Out of yesterdays announcement these are the facts.1...Thorney...

Out of yesterdays announcement these are the facts.

1...Thorney tried to re negotiate a lower placement price because they had not paid their $4m

2....QTK rejected the Thorney re negotiation and have stated will do a selective buy back....in january 2006

3.....Thorney have kept their options from the original agreement

4......The Thorney shares are "locked" and cannot be traded

The nett affect of this is Thorney essentially are holding $6m worth of shares for free.

This of course needs closer observation.

One could argue Thorney want to stand back and see two things

1......The outcome of the Pallister case in January

2......The veracity of any QTK comments about "impending" deals

The nett affect of yesterdays announcement is simply Thorney get a "free" look.

Whether we agree with it or not..........that is what they are getting.


as to the QTK business.....the Board has stated its business as usual and nothing has changed in this regard.

On QTK and money.

One could argue.......QTK hardly are strapped for money in rejecting the Thorney money.

Thorney were simply being "opportunist" after the event.

IF....Thorney had of paid the money as they had said they would........does anyone think they would be trying to "renegotiate"?


so the nett affect is this.......

the QTK business remains on track.

and Thorney get a free look.

its up to anyone with what they do......but i just think Thorney are sitting on the sidelines to see what happens over the next 3 days.

Its not whether we agree with it and to suggest this does not happen more often elsewhere would be naive.

IF Thorney are prepared to wait and see.......i will also.

What others do is up to them.