Hi YT, good to hear from you. Long time no speak. Hope you and your family are keeping well. Sorry for the longish reply.
Yes, I agree for some people it certainly has. My son-in-law made and is still making a real killing on crypto. Got in early. But I have read a lot of stories of people losing terribly or even losing everything when wallets just disappear. In my statement, I was referring to the Penny end of town, in general. Both can be like casinos, referring to the gambling comment made by Aussie, to me yesterday.
Do you think the ongoing negotiations with Medcann during the suspension period may have contributed to the delay in relisting?YT, if we look at the following announcement on 14 Jan, it is clear that QBL was proceeding to relist at the end of January/early Feb., possibly. As Sholom mentioned in the Q & A reply.
ASX APPROVAL LETTER AND TERMS OF ASX WAIVERS https://wcsecure.weblink.com.au/pdf/QBL/02066523.pdfRe Medcan, those guys were part of the first mover group back in 2016, or even earlier, I believe (not sure). I cannot tell you about any discussions that happened between them and QBL at the time as I was not involved in the conversations. Being highly confidential I couldn't say, even if I knew. I wouldn't anyway if you can appreciate that!
What I know did happen is that QBL was made aware of a production house, BioHealth in February, I believe, that could fast-track food and possibly Cannabis formulations where Medcan would be the management firm overseeing every aspect. (Again not privy to those discussions and my comments, relate directly to the announcement.
CANN GLOBAL LIMITED ENTERS INTO A STRATEGIC ALLIANCE WITH TGA & GMP APPROVED MANUFACTURER, BIOHEALTH PHARMACEUTICALShttps://wcsecure.weblink.com.au/pdf/CGB/02073741.pdf 8th February
Everything as far as I know, and am aware of, for the market update was outlined in that 4-page announcement.
From the ann...
Relisting Update:"As this new arrangement with BioHealth and the Revised Medcan Agreement is a material change to the previously announced transaction, the Company is currently in consultation with the ASX on what is now required to complete the re-compliance to enable CGB shares to trade again on the ASX."What I am aware of during that period from the release of that ann (Feb 8) and the new relisting date as mentioned in the 15 May 2019 update is that .....
CANN GLOBAL RECEIVES ASX IN PRINCIPLE RELISTING APPROVALhttps://wcsecure.weblink.com.au/pdf/CGB/02105970.pdf....there were 4 more Supplementary Prospectuses as CGB(QBL) went through the update approval process, and as we are now all aware, an investigation as requested by shareholders and other parties.
As a result of that investigation, as I understand from what I can read in that May 15 announcement, was that CGB was required to find and appoint a new Director and the ASX then needed the extra time to check the new appointment and makes sure the company was complying with the Listing Rules.
If you note, in the January announcement above, the extra Director was not being asked for by the ASX during that lengthy 6-month approval process (June 2018 to the Dec. 2018 period). I believe Sholom referred to that as well.
Q A reply: Sholom Feldman wrote:
"This unfortunately meant that at least 6 months extra was imposed upon the company until the company got the ASX approval to relist. It seemed clear to us that many of ASX's issues were due to our own shareholders or hot copper social media keyboard warriors contacting the ASX and raising issues with the ASX that in turn the ASX felt the need to scrutinise our Company more than what would have otherwise been the case. So unfortunately it appears to us that some of our own shareholders were responsible for sabotaging the company during that period and delaying the relisting, which cost all of us dearly."The dots, well at least for me, and IMO, can be joined together, now that we have all the information in front of us.
So YT, I am firmly convinced that the extra 6 months delay, from what we read in Sholom's Q & A reply, was greatly influenced by shareholders and others knocking down the ASX and possibly ASIC's door. If posters and others cannot see that, or choose to ignore the external events affecting the industry as a whole, I leave that to them.
