Quintis seeks more time to do deals

Embattled sandalwood producer Quintis has once again requested its share trade suspension be extended while it continues to negotiate transactions it says are critical to its solvency.

Perth-based Quintis requested its share suspension remain in place until July 5, while it continues discussions with a number of parties over potential debt and equity transactions to recapitalise the business.

“These potential transactions create uncertainty, and while the company continues to seek to negotiate a series of inter-related transactions, the company believes it is appropriate for its securities to remain in voluntary suspension,” Quintis said.

“Part of the transactions that the company is working on involve equity elements, and it is the company’s view that pricing volatility in the company’s equity at this time could materially prejudice the capacity to conclude these transactions.

“A failure to negotiate and complete the transactions, given the company’s current liquidity issues, is critical to the company’s continued solvency.”

Quintis shares have been suspended from trade since May 12, during which time the company has been negotiating the deals.

Its shares were last worth 29.5 cents each.