Clients & Members,
Some of you may recall that late last year, I published two reports on The iQ Group Global Ltd, iQ3 Corp Limited, and other members of their group in which I concluded that their operations were unsustainable.
Following those reports, iQ commenced proceedings against me.
Those proceedings have now been dismissed.
It remains my consistent position that such proceedings should never have been brought, and any concerns could and should have been dealt with without proceedings being initiated.
My prior reports analysed iQ's financial situation, as drawn from its annual reports and financial statements.
It remains my genuine view that:
I remain committed to delivering reliable insights based on verifiable information.
I call on iQ's investors and the corporate regulator, ASIC, to investigate the iQ entities more carefully.
One of the various areas I would be concerned about as an investor is that according to The iQ Group's recently issued half-yearly report on the NSX, this entity alone spent over $1.18 million on 'legal and consultancy fees' in the 6 months to December 31, 2020. This entity incurred an $8 million loss over the same period.
I have now spent enough time and effort warning potential investors on iQ. I am moving my attention to other groups and investments that I consider worthy of recommendation.
As the market continues to break fresh highs, the need to sift between companies that offer real value and those that we consider are risky, is more important than ever.
I would like to thank Mark Wilson, Albert Cheung and the team at W Advisers for the fantastic job they did in defending my company and I in these proceedings.
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