All,I have a few questions and wondering if anyone has any...

All,

I have a few questions and wondering if anyone has any information to guide me in case I am way off the mark.

1) Not sure how many people have noticed but the top 5 holders have changed drammatically in the last 12 months through on going dilution. If a shareholder owns more than 20% of shares, they can potentially start the takeover process (correct me if i am wrong).

If you check the government website (www.takeovers.gov.au), even though it says that Section 606 prohibits the acquisition of a relevant interest in voting shares, there is an exception if the acquisition results from a rights issue.

My questions is, why is the management pushing for such a big dilution through rights issue right now when the SP is so low?

Why not wait until SP is higher or reduce the dilution amount?

Where has all the money that was raised before gone? Can we ask for an itemised view?

Who came up with 3.7 cents when SP was higher? Its not 10 or 20 million shares, its a huge volume to dilute at such a low price. For me this is one of the points where something doesnt really add up.

As mentioned on page 13 of the rights issue, PNG could own more than 25% of the shares. Does it mean that they have to annouce to the market about its intentions to take over?

Are there any restrictions from the Australian govt for a take over by a foreign company? Do they investigate the series of events before the take over offer was made?


2) I also have concerns about overthrowing the board members. If the push does happen to remove Howard and other people from the board, doesnt it give them the rights to vote for or against the take over since they are no longer in the management?
They already have good amount of voting power - I am not sure how a compulsary take over works in this situation. If you have any information regarding that, i will appreciate if you could share it.


3) Lets assume that a take over process is initiated, how will they decide on what to offer when the price is so low right now?
For 3.7 cents CR, even if they offer 6-7 cents it will seem almost 100% jump in the good books of QMN, what about the IGV based on the resource we hold now?
I am sure it is worth 2 digits atleast even with a billion shares. Will there be an independant valuation done if the take over does happen?


4) How transparent is the QMN management?
Is it possible to ask for details about all expenses and trips made by the management?


5) I have seen 'different' timelines given by the management year after year, how far are we really from Production? any production?

2012 gold production dates have come and gone. Is it normal for any company to give different timelines and different details during interviews but not deliver?

If that happens, does it mean we have been mislead by the management?

or is it that it should happen only if the story has been changed for x number of times and only then it qualifies as being mislead? - i am really confused here..


As i said, i could be way off the mark here. Please do let me know what are your thoughts and what to do if any of my assumptions are correct.