The administrator will be working for himself, then the debt holders, then the creditors, with shareholders and growers at end of line.
Present board seemed totally focussed on protecting their butts, and no focus on markets, as seen by price for recent wood. The company is in trouble because of financing issues related to trying to grow too fast, growth we as shareholders wanted to get asset gain. But high growth =high debt=high risk. Debt holders recognised this risk, is how they could charge 10+ % interest.
The company now has a product to sell, and a regular supply of product to sell. There are very high barriers to entry, a high value product, and a skilled production workforce - not something I see often in agriculture.
I put name up for board as a shareholder having no confidence in the present board. FW and others seem to have more knowledge and skill in Sandalwood marketing than anyone in the company at present. I would like to see these skill put to use, along with the developed growing knowledge of others, if the co gets out of VA. But I wouldn’t like to see FW anywhere near managing the co.
I would also like to get access to the books with knowledgeable people to determine if any board or management actions recently or in the past were liable and ensure if so, they are held to account.
Growers are crazy if they don’t take action to protect their assets, and the only way I can see them able to do this is to appoint a new RE, not beholding to the company, Administrator or creditors.
There may then be a way forward for the company, to manage trees responsibly for treelot holders, and market product and treelots well. BR may realise that this is the only way they can make a return on their investment and support the new look company. Otherwise, another group will form, manage the growers trees and marketing, and BR will be left with a company shell, quite a few hectares of trees they don’t know how to grow and market, and little upside chance.
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