Sandalwood company Quintis appoints administrators - Hallo friendsGOOD OF CONEX NEWS, In the article you read this time with the title Sandalwood company Quintis appoints administrators, We have prepared this article for you to read and retrieve information therein. Hopefully the contents of postings Article health, Article news, Article sport, Article tips, Article treatment, We write this you can understand. Alright, good read.

Title : Sandalwood company Quintis appoints administrators
link : Sandalwood company Quintis appoints administrators

Sandalwood company Quintis appoints administrators

Directors of the sandalwood company Quintis have called in administrators.

Quintis owns and manages more than 12,000 hectares of Indian sandalwood plantations across northern Australia.

The company had done a large planting regime in 2017 in Western Australia's Kimberley's Ord Irrigation Scheme and in the Douglas Daly Region of the Northern Territory.

Shares in Quintis have not traded since May and the company has decided to appoint KordaMentha as administrators.

It is expected that the McGrathNicol firm will be appointed as receivers in a matter of days.

In a statement, Quintis said Asia Pacific Investments on January 19 exercised an option for Quintis to buy back 400ha of plantations for $37 million.

But Quintis said it did not have the money to pay the option price.

The statement said "the purpose of the voluntary administration is to protect the interests of shareholders, creditors, employees, suppliers, growers and other stakeholders" and "the company understands that the receivers will further evaluate restructuring and sale alternatives, including a potential recapitalisation of the business".

"We are very disappointed with this outcome given the huge efforts made over the last nine months to recapitalise the company in order to delivers its sustainable future," chairman Dalton Gooding said in the statement.

Let's block ads! (Why?)

Thus Article Sandalwood company Quintis appoints administrators

That's an article Sandalwood company Quintis appoints administrators This time, hopefully can give benefits to all of you. well, see you in posting other articles.

You are now reading the article Sandalwood company Quintis appoints administrators with the link address https://coneknews.blogspot.com/2018/01/sandalwood-company-quintis-appoints.html

Tweet

Subscribe to receive free email updates: