I criticize the Melrose team for going it alone in production and distribution. The spruikers hailed it as the smartest decision. Result: disaster after disaster resulting in overly expensive product that need to be halved in price to compete as revealed by the Inviro scandal.
I criticized the death spiraling financing deal with Mizuho and Sharks, pointing out the high costs to CMQ and how Melrose imaginatively coined the term “underwriting share subscriptions” to include subscribing convertible bonds instead of taking up unsubscribed shares. Optimix were up in arms defending the deal and spruiking the death spiral financiers as International bankers of high repute and working hand in glove with CMQ to bring home zillions for shareholders!. Results: Flip-flop queen suddenly saw his heroes as villains and those that questioned the deal as championing the bondholers’ cause!
I questioned the Inviro life-time sale contract. The spruikers salivated at DW’s report it was unconditional and not financed by CMQ. Result: Mizuho disputed the contract fulfilled the then Mizuho confirmed sale covenant. Supreme court proceedings revealed CMQ hatched the contract to fulfill the Mizuho covenant through a convoluted “free sample price scheme”, LIED in reporting the sale is unconditional, not financed and achieved the sale price. Optimix LIED David Williams was not in CMQ at the time of the sale contract announcement.
I questioned why container loads were announced as “delivered to South Africa” in 2005 and later changed to “positioned in South Africa”. Result: your beloved CEO announced the dispatched causing many shareholders to be misled to believe the containers were destined for Inviro when in fact they were stored at great expense and financial cost to CMQ.
I questioned DW’s intention of announcing a non-binding LOI. The optimix spruikers hailed it as life changing moment for CMQ. Coincidentally, many times CMQ were in crisis, news emerged of life changing events – ex director taking over Inviro; ex director raising capital to market CMQ in Asia; etceteras. Result: coincidentally, the ex director (while he was still a CMQ director) and CMQ forgot to tell the stock exchange the director/substantial shareholder was selling down his CMQ shareholdings while the Optimix spruikers were circulating emails/ news purportedly from him sky-barreling CMQ bright future. The sell-down came to light long after the event!
DW announced in Jan 05 it was very confident of achieving nameplate capacity. Result: Timeless repeat of ambiguous Teflon announcements months after months allowing the optimix fools to spruik name plate capacity had been achieved.
The optimix fools tried to impress the share forums describing the DW team as squeaky clean contrary to the fact that the board tried to reward DW with millions of free options at a time when they should know the company was traveling very badly and share price was plummeting fast and furious.
The optimix fools were ruminating and spruiking DW now infamous confidence CMQ achieved the revenue covenant despite contrary evidences from CMQ auditors. After Templeman J delivered his judgment, the optimix fools flip-flopped his judgment without understanding his judgment. Results: even after CMQ lost the appeal, Optimix LIED that CMQ won the interest issue citing the Accounting profession has not panic as his logic!
In its death-throe, the IFCA life-line deal emerged in misty glories. Strangely IFCA refused to supply (in the words of the judge) “reasonably requested financial information” giving the judge no choice but to refuse CMQ’s application for the deal to proceed. To top-up the drama, your beloved CEO Williams asked shareholders to speculate why the bondholders objected to CMQ’s application to the court to burn more monies and time from the fast-dwindling kitty pot in furtherance of the mystic IFCA deal which IFCA refused to provide reasonably requested financial information. The optimix fools LIED IFCA had supplied financial information. In optimix fine words, it was a “chicken and egg situation” despite the time had long lapsed for both chickens and eggs!
Yes Optimix, the likes of virginiak should pop a bottle of champagne to relish your fine historical performance and relax in your full blown confidence that IFCA is about to pay zillions for her CMQ shares. LOL. LOL. LOL. Yes, I am laughing heartily at the 3rd group – the optimix fools that ruminate Teflons for good news and post lies after lies. The fact is death spiral financiers are well known (to anyone with an IQ above 60) for their ruthless pursuit of profit for their (financier’s) shareholders.
My full sympathy goes to shareholders that were misled by your beloved CEO and the optimix spruikers but not all is lost. This group of shareholders would have learned from mistakes (just like every other ordinary share investors including myself) and become a little wiser and more successful in choosing the companies they continue to invest in.
CMQ Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
