Tue 19 December 2017 - Paramount Financial Solutions
Update On Quintis Ltd
After the notification from Quintis to growers last Thursday regarding the “technical breaches” reported to ASIC, followed by the shareholder AGM on Friday and the reporting of same in Saturday’s West Australian, growers would, understandably, have questions as to what is the current status of their plantation investment.
While we are not in a position to make any representations on behalf of Quintis or Sandalwood Properties, we thought it appropriate to put the current situation in perspective.
Firstly, and most importantly, the current reporting in the press relates to the listed company Quintis Limited, which is the parent company that operates the business that grows and manages our trees, but does not own them.
The plantations in which we are all investors, while managed by Quintis, are not owned by them and are not, of themselves, in jeopardy as a result of the financial difficulties of the listed company.
I attended the AGM and had occasion to speak with Brett Blundell, the General Manager of Forestry.
He commented to me that he was “busy keeping our trees growing”, and suggested that the machinations at Board level were not impacting on operations.
While it is clearly unnerving that the company responsible for managing our plantations is having liquidity issues, it is pleasing to know that the trees continue to flourish and that there is still a ready market for the end product.
The trees, and the oil they produce, remain a valuable and highly sought after commodity.
However, to protect the interests of growers from the potential impact of unfortunate outcomes for the parent, the group Sandalwood Growers has been formed.
You may wish to register with them to add your support to a group endeavouring to secure the interests of growers.
you would like to discuss Quintis and their present situation, please feel free
to call us on (08) 94743522 or email