Registered Members Login:
   
Forgotten Your Details? Click Here To Recover +
Welcome To The ShareCafe Community - Talk Shares And Take Stock With Smart Investors - New Here? Click To Register >

11 Pages (Click to Jump) V   1 2 3 4 > »    
 
  
Reply to this topic

QIN, QUINTIS LTD
blacksheep
post Posted: Jun 14 2018, 02:32 PM
  Quote Post


Posts: 6,791
Thanks: 2307


In Reply To: blacksheep's post @ Jun 10 2018, 03:31 PM

ASIC chases ex-Quintis CEO Frank Wilson to court over alleged sandalwood oil contract disclosure ‘failures’
Sean SmithThe West Australian
Thursday, 14 June 2018 11:43AM
QUOTE
The corporate regulator has launched a civil action against former Quintis chief executive Frank Wilson alleging he failed to fulfill his responsibilities as a director of the failed sandalwood company.

The Federal Court proceedings relate to the termination of a sandalwood oil supply contract with Galderma, a subsidiary of global giant Nestle.

According to the Australian Securities and Investments Commission’s claim, Mr Wilson was aware the Galderma contract was cancelled in early 2017 but the Quintis board was not made aware of the cancellation until the following May.

“ASIC further alleges that when Quintis responded to an ASX query on March 27, 2017, Mr Wilson allowed Quintis to release information regarding the status of the Galderma agreements that was misleading or deceptive,” the commission said today.

ASIC alleges the Quintis founder “did not discharge to Quintis with the degree of care and diligence that a reasonable person in the position of managing director would exercise”.

The regulator is seeking a ban and civil penalties against Mr Wilson, who stepped down from Quintis at the end of March to pursue an unsuccessful buyout of the company.

The proceedings represent a quick turnaround for ASIC, which has been investigating Quintis for about 15 months.

The sandalwood company collapsed in January after being unable to meet a $37 million put option to buy back sandalwood plantations.

Last week, receivers announced a deal with bond holders owed more than $300 million to recapitalise and privatise the business, which manages thousands of hectares of plantations across northern Australia.

https://thewest.com.au/business/asic-chases...e-ng-b88866261z



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jun 10 2018, 03:31 PM
  Quote Post


Posts: 6,791
Thanks: 2307


In Reply To: blacksheep's post @ May 31 2018, 10:46 PM

Blackrock clears hurdle to take Quintis private
Ben Harvey and Sean SmithThe West Australian
Saturday, 9 June 2018 12:09PM
extract
QUOTE
The world’s biggest investment house, Blackrock, has tightened its grip on collapsed sandalwood producer Quintis after creditors yesterday gave the green light to a plan to privatise the company.

The vote in favour of a deed of company arrangement to recapitalise Quintis through a cash injection of up to $175 million will save jobs but is the last nail in the coffin for 7500 shareholders who hoped to salvage something from their investments.

QUOTE
DOCA preserves growers’ investments in Quintis’ managed investment schemes and the jobs of 221 staff but extinguishes the hopes of shareholders who had hoped to rescue something from their shares by participating in the recapitalisation.

The Quintis business will be shunted into a new company, leaving shareholders in the suspended ASX vehicle reliant on a sale of the corporate shell or class actions to recover any value.

https://thewest.com.au/business/blackrock-c...e-ng-b88861280z



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: May 31 2018, 10:46 PM
  Quote Post


Posts: 6,791
Thanks: 2307


In Reply To: blacksheep's post @ May 31 2018, 11:27 AM

Bondholders agree to rescue Quintis
Bondholders have apparently agreed to save QIN via a $125 million to $175 million recapitalisation plan - Blackrock is the largest Bondholder. Another $20m has been secured for WC. The deal is said to be a good outcome for growers, employees and creditors. Shareholders?
https://www.afr.com/business/bondholders-ag...20180531-h10t28



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: May 31 2018, 11:27 AM
  Quote Post


Posts: 6,791
Thanks: 2307


In Reply To: blacksheep's post @ May 25 2018, 01:21 PM

Founder Wilson fires writ at Quintis directors
QUOTE
The latest action, filed in the Supreme Court by Mr Wilson’s Domenica Nominees, claims the Quintis board was negligent in “confirming” the purported termination in December 2016 of a contract to supply a formula containing sandalwood oil to Swiss dermatology giant Galderma.

Quintis says it did not become aware of the cancellation until the following May, two months after Mr Wilson stepped down as chief executive.

The company’s disclosure of the termination immediately cut more than 40 per cent from its share price.

