QEX - QEX Logistics

[Food4Thought]

First time that matter has come out in NZX announcements for QEX

Only roughly 3 months further down the track - so much for 'keeping the market informed & disclosure'

Now let's see what NZReg have to say about it, a wet bus ticket issued or remaining asleep in the chair ..

Can see why new Director flew away almost as fast as he arrived after waking up another to things ..

Feel sorry for punters holding this one - you may have been properly QEX-ED over .. !

Maybe a Shareholder class action is possibly the last resort needed to sort things out properly ?

It sure is a solid burn.

The optimistic me wants for a buy out or for things to come right.

The realist says it is really up the creek without a paddle.

Hopefully some year of the Ox action can motivate the CEO.

[Getty]

I remember when this floated, one of the no hoper outfits promoting it, said "its one to watch"

They weren't wrong were they?

Yeah, preferably from the sidelines.

[sb9]

Even the newly appointed auditors are abandoning the ship, ah Ronnie can you be accountable to shareholders at least?

[winner69]

Even the newly appointed auditors are abandoning the ship, ah Ronnie can you be accountable to shareholders at least?

The related parties section in Annual Reports make interesting reading.

[Brain]

Even the newly appointed auditors are abandoning the ship, ah Ronnie can you be accountable to shareholders at least?

Ronnie owns 80% of the shares so it could be said that at least he is keeping the major shareholder informed and is not too worried about what the rest of us think.

[Brain]

Paul McBeth writes in business desk that in general there is a concern about related party transactions which is what Winner is pointing out.

The most recent issue McBeth notes is the following

“Or this - when in the six months ended Sept 30, two customers insisted they could only pay QEX using Alipay, something the NZX-listed firm was unable to do. Xue stepped up and received the $130,000 on the firm’s account, promising to on-pay the funds. At the end of the period, he hadn’t.”

Maybe the above issue was the tipping point for the board.

I see this as a very tricky situation. Ronnie is the majority shareholder by a country mile. We shareholders do not have any board representation. Share trading is suspended for how long we do not know. Ronnie is unlikely to be able to appoint a new board unless he ropes in his relatives and as a consequence there will be no independent directors.

Does anybody have any idea how this is going to turn out other than badly?

I think businessdesk is the only news organisation to do any analysis on QEX. All credit to them.

[ralph]

He could have just let it slip his mind $130,000 will be peanuts to him ,he could not be that stupid as to ripoff his own company in such a blatant manner.
I think he is a bit arrogant due to owning 80% of the company and has had a wakeup call hopefully.
Also how it will turn out is anyone's guess, mine is he will get through it , and most shareholders will sell up as soon as possible & there will be buyers as well .
What's your guesstimate Brain!!

[sb9]

Thanks Brain for snippets from Business Desk write up. I still have reservations about the missing $4mln inventory from bonded warehouse and believe it’s a dodgy deal.

[Brain]

He could have just let it slip his mind $130,000 will be peanuts to him ,he could not be that stupid as to ripoff his own company in such a blatant manner.
I think he is a bit arrogant due to owning 80% of the company and has had a wakeup call hopefully.
Also how it will turn out is anyone's guess, mine is he will get through it , and most shareholders will sell up as soon as possible & there will be buyers as well .
What's your guesstimate Brain!!

I honestly cannot see how this can be resolved. He has to replace the board and no self respecting director is going to take this on. The best solution would be that the old board is reinstated and they get Ronnie and the company under control. Failing that he takes the company private again by buying out all the non related shareholders

[ralph]

I think I would take that (or anything) as a get out Brain , I cannot see Ronnie letting anyone override his decisions and authority not going off his record thus far .
Could be interesting & different .