West Perth-based CBH Group has recorded a grain harvest of 13.2 million tonnes for the 2017-18 season, well above initial estimates following good finishing rains.
A critical ruling by the corporate regulator has forced Quintis investors to adjourn a meeting that was called to appoint a new responsible entity for their 2002 sandalwood project.
Quintis investors hoping to appoint a new ‘responsible entity’ to have oversight of their sandalwood project will need to change plans after the corporate regulator said their two preferred entities were not eligible to take the role.
Three partners of McGrathNicol have formally taken control of sandalwood producer Quintis and its Australian subsidiaries after being appointed as receivers and managers today.
Fremantle-based Primary Securities and Sydney-based Huntley Group are positioning themselves to take over as the responsible entity for Quintis forestry schemes, as investors continue to question the motives of the company’s board and its major noteholder.
The directors of Quintis have shed light on two restructuring proposals they had been trying to finalise, after announcing on Sunday they had placed the sandalwood producer in administration because of its inability to make a $37 million payment due in two weeks.
Critics of sandalwood company Quintis, who are already calling for a spill of current directors, are now pushing to replace the responsible entity overseeing its 2002 project.
Grain handling cooperative CBH Group has more than doubled its operating surplus to $247 million in the year to September 2017 on the back of a big harvest, with grower rebates of $156 million.
Embattled sandalwood producer Quintis has announced the purchase of $3 million of sandalwood from growers operating on plantations managed by the company.
Troubled sandalwood producer Quintis says its board intends to advise shareholders to vote against a series of resolutions to spill the board, while also announcing a one week extension on its forbearance agreement.
A group of Quintis shareholders has requisitioned a general meeting to spill three directors, including chairman Dalton Gooding, with avocado grower Craig Duncan, Kimberley Development Commission director Robert Boshammer and property developer John Allen nominating for roles.
Quintis chairman Dalton Gooding has come under fire from company founder and former chief executive Frank Wilson and other shareholders at a heated annual meeting today.
Industry stakeholders are concerned about the level of port market share held by grain handler CBH Group, while entry for new players like Bunge has been challenging, according to a new Australian Competition and Consumer Commission report.
The western rock lobster industry contributes $282 million and around 900 jobs directly to the Western Australian economy with an overall impact of more than $500 million, a new report has found.
A new accelerator program for startups in the agribusiness sector will get under way next year after securing funding from the state government’s Department of Primary Industries and Regional Development.
