QIN - Quintis Limited

[So_Cynical]

43% one day fall, the shorters win again...substantial punishment for today's communication ann.

 

[skc]

Improved communications will solve all the problems.

Just in case it wasn't perfectly clear... this was meant to be sarcastic.

43% one day fall, the shorters win again...substantial punishment for today's communication ann.

QIN's most credible client has terminated a contract 6 months ago, and actually hasn't placed an order in 2016. The company knows that it hasn't placed an order because there is no sales to Galderma in the forecast.

So somehow the Board doesn't know the contract has been lost, and didn't care that no sales has come through the door for 18 months.

They are either lying through their teeth or they are totally incompetent. Probably both. If this isn't a class action prime candidate there should be no class action lawyers (and no director liability insurance industry).

It never ceases to amaze me how little some Boards actually know what the company is actually doing.

 

[pixel]

Trading Halt at last...
... and I can sense a Class Action coming up. Surely, some Lawyers will smell an easy profit...

 

[skc]

Trading Halt at last...
... and I can sense a Class Action coming up. Surely, some Lawyers will smell an easy profit...

The way this is going, any class action will have be settled in trees.

Here's a new damaging report from another short selling research group.
https://viceroyresearch.wordpress.c...rporation-limited-money-doesnt-grow-on-trees/

The new report alleges some circular dodgy deals between QIN and Frank Wilson which both boosted sales and allowed Frank to skim millions of dollars from the company.

I think QIN is toasted, barring a minor miracle. No one would in their right mind put up fresh capital (in equity or debt) to keep up with the cash burn. The trees are not of zero value... but we will soon see how big the end market truely is when the wood is sold by the liquidator in actual arms length commercial transactions.

 

[pixel]

If those dodgy dealings have indeed happened, Frank Wilson and the directors that allowed it to happen ought to breathe filtered air - filtered through iron bars, that is.

 

[skc]

4 announcements in one day. Extend suspension, trading update, response to ASX query, new CEO employment.

And within these announcements, the company has basically said our sales have mostly vaporised, our cash is dwindling, we may soon default on our debt, and a change of control transaction was never meant to be a takeover, but a recapitalisation / potential debt for equity deal to our lenders.

Take your hat to the shorters... they certainly knew and cared more than the directors.

 

[So_Cynical]

(Aug 7 ~ 2012) I'm still here....waiting for this mob to fall over.

Took a few years but i said it first...

 

[glowingsack]

:-( not much else to add...

apart from it seemed good for a while. This stock has given me a wealth of experience in trading and my controlling my emotions. Nothing like a nice loss to galvanise you .

 

[galumay]

Looks like another nail in the coffin for QIN.

http://www.abc.net.au/news/2018-01-21/sandalwood-company-quintis-appoints-administrators/9347190

 

[Belli]

We fail listed so we try unlisted and yet we fail again.

Landholders 'in limbo' as Quintis cuts sandalwood investment scheme portfolio

The collapse of the forestry investment scheme has left landowners owed millions, as an expert questions why Quintis did not pulp its own stock to reduce oversupply.

www.abc.net.au

It baffles me why people place their money in the MIS entities. I can only think the tax deduction overtakes their brain as I cannot recall one MIS ever succeeding.

 

[sptrawler]

Synonymous with high-end perfume and other luxuries, Australia's sandalwood industry is on its last legs

Australia's once-booming sandalwood industry appears to be in terminal decline with Quintis and Santanol, Australia's two largest producers, both being sold off.

www.abc.net.au

 

[divs4ever]

Synonymous with high-end perfume and other luxuries, Australia's sandalwood industry is on its last legs

Australia's once-booming sandalwood industry appears to be in terminal decline with Quintis and Santanol, Australia's two largest producers, both being sold off.

www.abc.net.au

luckily rescued my investment cash on the way here , but should have been gone before the de-listing

my bad , raised almost all of the red flags before the end

'brand ambassadors' () famous personalities ) , a name change , kept on investing in stuff instead of just doing what it did best

a classic hindsight study for novices

 

[Dona Ferentes]

Took a few years but i said it first... (2012)

and it came to pass, Melba/ Farnham, you got nuttin' on this lot
.
The West Australian sandalwood producer once known as TFS Corporation will be liquidated, bringing to an end a two-decade saga that has included an aggressive take-down from short-selling activists and led to millions of dollars in losses for investors.

KordaMentha was appointed administrator of the company, now known as Quintis, in April, the second time in six years the business has been in receivership..

In a report to creditors, the administrators said attempts to find a buyer for the company had failed despite eight bids being received. It will now attempt to sell Quintis’ assets individually and creditors have voted to wind up the business.