Hi Beany,Thanks for the info. The same details are also...

Hi Beany,

Thanks for the info. The same details are also mentioned in the rights prospectus released on 23rd November.

If you check page 11 section 5.2 in the rights prospectus, it mentions the same thing but on Page 12, they have tabled how the money will be spent.
If the rights issue is 100% subscribed, that will equate to $9,833,591 and the minimum is $5,536,040. In both the sections (Max and Min), 3 expenses are consistent:
PNG loan - $3million
Cost of the rights issue (in which Howard will also get paid) - $363,973

And the administration cost - $750,000. Admin costs are the payments to Butmal, Howard and the rest.

Now that Howard is no longer the MD, has QMN announced how much they have paid him in the November salary?
What is his new salary?
Any additional payments made to him? (Golden Handshake, more gravy?) - who approved it?

Also on Page 29, read point number 3 in the notes section. More payments to Howard and it doesnt say subject to whose approval. Is it the Chairman and the CEO, ie internal team?

Also on Page 30, point number 1, there is talk of more payments to Howard.

The amount of money Howard has made from QMN vs what he has delivered is shocking!

Also look at the sections right through the document where they have been paying consulting fees left right and centre. And we wonder why the funds run out so quick?

It almost seems like the management doesnt want to go towards production. With so much dilution, this company can be picked for a bargain.

Seriously Beany, if you actually think that they will announce things on time and actually do what they say then dont even bother checking 2011 announcements. You will find how much they have delivered reading the 2012 announcements.

Its all smoke and mirror i think, and as i said, we have to wait and watch until the magic tricks are over.