Mr Wilson’s writ says that the company’s stock exchange announcement “ratifying and affirming the purported Galderma termination agreement and thereby confirming termination of the same” breached the directors’ duty of care to investors, thereby reducing the value of his shareholding in the sandalwood company.

https://thewest.com.au/business/founder-wil...s-ng-b88852146z



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: May 25 2018, 01:21 PM
  Quote Post


Posts: 6,791
Thanks: 2307


In Reply To: blacksheep's post @ Feb 27 2018, 01:31 PM

Quintis auditor Ernst & Young named in third class action
QUOTE
A third shareholder class action targeting collapsed sandalwood grower Quintis has also ensnared its auditor, Ernst & Young, which is accused of negligent conduct in signing off on the company's accounts for 2015 and 2016.

http://www.afr.com/business/agriculture/cr...20180524-h10izj



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Feb 27 2018, 01:31 PM
  Quote Post


Posts: 6,791
Thanks: 2307


Plenty of interest to revive failed Quintis
Sean Smith | The West Australian
Tuesday, 27 February 2018 11:33AM
QUOTE
More than 70 parties have expressed an interest in recapitalising or buying the operations of failed sandalwood company Quintis.

Receivers from McGrathNicol have advertised for proposals for Quintis after being put into the company last month following the appointment of administrators by the directors.

McGrathNicol today described the interest as strong, with the firm fielding interest from more than. 70 parties, including big institutional investors, superannuation funds, forestry organisations and several large sandalwood buyers.


read more - https://thewest.com.au/business/agriculture...s-ng-b88757865z



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 


blacksheep
post Posted: Jan 31 2018, 02:13 PM
  Quote Post


Posts: 6,791
Thanks: 2307


In Reply To: JSB's post @ Jan 31 2018, 09:44 AM

Priceless biggrin.gif

Reminds me of another former CEO who apparently doesn't like shorters but his private company's name appeared on a lending agreement with CS, who appeared to be shorting the stock of which he is a substantial holder.



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: JSB  
 
JSB
post Posted: Jan 31 2018, 09:44 AM
  Quote Post


Posts: 181
Thanks: 276


http://www.afr.com/brand/rear-window/inves...20180130-h0qe66

QUOTE
Retail investors rarely have the sophistication to lend to short sellers, and there were relatively few large institutions on Quintis' register when the short sellers got interested. But there was one large parcel of shares in the hands of Emerging Markets Intrinsic Cayman, a margin lender that controlled 22 million shares, or about 6 per cent of the register, given to it by none other than ex-Quintis CEO and founder Frank Wilson.



Said 'Thanks' for this post: blacksheep  myshares  
 
blacksheep
post Posted: Jan 30 2018, 07:52 PM
  Quote Post


Posts: 6,791
Thanks: 2307


In Reply To: blacksheep's post @ Jan 29 2018, 07:14 PM

Here's hoping he's right for shareholders - usually they are the ones left with little or nothing

Receivers confident of Quintis revival
Sean Smith | The West Australian
Tuesday, 30 January 2018 5:32PM
QUOTE
Quintis’ receivers are confident they can revive the sandalwood company with a recapitalisation that may include shareholders and would avoid the devastating losses incurred by grower-investors in the collapsed Timbercorp and Great Southern plantation schemes.

McGrathNicol, which was put into Quintis by noteholders nearly two weeks ago, is about to advertise for groups interested in buying or recapitalising the company with the aim of striking a deal with the successful parties in 5-6 months.

“We’re pretty confident we’ll get a positive outcome,” lead receiver Shaun Fraser said today.

“There’s a range of investors who have got interests in either trees or debt ... who have said to us that they see a lot of value in the longer-term future and they would be interested in providing some level of support.”

Mr Fraser said it was possible a recapitalisation could yet include Quintis’ 7600 shareholders, whose stock was rendered worthless by the company’s fall into administration.


read more - https://thewest.com.au/business/agriculture...l-ng-b88729282z



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jan 29 2018, 07:14 PM
  Quote Post


Posts: 6,791
Thanks: 2307


In Reply To: blacksheep's post @ Jan 24 2018, 08:15 PM


From glitz to pits: How Quintis went wrong
Ben Harvey | The West Australian
Sunday, 28 January 2018 9:00AM
QUOTE
“An invitation to spend an evening with Daniel Ricciardo and Adam Gilchrist was enough to bring the high end of town out in force. Mingling over Pommery bubbles at sunset and overlooking the boats and water from the Bennett family’s Blue HQ in Mews Road, Fremantle, the gathering of investors and friends ... soon turned into a Christmas party.”

The description of an investment roadshow organised by sandalwood grower TFS back in December 2016 says a lot about the company that would soon change its name to Quintis.

That the event was covered not by a business journalist but a social writer from The West Australianspeaks volumes about the company’s place in corporate WA.



QUOTE
The owners of Quintis’ debt, led by investment giant Blackrock, appointed receivers to protect their interests.

With five million trees growing and sandalwood still fetching $80,000 a tonne, someone will pick a lot of cash from the carcass of Quintis.

https://thewest.com.au/business/from-glitz-...g-ng-b88722895z

Moral to the story - stay away from companies that use so called "celebrities" as a tool to lure investors - just IMHO



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


11 Pages (Click to Jump) V   1 2 3 4 > » 

Back To Top Of Page
Reply to this topic


You agree through the use of ShareCafe, that you understand and accept the TERMS OF USE.


TERMS OF USE  -  CONTACT ADMIN  -  ADVERTISING