I think a change of management team is required.
You cannot be paid generously but did not take care of shareholders interest.
re Cannaccord, they are just a broker just earning fees. Lehman Brothers went brankrupt, brokers just normal as average.
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The global sandalwood boom
Mature sandalwood trees weigh around 100 kg, of which 20 kg is the aromatic heartwood, which in turn produces between 600-700ml of oil per tree. That may not sound like a lot, but one litre of oil sells for around $3,000 – even the waste chippings sell for $1,000 per ton. Moreover, sourcing hurdles allow companies to charge almost 100% premiums on top of global prices to provide consumers with legal and sustainable supplies. Currently, 95% of global production comes from India, yet 90% of this enters the market from wild and mostly uncontrolled jungle harvesting, and is often fraudulently cut with lesser woods.
As a result Indian sandalwood is almost extinct in the wild, and harsh government regulations have seen official Indian production fall from 4,000 tonnes in 1970 to just 250 tonnes in 2016.
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This trend has allowed other countries, notably Australia, to enter the sector, creating world leading companies such as
TFS Corp and
Santanol. 2017 is a very important year for Australian producers, as initial investments made 15 years ago are only now coming online, as the slow-growing trees take a long time to mature. To meet global demand, TFS is seeking to increase production thirty-fold to 10,000 tonnes from its 12,000 hectares worth of plantations (home to 5.4 million trees) in northern Australia. Combined with Sanatol’s 2,200 hectares, the assets of these two companies dwarf the amount of cultivated land in India, which stands at just 6,000 hectares.
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