On or before 20th August 2015, page-27

you take a punt the upside is much greater than the downside

Many (most?) would disagree. Downside from here much higher than upside. Think. What needs to happen for QFX to dig itself out of this hole? They can't compete with the competitors. They need a white knight to save the day. Maybe this Chinese deal will happen? What would need to happen for this to be so. ALOT of shares. Other options? They're out of cash again. Raise more money, issue loads more shares and continue watching their client base erode to nothing? What else bankruptcy. Whichever way you look at it, current shareholders are screwed. If you're really keen on QFX for the future, the best decision is to wait for their new direction before forking out your hard-earned.