So then on 16th December, it is announced that the agreement has been terminated.
............."The Board of Quintis was advised late yesterday that on 16 December 2016, Santalis and Galderma entered into an agreement that terminated Galderma’s licensing and supply arrangements with Santalis with the termination to take effect from 1 January 2017. Under the termination agreement, Galderma retained an option to reinstate the license and supply arrangements on or prior to 1 July 2017.".............
So much for the original agreement for Galderma to give 2 years notice. And, obviously Galderma has not decided to reinstate itself!
Overall, Galderma purchases from Quintis were that it "has supplied over 1,200 kg of EISO (East Indian sandalwood oil) to Galderma under the supply contract, with all supplies occurring in the 2014 and 2015 calendar years." At $4,500 kg, that is approx. $2.7 mill per year. Whilst it all counts, it is not a significant amount of income.
Don't forget this was from its initial harvests!
To put this into perspective..........
Mr Wilson in February 2017, stated "TFS expects total product sales (wood and oil) to be in the range of $45 million to $55 million for the full financial year, a significant increase on the prior year (FY16: $29.9m)." So the $2.7 mill sales to Galderma in 2016, is less than 10% of the Quintis income from product sales.......so a 10% drop in sales..........most businesses would experience this from time to time! Hardly, what you would call "Class Action Material".
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