Facts Only Please, page-3

thepennypinch, I will have a go at responding:
1. These auction prices are attributed to H.S. Anantha Padmanabha, Expert Sandalwood Market Report, August 2015. The information is not from a "marketing presentation" as stated by Glaucus, but a Product Disclosure Statement presented to potential investors by QIN. PDS's are subject to ASIC's regulatory guide 168. In over 16 years no one has found any QIN PDS to be deceptive or misleading, to my knowledge. ASIC may assess whether a PDS appears to be misleading or deceptive, and would certainly do this if there was any complaint about inaccuracy. I would accept statements in QIN's PDS's any day over the Glaucus reports, which are not subject to any similar legal constraints.

2. This was following a tender, which is done every year. QIN wants the timber to supply its customers with timber and oil, and therefore needs to bid high to win the tender. It is clearly happy with the margins it will get on the price it tenders for. I am assuming that they do not see the prices tendered by other bidders, hence their bid could easily be 10% higher than the next highest bidder (or does someone know any different?).

3. I do not understand your point here. It does matter what Glaucus quotes, if the Glaucus price relates to a different product (e.g. Australian sandalwood oil) this cannot be compared with the price for Indian Sandalwood oil. They are different markets.

I hope this helps.