I received an email from John this afternoon: "The company has just announced the appointment of Voluntary Administrators. It is extremely disappointing that the board and Blackrock appeared reluctant to work with the consortium of investors that was prepared to back the new board with new capital and new customers to revive the company for the benefit of all stakeholders including shareholders and growers, and had overwhelming support of shareholders. The attempts by the board and Blackrock to work with the new board and the consortium appear to have been superficial (tick the box of trying) and it raises questions that need answering around the actions of the board, senior management and Blackrock over the past 9 months. In the meantime we urge all shareholders to back the Sandalwood Growers Cooperative Ltd (www.sandalwoodgrowers.org) which has been established as a commercial organization providing forestry management and sales and marketing services to growers, to ensure that growers (MIS, HNW, and Institutions) do not become the next victims of the Quintis management incompetence (backed by Blackrock) which has recently seen growers’ receiving prices nearly 40% below the price achieved in last year’s grower tender. We will be making further public statements shortly."
QIN Price at posting:
29.5¢ Sentiment: Hold Disclosure: Held
