re company, page-6

Virginiak, it is not just sheer stupidity but also sheer blindness to truth to spruik CMQ has plenty up its sleeves. In the court case it was not only stripped naked but bared the lack of a soul.

There is a long litany of half truths spun by CMQ under David Williams. Remember the “very confident of achieving nameplate capacity in Jan 06”; containers loads being shipped to SA in Dec 06 (knowing the public will associate them with the SA contract when in fact they were destined to be stored in SA at CMQ’s great expense); the SA contract being unconditional, not financed by CMQ and achieved the indicated price (court case revealed the contract was devised to satisfy the Mizuho covenant and schemed to hide the real selling price); told the public ASIC had mutually agreed to postpone the case by months and it was no longer a distraction to management ONLY to plead guilty when the case was heard 2 months later; tried to reward DW with millions of free options and only withdrew that in the face of shareholders' revolt.

The court case revealed CMQ great desire to replace antibiotics in animal feed is flawed as it is overpriced and unable to compete to rival products, products have short life span and facing hugh hurdles in getting regulatory approvals. The truth were hidden for years behind the excuse that the company could not sell products until the manufacturing plant achieved nameplate capacity. DW’s excuse then changed to “too narrow a focus” marketing strategy. DW’s record is in presiding as the CEO of Duke Energy as it went into liquidation, a feat likely to be repeated with CMQ.

Cheers.