re: now or never : macrae12 The May accounts is due on 15 Jun...

re: now or never : macrae12 The May accounts is due on 15 Jun Thurs. This account is unlikely to be substantially different from past accounts – negligible sale receipt and cash burnt between $2M to $3M and shareholders will be in suspense as to whether the revenue covenant will be satisfied. IF the SA sale receipts was received in May; CMQ executives would have announced this long before the May accounts were due for release.

The ASIC direction hearing is not likely to bring in any news other than new directions on discovery and other related trial matters such as further hearing dates, direction hearing or at best when the trial hearing begins. If shareholders expect some defining answers from the June direction hearing, they will be most disappointed. It was Mr Williams who told investors that ASIC and CMQ had mutually agreed to postpone the court case for a number of months and thus it no longer post a distraction to the company. As a legal practitioner, Mr Williams knew very well that it is very common for direction hearing to be postponed and for a complex case like this, it is not unexpected and there could be a few more direction hearings before the actual trial commences. Shareholders should ask Mr Williams what he was trying to say or imply in his news release. On some forum websites, shareholders argued the ASIC case is weak and ASIC had agreed to postpone the case by months as a face saving exercise and will eventually drop it.(presumedly they were misled by Mr William's announcement?) The facts on the Federal Court Website show clearly the ASIC case was proceeding and at the time Mr Williams made his announcement, the discovery process was in full swing.

The recent news show CMQ’s ability to see the rosy side of most if not all events such as resigning executives and sacking key production personnel had strengthen the company position and the postponement of the direction hearing meant the ASIC case is no longer a distraction. If CMQ releases a shareholders newsletter before 30 Jun, shareholder should read it very carefully before jumping to rosy conclusions.

CMQ is in a very real & immediate threat of breaching the revenue covenant which could lead to immediate insolvency if Stark cashes in their bond.

Cheers

PS: If CMQ releases a 'rosy newsletter' it may be an opportunity to trade on the upswing & get out before reality sets in.