The PPS should go up if it is positive. Interestingly, it did not move too much either way. NQ appears not do a good job in Citi Conference.
What is 20f? With that, your questions are meaningless.
How about Bison's offer. NQ does owe its shareholders a response. IT seems for Lin better to take NQ private (MBO combined with Bison's offer) it Lin can convince Bison to have another 30-50% raise in offer price. That seems the best way for NQ to move forward. NQ has hurt its loyal shareholders too much and too long. Up to now, I have not seen any responsible actions from NQ executives, just empty promises. (such as company share buy-back, management private fund buy-back, f20 by end of April, etc.).
I am wondering how many NQ shares you do hold? Where is 20f? continuous disappointment for waiting for its publication. It is beginning of September. There has been more than 6 weeks after new auditor took over the work from PWC. How much more time do you think NQ needs to publish their 2013 20f? NQ promised to get it out as practical as possible. With the time span and effort for the auditing, NQ may not be able to make enough profit to foot the auditing bill. It is clear that NQ is ill-managed.
It seems the best way forward for NQ is to take itself private (combination of MBO with Bison's offer).
That is my wish too. I can not understand why CFO cannot leave without pay until the release of 20F. He is so determined to leave NQ in such a rush.
I am waiting for clean 20F next week.
That is true. CFO can resign after release of 20-f if there is no problem. Well, I do expect by next Monday, NQ should announce to accept Bison's offer (or start to negotiate with Bison. It seems NQ can not report clean 20F
I can not understand either.
If NQ is a fraud, this would be an excellent opportunity for them to accept the buy-out. The pps would be $9.80.
If NQ is not a fraud, it is clear the pps will exceed $9.80.
The only uncertainty is how serious of this offer. However, NQ did submit 6K to SEC. Therefore, all the guess would be the intention of Bison Capital. It would be desirable to get another offer by next Monday to confirm the NQ value.
What actions NQ BOD, executive, management will do to restore the investor's confidence?
- Share buy back from senior personal fund?
- Extension of "sale-frozen" period from NQ company, BOD and executive, management
- Special Dividend to fight against Shorts
- Legal action against MW
- Legal action against PwC for inside info leaking
- 2013 20-F timetable
I do believe that you were out long time ago. I do not know why you are still here.
I do agree with you. A lot of company will move from PwC to them. It is clear in Chinese philosophy, that PwC is not a trustworthy partner; suspicious leaking inside info, can only share the glory, but can not work thru hardship, Who would want to get their service. They did carry a very bad name in their professional service.
As the shareholders, can we take class acton suit against PwC for leaking insude info?
I do not care too much about auditor as long as a clean 20-F is filed in a timely fashion. However, I am not sure why do you expect for different outcome from two professional auditors. It sounded the auditing report can be questionable.
Can shareholder take class suit action against PwC because they failed to uncover the fraud at NQ?
Some investor trusted previous 20F from PwC to made their investment decision. They suffered the loss because of "wrong - untrue" 20F from PwC.
I do need help for expert opinion on PwC's legal liability. It is getting interesting about NQ drama. Finally, NQ "fired" or replaced PwC with new auditor. Two situations can be expected;
1. New auditor will have the "similar" questions and requests at PwC
2. New auditor will issue a clear 2013 20F report.
NQ and its investor would be happy for item 2. PwC would be the loser as professional service provider. They may lose auditing market- share significantly with their "new' reputation.
If NQ ends with item 1, (it is a strong indicator that NQ is a fraud) then, NQ has no other option except buy-out or go to private. In this situation, what is the legal liability of PwC? Please advise if you can chip in your expert comments.
These are my observations. NQ together with their allies - potential buy-outs jumped out on Friday to buy NQ shares. NQ is buying time to beef up the price and close the buy-out deal. 20F is not an issue on their list. I am suspicious that new auditor may have the similar conclusions/requests as PwC did. With that said, the only option for NQ would be go to private or get a buy-out offer. Hopefully, we can get it at $15, at least $10+.
It is clear PwC is unwilling to issue a 20-F for year 2013 (it is unacceptable to NQ for expanded scope, additional test procedure and document requirements -including third parties. There are tow observations
1. NQ set the stage for "multiple paths forward" - reasonably resolving 20F is the best outcome. There is no choice for NQ to part with PwC. (PwC probably is the information source for Shorts).
2. NQ announced to have a new auditor for 20F. It is still questionable if NQ can get clean 20F from new auditor. It is an interesting drama to show in the near future.
It is my observation that Friday event NQ planned is to buy some more time for NQ.
A. It has disappointed his longs for quite a long time. They needed to boost the price. A lot of their allies jumped in to get some cheap share and also provide needed support to NQ
B. There would be some leaks/expectation in NQ's progress in business side. These newly capital would be rewarded handsomely.
C. Taking a look the options for NQ to have; the only feasible one would be buy-out or go to private. The Friday volume would be an indicator for incoming buy0out.
NQ management has failed miserably to fight against shorts. It is time for NQ to exercise their final weapon to retaliate Short. The current unsettled is about the price of buy-out. With sale of minority interest of its two subsidiary, the buy out price would be $10+. Let us wait and see for the PPS of next few days. Hopefully, clear 20-F can increase its value. However, for the purchaser of NQ, 20F is not an issue anymore.