At least it wont be a red day. That's got to be a positive.
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Financially, a very big lesson and bad situation for myself and many other share holders. Also negative for market confidence.
This share takes a bottom drawer position. Unable to sell, conract Link Market Services for advice.
Hopefully Ronnie has the year of the Ox in his mindset and works this out one way or another with exceptional work effort and dedication to the business he started.
I'm very glad I got out and preserved my capital, I had already lost a fair chunk on this especially being a top 10 holder. Since then I've recovered most of my losses in other opportunities, although never the opportunity cost. Unfortunate what has become although seeing the incompetence of management in handling presenting situations spoke volumes to me and was a major red flag. No faith was left in the BoD or Ronnie to execute. I feel the recent capital raise was done in poor taste with such a large limit, and was timed impeccably - citing funding required for further growth, when more than likely it was known to QEX that it would be in a financial dire - and to build up cash prior. I find it hard to believe that they wouldn't be aware of QEX financial position at the time of raising and to so boldly claim it was to fund growth and further opportunities was such a cop out given all the excuses in the AGM, all the other avenues and so forth. I think we were sold a pipe dream.
I still have cloud of doubts over that $4mln+ missing inventory, whether its really lost or made a backdoor entry into some key executive pockets?? I think NZX surveillance committee should ask some tough questions with Ronnie, we cannot let these kind of operators in our secondary markets, especially when so many retail investors are now pouring their hard earned savings.
Me too, Shanghai is quite a modern T1 city - bonded warehouses are very secure and there is a lot of surveillance in China. I find it very hard to believe that the Police have investigated or even been advised at all, let alone that there is no footage or trace of where the inventory went - it would be interesting if someone is able to follow up on that. 4m of inventory on baby formula is a very large volume of goods to go missing that even if you take a "small" chunk everyday, it would have to be a substantial volume, and for this to all go unnoticed by all staff members, systems, and those who stock take? It seems very odd to me, and again, very well timed with the capital raise. All speculation on my behalf although it all feels very, and dare I say it, very fishy to me.
Shipping is a very tightly controlled industry, and whilst it's not uncommon for goods and packages to go missing, 4m worth of inventory is a lot to go missing without a paper trace, surely at each stage of the process the inventory would be accounted for. It doesn't just go "missing". Especially given paying duties on goods once they leave the warehouses. There are a lot of checks and balances so to narrow down at which stage of the process there is a discrepancy? I'd believe that's something doable.
Then adding on no insurance provisions for misappropriated goods when all you're doing is handling goods? Maybe I expected too much out of an NZX listed entity or a corporation that was seemingly worth up to 50mm.
The thing that puzzles me the most is the new Director MacDonald stating on Monday. Surely This guy would have done his due diligence on the company before he agreed to be appointed to the board. He would have talked to the other directors and understood the state of the company. I took MacDonalds appointment as a positive sign.
Then 4 days later he resigns.