Just an few observations regarding the Rights Issue and other stuff.
I recall seeing an inference that perhaps the RI was to issue shares to enable HR (and allies) to defend themselves from the EGM resolutions.
The RI must have been on the cards for several weeks prior to the EGM being requested and while it was announced on the same day and after the EGM request, the involvement and underwriting by Pattersons IMO establish that this was already happening.
The RI is a crap price, excessive dilution but IMO unrelated to Dr Jayaweera's request for an EGM and votes on Board changes.
IMO other companies in a similar situation (i.e request for an EGM/Board changes) would have been inundating shareholders with the existing boards achievements, stability and need to maintain the current structure - QMN have remained silent (apart from the notice of request for an EGM that they are obligated to announce). To me this is curious and the only way I can read this is that the Board find themselves in a position where they can not offer viable reasons as to why changes shouldn't occur - they are rolloing over and giving up in the face of a humiliating loss.
Richard Hill has pulled his offer for re-election, that leaves 2 more. Being voted off an ASIC listed board by >75% of the shareholders would not look good on any resume or reflect well on any new future listing (assuming the existing Directors wish to be involved at Board level with other companies).
QMN shareholders need to ensure that they vote (at the yet to be confirmed EGM) to record their preferences.
Newbie Thomas
QMN Price at posting:
3.6¢ Sentiment: Hold Disclosure: Held
