restructuring

Many, many years ago, Dr Beecham was given the job of restructuring Britsh Rail. He closed unprofitable lines and a whole lot more, made himself very unpopular, but changed the fortunes of British Rail. I think the Directors of CQU need to to review the the affairs of the Company in the same radical light. They have expanded very rapidly in an Bull market and now the Bear is here and they are over extended. Contraction and perhaps radical restructuring may be called for in order to ensure survival.

I think the problem is that managament, whilst honest, visionary, lateral thinkers, may not have the depth of experience required for the necessary restructure in the current times. I think that they also need to be reminded that shareholders interests, who own the Company, come before those of management and employees.

I don't know what will happen to CQU. I have bought a lot of shares and increased my holdings in times of weakness. Now I can no longer afford to buy any more shares and frankly my heart is not in it anymore for CQU.

It's easy to give advice with the benefit of hindsite and without knowing all the details, but I would like to see a strong experienced Chairman guide the team through the present and future minefields. I think only then can we have confidence in our investment in CQU. I think that present management may be out of their depth, though obviously I wish them well with the task in hand.