Its a slow death but a guranteed death for the old QTK imo.
Seems to be just hanging onto to its ASX listing by the skin of its teeth.
I wont be surprised if any day soon we see the golden announcement "QTK delisting from the ASX"...or administration...or delisting from the ASX and listing in South Africa.
Seems the market here and investors / banks / brokers already know the ins and outs of QTK the business and the operators of the company.
The recent share raising only got 7% interest from the market....not surprising when they wanted 2.2 cents a share and QTK was actualy 20-30% cheaper to buy on market.
There was hardling a mention what they wanted the $3million for either...just "working capital and south africa operations".
Some here think a white rabbit will eventually be pulled from pallisters hat.
I on the other hand call a spade a spade. When you see enough evidence to suggest something.....you are probably right. QTK has never proved it otherwise, burning cash....asking for more....."Hey a billion worth of revenue in china"...."whoops...china gone...now we are in south africa....money there for sure".
Its been a funny 2 years watching from the sidelines and viewing a company's attempt, in my opinion to shift hard earned cash from unsuspecting investors and the market into a money pit that never seems to suffice the company.
They just always turn around and ask for more.
I suppose the penny dropped for the company when no more finance was granted from brokers or other sources and pallister...the director of Quiktrak had to pump[ in 2 million of his own cash to prop the ailing company up.
However, when $3 million was then asked for from the market in terms of a 3 for 1 renounceable rights (gotta give it a go...dont think they tried that tactic)....we were left wondering if pallister was simply trying to get his $2 million back before the company closes its doors.....and believe me.....this can happen at any point in time.
There are many minefields in the investment market....they are everywhere....just not so obvious as the quiktrak example at the moment. A director who ASIC was chasing for using company funds to fund personal real estate purchases.....an endless smoke and mirror goose chase of money bonanza magnitude of projects in distant countires.
All sounded too good to be true.
well it has been for Quiktrak. The shares fell from 41 cents to 1.8 cents today and an average daily trading volume of about $300 worth.
One would think the directors are now that embarressed they will just delist the company and try something else...maybe a web company and list that on the asx....maybe a shoe company. Who knws...but I am sure of one thing......we will see these directors in other projects that in my opinion will go nowhere again and will be a nice vehicle to tap investment money from the unsuspecting to those who know how to list a company and honestly......end up doing nothing at all...never make a profit...then vanish and start up again somewhere else under some other new hair brain idea.
Go Quiktrak!!!!
QTK
quiktrak networks limited
