The only difference to the previous position is that the company owned trees will be looked after by the Receivers, and that's all they cared about anyway. The financial difference is that the growers trees will be managed by them, and so the company will not get it's share of the management, harvesting and sale proceeds. You can forget about any new growers going forward anyway, as the ATO most likely will not give another tax ruling to the company, so they will need to come up with some new strategy, and reduce prices massively, to attract new investors.
Your point about some of the old baggage being involved with the new growers is taken, and is a significant concern. But I would rather be in a group with a common purpose, and their result will be the same as mine.
Moreover, the recent TFS 2002 sale was a joke, and the company did not pass on the correct proceeds to the growers. And I say this based on the figures which the company disclosed themselves! Not withstanding there were no buyers except Quintis.
There is a lot more to come, the Receivers are spending company money on legal costs to dispute what the company preached was the way these projects were set to be run.
The Receivers have not come up with a buyer for the company, more than likely they will start selling this business off in pieces!
The Receivers needed to do 2 things, find a buyer, and deal correctly with the existing growers. They have done neither! They left the growers with no choice!
If all else fails, I am happy to have my trees harvested and dumped at the front gate, where I can have a big bonfire and put my losses to rest!
QIN Price at posting:
29.5¢ Sentiment: Hold Disclosure: Not Held
