https://thewest.com.au/business/agriculture/receivers-confident-of-quintis-revival-ng-b88729282z
Receivers confident of Quintis revival
Sean Smith | The West Australian
Tuesday, 30 January 2018 5:32PM Sean Smith
Picture: Danella Bevis/The West Australian
Quintis’ receivers are confident they can revive the sandalwood company with a recapitalisation that may include shareholders and would avoid the devastating losses incurred by grower-investors in the collapsed Timbercorp and Great Southern plantation schemes.
McGrathNicol, which was put into Quintis by noteholders nearly two weeks ago, is about to advertise for groups interested in buying or recapitalising the company with the aim of striking a deal with the successful parties in 5-6 months.
“We’re pretty confident we’ll get a positive outcome,” lead receiver Shaun Fraser said today.
“There’s a range of investors who have got interests in either trees or debt ... who have said to us that they see a lot of value in the longer-term future and they would be interested in providing some level of support.”
Mr Fraser said it was possible a recapitalisation could yet include Quintis’ 7600 shareholders, whose stock was rendered worthless by the company’s fall into administration.
Mr Fraser was speaking after a Perth meeting of disgruntled growers who are seeking to dump Quintis as the manager of their 2002 sandalwood managed investment scheme in northern WA.
The meeting was adjourned for two weeks after the corporate regulator ruled that the two replacement managers put up by the growers were not eligible to take on the role.
McGrathNicol had urged growers to vote down the resolutions put to the meeting, saying the recapitalisation to be pursued by the receivers would “provide the best outcome for all growers”.
“That will leave Quintis as a solvent entity with sufficient capital to enable it to maintain the growers’ interests in the trees,” Mr Fraser said.
“We think this process is very different to what may have been seen in Timbercorp or Great Southern, and it’s certainly our intention to maintain the trees while Quintis acts as the responsible entity (of the 2002 scheme).”
The growers have questioned Quintis’ management of the 52.8ha project, claim the company is conflicted as the natural buyer of the sandalwood and believe they can get better prices for the product themselves.
Most of the the 2002 scheme was harvested last year and the product sold.
The growers, however, say the realised prices were as much as 40 per cent lower than those achieved for Quintis’ last sale of sandalwood.
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