year.

These facts lead me to believe that HSK is between a rock and a hard place:

> They would need to reach 90% to access NQM's cash, but can't get there and can't afford to jettison that condition.

> They dare not throw CASH into their Offer mix, but their current Offer would already require them to create a mountain of shares. Would NQM shareholders WANT more HSK scrip if they upped their Offer from 1.2 shares?

(In case it's not obvious, I hold CQT shares, but not HSK or NQM shares.)