Facts Only Please, page-5

Some more facts:

1. A WA Government agency conducted a 16 year trial of growing sandalwood in Kununurra. It found heartwood yields varied from zero to 30kg per tree. TFS’s did not have the benefit of this research project when it first started planting. Consequently, its early plantations were poor. TFS’s learned and improved survival rates and heartwood yields.

http://www.tandfonline.com/doi/abs/10.1080/00049158.2012.10676406

2. FW started TFC/ QIN from scratch. At 25 Aug 2016 he owned 48.8 million shares (value around $49m) plus 413 Ha of plantations. See page 22 of https://quintis.com.au/media/1142/annual-report-2016.pdf . The value of his plantations are $623,666,000 (note 11 of FY2016 accounts) divided by 3,631 Ha (page 11) equals $171,762 per Ha. Thus, the value of FW’s 413 Ha is around $71m.

Thus, FW has around $49m in shares and $71m in plantations, a total of around $120m.


3. TFC / QIN have a goal to increase direct ownership of plantations. At 30 June 2016 it owned 3,631 Ha or 30% of the estate (page 11). The operators of the failed MIS schemes did not directly invest in the plantations or the horticultural schemes. They limited their involvement to earn management fees from growers.