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.
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.
Quintis has revealed that a group of shareholders is taking legal action against the embattled sandalwood producer in relation to a supply contract with pharmaceuticals company Galderma.
Embattled sandalwood producer Quintis has been thrown a lifeline after entering into a high-interest debt facility for up to $US20 million ($15 million), while also announcing a net loss after tax of $416.8 million for the year to June 2017.
The private investors in sandalwood business Santanol Group, led by Tony Jack and Bob Bunning, have gained backing from litigation funder IMF Bentham for their fight against private equity group KKR.
Some of the major players formerly behind essential oils business Mt Romance are involved in a new sandalwood player in Western Australia, which is half-owned by an indigenous group.
A dispute over Indian sandalwood producer Santanol Group has pitted 21 Western Australian investors, led by forestry veterans Bob Bunning and Tony Jack, against private equity giant KKR and its local representatives, including Jock Clough and incoming Wesfarmers executive Ed Bostock.
An investor has chosen not to sell a parcel of plantations to troubled sandalwood producer Quintis, with the first deadline to exercise the option having expired.
Troubled Perth company Quintis plans to take legal action against its founder and former managing director over claims he has failed to meet repayment obligations on an $11 million loan.
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.
Quintis has suffered its fourth credit ratings downgrade within a month, after the troubled Indian sandalwood producer on Tuesday revealed more operational and financial issues.
Sandalwood producer Quintis has revealed more operational and financial pain, with the embattled Perth company suspending plantation sales, lowering forecast product sales and admitting a $27 million investment would not proceed.
Global ratings agency S&P has cut its credit rating for Quintis for the second time this month and kept the troubled Indian sandalwood producer on credit watch with negative implications, suggesting another downgrade is possible.
Ratings agencies Moody's and S&P have downgraded the debt of agribusiness Qunitis, while private equity fund Black Rock revealed it had taken a 5.1 per cent stake in the company.
The share market ended the day steady after early gains by the big four banks evaporated in afternoon trade, and miners fall on weaker iron ore futures.
Shares in sandalwood supplier Quintis were down 44 per cent today after the company admitted it had lost a contract supplying Nestle five months ago, the second issue relating to a contract this year.
Sandalwood producer Quintis has negotiated a second deferral of an option agreement that could see it having to pay nearly $34 million to buy back 400 hectares of plantations, as the company confirmed it was in advanced negotiations with a possible replacement for a key Chinese customer.
Former BHP Billiton executive Julius Matthys has been named interim chief executive of Quintis, after Frank Wilson resigned on Tuesday to plot a takeover of the Indian sandalwood producer.
Peninsula Energy has announced that John G Simpson will be stepping down as managing director and chief executive. He will be replaced by Wayne Heili who will commence with the company in April.
An extraordinary twist has emerged in the Quintis saga, with founder and managing director Frank Wilson resigning to work with an unnamed overseas corporation that is planning a takeover proposal of the Perth-based Indian sandalwood producer.
Quintis temporarily put the brakes on its falling share price by entering into a trading halt this morning, as it compiled a lengthy response to queries raised by the ASX.
Freshly renamed Indian sandalwood producer Quintis has suffered another share price slide, prompting a query from the ASX, following short-seller Glaucus Research Group's scathing report into the Nedlands-based business yesterday.
Indian sandalwood producer TFS Corporation has blasted US-based short-seller Glaucus Research Group for a scathing report which accused the Perth company of operating a Ponzi-like business structure.
Former BHP Billiton executive Julius Matthys has been appointed chairman of gold miner Doray Minerals, replacing Peter Lester who retired last month to focus on his other business interests.
Perth company OTOC has joined TFS Corporation in receiving shareholder approval for a name change and rebranding, which both companies say will more accurately reflect their business models.
Nedlands-based TFS Corporation has signed a $50 million supply deal for its Indian sandalwood oil with US-based Young Living under a five-year agreement.
Nedlands-based sandalwood producer TFS Corporation has pointed to solid growth in cash revenue and underying earnings to support a positive outlook for the business, despite reporting a fall in net profit after tax.
A subsidiary of TFS Corporation and a joint venture between a Melbourne oils producer and a local indigenous business have been shortlisted for wild sandalwood oil processing contracts with the state government.
Indian sandalwood producer TFS Corporation has refinanced $US200 million of debt through a note issue overnight in the US, while also raising extra funds for working capital.
Sandalwood producer TFS Corporation has reaffirmed its earnings guidance for FY16 after finalising the $29 million sale of plantations to a US-based investor.
Gold miner Perseus Mining has announced the biggest capital raising by a Western Australian company for the year, topping the likes of Pilbara Minerals and Gold Road Resources.
