By Chris Thomson | posted on January 25, 2018
A RECENT purchase by Albanys Mount Romance sandalwood plant of a $3 million cache of wood has failed to stop the subsidiary that runs it, and parent company Quintis Ltd, going into voluntary administration.
On Saturday, Quintis revealed that US hedge fund Asia Pacific Investments DAC had exercised an option to require Quintis to buy 400 hectares of plantations at a price of $37 million. Settlement of the payment was required to occur on February 2, and Quintis has said it could not afford that.
Company directors have now appointed KordaMentha as voluntary administrator of Quintis and its seven Australian subsidiaries, which include Mount Romance Australia Pty Ltd and Mo…
Read the full article at: http://gsweekender.com.au/quintis-albany-mount-romance-kordamentha-hedge-fund-voluntary-administration-sandalwood/