Dotcom, The deafening silence and the 2 ASX announcements...

Dotcom,
The deafening silence and the 2 ASX announcements painted a picture of CMQ for all those who want to see the 'real CMQ'.

There is nothing in the May 857K staff cost that is extraordinary as it is comparable with historical spending – July (850K); Aug (886K); Sept (899K); Oct (1.07M). What is surprising is the $1.082M ‘other working capital spending’ for a $9,000 sale receipt. With no new substantial sale contract and negligible sale receipts, you have to wonder why such a huge working capital.

It is not that there is no news since 15 Mar. If the company NEW website had 3 months old news they may as well just provide a link to the ASX website that is up-to-date withthe company ASX releases. The fact that ASX announcements after 15 March did not contain any ‘encouraging news’ do not mean there were no news. Remember this company do not have a history of being shy to release ‘good news’. Dr Melrose hailed the sending of a small sample to NZ as a logistic breakthrough and 12 months later the new CEO Mr Williams listed the appointment of the non-executive chairman as a company’s achievement (the only one among the long list of named targets).

CMQ faithfuls should seriously question Mr Williams what he was trying to say in his 15 March announcement “ASIC & CMQ had agreed to delay the ongoing court process by a number of months. As a result, this matter is not presenting a distraction to the company”. It is very clear that it was only the ASIC direction hearing that was postponed from 11 April to 12 June and the discovery process which is part of the litigation process was ongoing at the very moment of Mr William’s announcement. These FACTS are on the Federal Court Website – go and read it for yourself at: http://esearch.fedcourt.gov.au/Esearch?showDoc=24670312 and tell us what you make out of the 15 March announcement.

Given CMQ’s previous announcements, the drought of supposedly good news meant only one thing – there is no good news, not even ‘supposedly good news’ to report.