Date Released: February 25th 2022
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The NZ Shareholders’ Association understands the rationale behind the decision of NZ RegCo in choosing to de-list QEX Logistics (QEX) from the NZ Stock Exchange.
QEX Logistics shares have been suspended for nearly 12 months as the company continues to not comply with stock exchange listing rules. This follows several widely publicised issues associated with the company during late 2020 and early 2021, including the resignation of the company’s independent directors and the resignation of its auditor.
NZSA remains concerned at the lack of transparency from QEX Logistics towards its existing shareholders and the lack of options for shareholder accountability. While NZ RegCo’s action is understandable, we are frustrated that QEX will be de-listed, giving effect to the company’s intention announced in April 2021.
The initial action taken by NZ RegCo to suspend trading in the company’s shares, while no solace to existing shareholders, offered protection to investors who may have otherwise bought the company’s shares. Any de-listing of QEX removes the protections offered by the NZX Listing Rules to shareholders. NZSA recognises that the protection offered by the listing rules offer no value if the company continues to ignore them.
“Following an initial meeting with the company in June last year, NZSA has attempted to make contact with the company on numerous occasions, with no result” says NZSA Chief Executive Oliver Mander. “We continue to receive queries from aggrieved existing shareholders and encourage them to contact the Financial Markets Authority with their concerns.”
NZSA will continue to actively pursue options that provide transparency and accountability for existing shareholders.
18 Responses
-Thanks Oliver for still overseeing this given the time that has passed.
-Given what you said, would it still pay for my family to give you our email address to be on the QEX contactlist?
Hi TN Chung. At this stage, there is very little we can do. At a legislative level, we are advocating for changes to the Companies Act that would help,prevent this situation occurring again. We’ve had many people reach out to us over QEX, with financial institutions now wary of the same situation ever repeating. QEX is still registered as a company, and filed its last annual return in early March. However, there is no longer a company website (as best we can make out).
There should still be a case for the company to hold an annual meeting of its shareholders and send out (unaudited) accounts to its shareholders. Certainly, there are matters of interest for shareholders to discuss.
Hi, I’m a shareholder, if the shareholder group is still active I would be keen to participate.
Hi Oliver, I own 3700 QEX shares and would be very keen to join the shareholders group. Thanks, James
Please also add me to your list as I had QEX shares
Hi
Can you please add me to the list also – have 7000 QEX Shares
hi Oliver
I owned about 30000 shares of QEX and had no idea to seek any protection since the company got de-listed, it’s so frustrating while there is no channel to seek any help and support, it would be great if can join the group to support each other.
Cheers
Robbie
I own shares in QEX, can you add me to the Shareholders group please
Hi Oliver, i have 5000 QEX shares, please add me to the shareholder contact list, thanks
Hi Oliver. Please add me to QEX shareholders contact Group
I own 20000 shares that looks not right for what QEX do. Please add me if others shareholders group.
I own share 2 not that many but wondering if anything gets paid out or just write it off as a losd
Hi there i own shares in qex will i get any money back,it does not seem right Ronnie Xiu can do all this and not be held accountable.
Hi Charles…we are staying in contact with a group of shareholders. I’ll add your name to that list. We would agree that some form of further transparency and accountability is called for.
Hello Oliver
I also own shares in QEX.
If there is to be any group action, i would be keen to participate.
Please keep me informed.
Thank you
David Dobdevo
Hi, also a shareholder, if the shareholder group is still active, then would be keen to participate.
Hi Oliver and everyone
I see that there has been no further replies here. We can take it that the money we invested QEX Logistics Limited will not be recoverable?
thanks
Chung family
I really hate to say this…but your statement is likely correct. We did look at the possibility of whether further action could be taken, but the relative small size of QEX means there is little incentive for funders to support litigation.