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clock Created with Sketch. 07/01/18
13:57
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Originally posted by 2018_Change
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Mr Wilson like 100’s of other grower investors loaned funds from Arwon Finance the Quintis finance company to purchase some of his plantations. Mr Wilson owns over 400 hectares of plantations and the last valuation by the company valued these plantations at over $60m. Mr Wilson owed the company approx. $11m which was payable over 7 years and Mr Wilson had made all his repayments due up until January 2017. In February 2017 Mr Wilson discovered that over 50ha of the plantations which he had paid for was situated on totally unsuitable land which had flooded badly and was likely to flood badly again. Mr Wilson was provided by a company employee Ian Thompson with a video showing company staff surveying his plantations from a boat with his trees fully underwater. Mr Wilson as any other investor would have done approached the company for compensation and suggested that the company take back his flood affected trees and in return credit Mr Wilson for his loan repayments that related to the unsuitable land. The company initially agreed to do so via the company CEO Matthys. The credit for MR Wilson’s loan repayments meant that the company owed him well over $500,000. Mr Wilson refused to make any further loan repayments until the unsuitable land issue and his excess loan repayments were dealt with as an offset. Despite Matthys agreeing to this offset, the company then did what it has never done it its 20yr history with growers and defaulted Mr Wilson for his entire loan and sued him. Mr Wilson is defending and counterclaiming against the company as any other investor who had been treated this way would. The company is wasting considerable money on legal fees on this action rather than mediating and treating Mr Wilson as it would any other grower/ investor in these same circumstances. Clearly the company only took this action for the first time ever against a grower/ investor because they wanted to discredit Mr Wilson and prevent him from making a bid for the company. Again an arrogant and naïve action that has backfired on all shareholders.
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Sounds complicated, but the first thing that comes to my mind is - why would they put any trees, let alone the CEO's trees, in such a bad area? Not having a go at you John but that sounds more serious then the financing issue. Again, I appreciate your posts but this is just crazy.
