QIN 0.00% 29.5¢ quintis ltd

Ann: Updated forbearance agreement with Noteholders, page-14

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    Also looks like Bannisters have filed their class action according to the fin:

    Class action filed against Quintis
    By Vesna Poljak
    Sept. 7 (Financial Review) -- Quintis has been named as the target of a shareholder class action brought by Bannister Law and funded by JustKapital, alleging that the company failed to meet its continuous disclosure obligations.
    Bannister Law confirmed it would pursue legal action on Thursday. The case centres on Quintis' statements linked to its Galderma sandalwood oil supply contract, which was lost in 2016 but not disclosed until May this year.
    "The claim alleges that on or about 16 December 2016, Galderma, a subsidiary of multinational corporation Nestle, terminated a large long-term Sandalwood oil supply contract with Santalis, a subsidiary of Quintis," Bannister Law said.
    Shares in Quintis have not traded since May as the company's recapitalisation attempt drags on. On August 31, Quintis said it hoped to be able to update the market by October 1 on the "status" of its rescue plan, and its financial results. If the recapitalisation is successful, returning to trading could still be months away.
    By June, three potential shareholder class actions targeting Quintis had been floated: by Bannister Law, Slater and Gordon and Piper Alderman. The first was flagged by Bannister Law on May 12 after the company admitted its board and management had no idea Quintis lost the contract last year.
    Personal investor Andrew Wyma, whose stake in Quintis was worth up to $20,000 and is now worth around $7,000, said he did his research on Quintis and believed it to be undervalued. When hedge fund Glaucus targeted the stock, he took the company's response at "face value" and believed Glaucus was motivated by self-interest.
    "However, the revelations that Quintis failed to disclose the loss of the Galderma contract was a turning point for me. Without integrity what do you have? Perhaps Glaucus were right. How do you trust Quintis reporting from that point on?" Mr Wyma said in a statement.

    Quintis maintains that it is in discussions with "more than one party" linked to its debt and equity.
    After failing to make its interest payment to bondholders on August 1, Quintis convinced enough noteholders to agree not to exercise their rights to force an accelerated payment of the principal being $US250 million ($313 million). That remains intact but can be dissolved upon several conditions.
    The drama at Quintis began in March when Glaucus alleged in a contested research report that Quintis equity was worth zero, and likened the business to a Ponzi scheme. That was followed by the resignation of its founder, Frank Wilson, who quit to pursue a privatisation with a mystery investment partner.
    The company admitted it had lost its biggest customer in China, a market that has been fractured by a customs duty scandal linked to sandalwood importation where traders tried to pass off prized timber as inferior logs.
    As Quintis struggled to contract a new China partner, it emerged that the company had lost Nestle's Galderma as an oil customer in 2016. This happened, by all accounts, without the knowledge of the board and management who claim to have been unaware of this until May this year. This is also apparently true, despite Galderma not having placed an order with the company since June 2015.
 
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