@WagonR " An additional 50 million performance shares will be issued to the vendor shareholders of MCL upon MCL obtaining a permit from the Australian Government to grow cannabis varieties for medical cannabis research leading to product development. These performance shares will also be subject to shareholder approval under Listing Rule 7.1 of the ASX Listing Rules."
So does that mean that Andrew and the other shareholders of MCL will NOT be issued these 50 Million shares now that QBL/MCL are not pursuing a MM License? a bit of a "grey" area?
Q: @sarg187
Great question @WagonR . Thanks for visiting previous announcemnt. @Neil1959, can you please get clarification from management what will happen to this 50 mil performance share to MCL?
A: To clarify the confusion, management has not said that a local medical license is not being pursued at all, only that it is not needed to be pursued as a priority, as that license is not needed by the company in the short term due to the current research and product development being done for the company by far more advanced overseas partners in more advanced jurisdictions. The 50M performance shares were issued to the MCL shareholders as part of the original agreement, they will convert to ordinary shares once the company does get the local medical cultivation license. As you can see it is in Andrew's interest for that to happen, but it won't happen at the expense of shareholders, but in due course as and when it is appropriate or needed for the company to secure the license. A number of options are being looked at by the company to secure these licenses without significant expense or time, and the company will report to the ASX any material details of these options as and when they become relevant.
Cheers....59
QBL Price at posting:
3.6¢ Sentiment: None Disclosure: Held
