you use quotation marks around a statement I haven't made -...

you use quotation marks around a statement I haven't made - that's disingenuous and a really obvious straw man. I actually said "you keep repeating this mantra that there's a big market for sandalwood - there's no evidence for that, and certainly not at the price QIN want to charge."

I said there is no evidence of a big market for sandalwood, and certainly not at the price QIN want to charge. The fact they don't have buyers even for the tiny amount they have produced shows that. You have no evidence of customers willing to buy in size, because there aren't any at these pricing levels.

QIN are in a terminal liquidity position. They need cash and pronto - whilst trust in management has evaporated. That's not a good combo.

"Oh and by the way have you rad the sales forecast provided to the ASX by the Coy last week?

Do you think they would produce such figures without some basis for them?

Why not accept that you are building a mountain on a mole hill of evidence ?"​

​

Yes. That includes spicatum sales as I outlined here:

https://hotcopper.com.au/posts/25158819/single

"So they have no customers but are still projecting sales of $25 to $35M.... "

I said they have no customers willing to buy in any size. Remember that 25-35m includes spicatum sales of about $20m, so that's actually more like about $10m of Indian sandalwood sales in FY17.

10,000t of heartwood, would convert to 370,000kg of EISO per annum. On the balance sheet, that's valued at US$2800/kg, or A$3700/kg, so to justify that valuation once the bigger plantations mature QIN would need to sell $1.37bn of EISO/heartwood per year.​

If they meet their projections they will still only be selling <1% of the amount they need to, and they aren't even selling all of their tiny harvest.

Ignoring reality is your prerogative, but it's not a very good investment strategy.