Ann: Trading Update, page-2

"As at 31 May 2017, the Company’s cash and cash equivalents were $17m."

"Included in Trade Receivables at 31 December 2016 was $27.5m due from an Asian investor relating to plantation establishment fees recorded in June 2015. This receivable was highlighted as having “credit risk” in the Company’s financial statements for the year ended 30 June 2016 due to the age of the receivable at that time. The Company now no longer expects this receivable to be settled in cash and the contract has been terminated by Quintis. As a result, ownership of the sandalwood plantation (of 357ha) will revert to Quintis. The Company intends to sell this high-quality plantation, located in the NT, to a different investor. The accounting for this termination is not expected to have an impact on FY17 Cash EBITDA."

I take my previous forecast back, I doubt QIN will make it till July now. They don't even have the cash to settle the put option any more!