There is a lot to question about the way QMN management has been...

There is a lot to question about the way QMN management has been conducting the CR 'business' in the last few years. It is fortunate that the recent announcements did not need any corrections and maybe now they are actually checking what they are releasing to the market.

However, they have always been consistent in releasing the announcements late. Recent example is both the results of the AGM and the expiry of options(still pending).

I am not sure if anyone has ever tried to contact ASIC after going through the past announcements and the promised timelines?
What about the reason they have mentioned in every CR and what have they actually done with all the funds raised?

I for sure would like to get Butmal accounts audited in detail along with separate investigation on Howard's own accounts. Talk about living a life of luxury at the expense of investors. I dont know how many agree that Howard is getting paid way too much as compared to what he has delivered and it will never bother him, its easy money.

In the annual report on 31.10.12, the chairman mentions that in September the repayment of Tulla loan will be extended to Nov 2013 (page 12) based on the terms and conditions being negotiated. But by 22.10.12 Tulla had already asked for the loan to be paid back and on 23.10.12 Howard apparently 'retired' from the MD position.

I just think that the past and current series of events seem so suspicious.

Funny thing is that Howard is now a 'Non-Executve Deputy Chairman and Director'. I tried to find out what does a non exec deputy chairman do and here is what i found:

Non-executive chairman – also a separate post from the CEO, unlike an executive chairman, a non-executive chairman does not interfere in day-to-day company matters. Across the world, many companies have separated the roles of chairman and CEO, often resulting in a non-executive chairman, saying that this move improves corporate governance. (Corporate Governance at QMN? Really?)

The non-executive chairman's duties are typically limited to matters directly related to the board, such as:

Chairing the meetings of the board.
Organizing and coordinating the board's activities, such as by setting its annual agenda.
Reviewing and evaluating the performance of the CEO and the other board members.
(LOL, so Howard hasnt really left the building!)

Lets just hope that we dont get taken over by someone who is already ramping up for production (neighbours?) at a low price since we have the resource. This is either by the major share holder making the offer or accepting the offer from someone else with 75% vote to sell it.

Waiting to see how things unfold in the next 2 - 3 months.