Sean Smith Wednesday, 5 July 2017 12:26PM [IMG] Picture: The...

Sean Smith
Wednesday, 5 July 2017 12:26PM

Picture: The West Australian/Danella Bevis
Sandalwood grower Quintis has yet again extended its already-lengthy trading suspension while it tries to finalise a recapitalisation “critical to the company’s continued solvency”.
Quintis was due to come out of its suspension by today, but has now delayed its return by a further three weeks to July 31.
The company cited the threat of volatile trading in its shares endangering its various negotiations.
“A failure to negotiate and complete the transactions, given the company’s current liquidity issues, is critical to the company’s continued solvency,” it told the Australian Securities Exchange.
“The company acknowledges that there have been a number of these ongoing requests to remain in voluntary suspension and notes that while the negotiations have been protracted, the company is continuing to progress the potential transactions as quickly as possible.”
Shares in Quintis have not traded since May 12, when they were put into a trading halt after a three-day plunge on disclosure issues stripped 76 per cent from the company’s value.
It is talking with several potential bidders, including one associated with former chief executive Frank Wilson, over equity or takeover deals, as well as bondholders.
Quintis has until Saturday to either lodge its March quarter financial statements or secure a waiver from bondholders if it is to avoid a default on the bonds.