hardly ironic, page-13

Not great news unfortunately for shareholders.

It could show that FW has run QIN like his own private business and chosen not to disclose a number of matters to the Board as he is required to do. Now that he is no longer controlling the information channels it is possible that these matters are coming to light.

The concern here is that there will be more skeletons revealed.

Alternatively, as lordolean has suggested, this is part of the TO playbook to drop the SP and reduce the ultimate price offered.

Either scenario is negative for investors IF it turns out to be correct. It must also be viewed in the light that QIN is really under pressure to present a credible, well managed business model to a number of stakeholders. This includes the large institutional investors that will largely fund the next plantation development. Additionally this includes a current investor that has a $34m put option against one investment.

Continued announcements and skeleton cleansing will chip away at this credibility and probability of continued institutional support.

I had previously been happy to retain (and add) to QIN holdings to see how this played out. However, due to a change of portfolio strategy surrounding my perceived macro set up I had sold down my QIN position and no longer hold (just for full disclosure).

Good luck.

Cheers
John