Quintis Sandalwood

Quintis faces more financial pressure after an investor exercised a put option to sell $37 million of plantations to the troubled sandalwood producer.

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.

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.

Three partners of McGrathNicol have formally taken control of sandalwood producer Quintis and its Australian subsidiaries after being appointed as receivers and managers today.

The Quintis insolvency could play out very differently from other failed agribusiness investment schemes.

The Quintis story is another example of the failure of tax-driven plantation schemes to deliver for investors.

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.

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.

The receivers of Quintis have sought to retain full control of the sandalwood producer, appointing Primary Securities as an independent consultant and arguing that plans by growers to take control of some forestry schemes would be counterproductive.

SPECIAL REPORT: Western Australia’s five biggest agribusinesses are earning about $5.5 billion in revenue annually, according to the latest BNiQ Search Engine data, down from $5.8 billion when the list was last published 18 months ago.

A new class action has been launched today against embattled sandalwood producer Quintis, along with its former managing director Frank Wilson and the company’s auditor EY.

The creditors of sandalwood company Quintis, led by US group Blackrock, have proposed injecting $175 million to take control of the business, in a deal that is likely to leave shareholders with no return.

The corporate watchdog has launched legal action in the Federal Court against former Quintis managing director Frank Wilson, alleging he failed to disclose the loss of a major contract in 2017.

The Supreme Court has dismissed a defamation claim brought by former Quintis managing director Frank Wilson, after the trial judge said he was surprised by Mr Wilson's asserted lack of knowledge of the sandalwood producer’s contracts.

The $145 million Quintis recapitalisation deal was completed today, handing control of the sandalwood company to its creditors, led by US group Blackrock.

Quintis subsidiary Arwon Finance has won a Supreme Court ruling against its former chief executive Frank Wilson requiring him to repay a $13.2 million loan taken out in 2014.

The co-operative that distributes water in the Ord River irrigation area has scored a big court victory over the state government, retaining its current water allocation to support the development of new cotton farms. The state government had wanted to slash the Ord Irrigation Co-operative’s annual water allocation by one third.

When farming activity started in the Ord River irrigation area in the 1960s, the initial focus was on cotton.

The Court of Appeal has upheld a 2019 ruling that Quintis founder Frank Wilson was liable to repay a $14 million debt to its finance arm.

The state government has awarded $10.2 million worth of grants to 18 agribusinesses, including Tattarang’s Harvest Road Oceans.

Quintis and several of its senior executives are facing defamation action at the hands of the company's former director, a claim it intends to vigorously defend.

Perth-based agribusiness Quintis is back in the plantation development business, the first time it will add more sandalwood trees to its asset base in five years.

In private hands, a recapitalised Quintis has turned away from its financial services roots.

Former Quintis director Graeme Scott has had an early victory in his defamation battle with several of the company's most senior executives, with the Supreme Court ruling there should be no restriction on his access to one of the documents at the centre of the case.

Senior editor Mark Pownall reflects on his latest visit to Rottnest Island.

Medical technology company Artrya Limited has appointed experienced executive Mathew Regan as the company’s new leader after its co-founder John Barrington resigned.

The Federal Court has refused Quintis founder Frank Wilson's request to throw out a creditor's petition over his failure to comply with a $15 million bankruptcy notice.

The Federal Court has decided Frank Wilson did not breach his director’s duties after finding ASIC could not prove its allegations against the Quintis Sandalwood founder.

Facing challenging market conditions, Quintis Sandalwood has brought in KPMG to review the future prospects of managed investment schemes under its umbrella.

Quintis Forestry's entity Sandalwood Properties Limited has moved to wind-up 10 of its financially troubled plantation investment schemes after facing challenging market conditions.

Administrators handling Quintis Leasing’s administration have recommended winding up the company after receiving almost 30 bites during an expression of interest period.

FTI Consulting announced it has taken over the majority of sandalwood producer Quintis and its subsidiaries’ operations and assets.

Sandalwood producer Quintis has been placed on the market after receivers were appointed to the business this week, with the sale to include its operations and facilities across Australia.

Mark Beyer and Mark Pownall discuss changes at BGC, APM and Austal ownership, Quintis in receivership, and home market data.

More than half of Quintis’s workforce have been made redundant, with some of its Western Australian operations placed onto care and maintenance.

Mark Beyer and Mark Pownall discuss the federal budget’s mining support, Santos and Quintis job cuts, live sheep exports, property development approvals, NWQ Capital Management, and Clough's journey under Peter Bennett.

Quintis and several of its subsidiaries have gone into voluntary liquidation after a troubled period for the sandalwood producer including cutting more than half of its workforce.