Besieged sandalwood company Quintis has collapsed, rendering worthless the shares of thousands of investors.
Directors of the cash-strapped company said today they had called in administrators from KordaMentha following Fridays decision by a US fund manager to exercise an option demanding Quintis buy back $37 million of sandalwood plantations.
The company does not have the financial resources available to it to pay the put option price and the directors have therefore resolved to appoint Richard Tucker, Scott Langdon and John Bumbak of KordaMentha as voluntary administrators of Quintis and its Australian subsidiaries, Quintis said in a statement.
We are very disappointed with this outcome given the huge efforts made over the last nine month…
Read the full article at: https://thewest.com.au/business/quintis-collapse-investors-left-with-thousands-of-worthless-shares-after-company-calls-in-administrators-ng-b88720757z
