they specifically said that they negotiated with the Wilson...

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hottuna

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22/01/18

16:07

Post #: 30473965
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Originally posted by buffetman ↑

I guess I should change my sentiment now to hold!

Ah well, you win some you lose some - as long as part of a diversified portfolio people shouldn't be hurting too much. I'll be down 80k on shares assuming total loss and will help offset some profits so a tax saving there.

It does seem strange that they rejected Frank's approach - too much emotion I suspect rather than pragmatism. And sales of new plantations dropped hugely without Frank.
I suspect he was the rainmaker and it came sometimes with a price in the form of the put options.

Strange the put option holder didn't want to wait until the company was re-captialised as they probably won't be at the front of the queue for creditors unless some deal was struck with the extension.

Also silly their mount romance division bid for the sandalwood deal recently if they had cashflow issues - surely an external fund injection would've shown confidence and provided needed funds...

So net asset value was 36.36c per share at the end of FY2017 Annual Report.

Any guestimates as to the realisable value per share on liquidation. Once the administrators/receivers get in of course the 2k per day and plus fees kick in and the assets will burn quickly. Has anyone seen receivers do a good job by shareholders and recover a decent amount and keep companies operationally viable and profitable for shareholders.

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they specifically said that they negotiated with the Wilson group but that they didn't show any evidence they had the cash.

Wilson can say he was offering loads of money, but given his recent history, it's hard not to take that with a large dose of seasoning.

QIN Price at posting: 29.5¢ Sentiment: Sell Disclosure: Not Held
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