The terms of the financing haven't yet been revealed.I am worried because - 1. There is a related party involved (Helmsman) 2. They have indicated the debt being provided by Helmsman will be convertible to equity. No doubt whatsoever this will be favourable to Helmsman and diluting to other shareholders 3. Shareholders will be held over a barrel - approve the terms that favour Helmsman or fail to complete with API (with potential financial consequences) 4. This smells like the disaster that came from the convertible notes issued by QRS to Vision Opportunity and Platinum Partners a few years ago to finance another acquisition (Baxter I think it was) that ultimately destroyed shareholder value. The QRS board appears incapable of learning from their mistakes.
Sold part of my holding!
QRS Price at posting:
6.5¢ Sentiment: None Disclosure: Held
