Personal Comment
Hi guys,
For the past few months, I have seen a couple of posters comment or make remarks about QBL and their office rental situation. I wanted to address that for you today.
I have personally visited the QBL Offices twice since January, this year, and have seen the internals of the property. I have asked the Board the hard questions about the use of the property and why they chose a house in favour of Office Space in Sydney.
So let me address these concerns, and put this to rest for everyone.
Q: Is the property a house or a unit?
A: It is a split level property with a small dwelling underneath, which is used as the private residence of Pnina Feldman and her husband.
Q: How is the house used in its capacity as Office space for QBL?
A: The upper main floor of the property, which is the street level of the property, is primarily used for business activities of QBL. The Living Room area has been converted to a Board Room / Strategy area. The Bedrooms are used as Office Space for the various management and administrative personnel of QBL: MCL
Q: Did QBL manage a good rental deal for the property?
A: The Board told me that the amount of rent that QBL is paying is probably half of the market rate should they have their own similar facilities, therefore considered well within arm’s length terms by the board.
Q: Why didn't QBL simply hire an Office?
A: Rental Office space in Sydney is at a premium price, and as most of the Board members and management live close to Sydney Central, the Board decided that hiring an approved House/Office was a better use of company funds and time, to both manage expenditure and the business operations of the company. As such, QBL saves thousands of dollars a month in Rental fees thus reducing expenditure costs and control time management across multiple International timelines.
Having a combined small residence and separate office area allows the Executive Chairperson to conduct all operations and negotiations with International partners, across multiple time zones, without having to travel between properties to access hard copy and digital information.
Pnina Feldman is in her 70's and works 6 days a week and from morning to night to secure deals and negotiate contracts for and on behalf of both the Company and shareholders of QBL. I have personally received business emails from Pnina at 2 am in the morning.
The Board decided that combining a small residence and large Office space would help Pnina conduct the business of QBL: MCL and also care for her personal health by reducing the travel load. The office area is also close to Sydney CBD for banking, legal and easy access to Sydney Airport.
Q: There has been some criticism about QBL using a house as their Office on Social media. Have you considered looking for other premises which are designated as Office Space only?
A: The board informed me that they are currently reviewing other premises that may be considered to be more suitable for the company moving forward into this growth stage. Designated office Space does come at a price and will increase expenditure at the end of the day.
Guys, in my discussions with the Board, they felt confident that this to date has been the most cost-effective way to manage the company, to achieve all their objectives, and best manage the use of company funds to be both responsible and accountable to their shareholders.
Cheers......59
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