17/05/2017 - 11:05

Quintis extends suspension by a week

17/05/2017 - 11:05

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Troubled sandalwood producer Quintis has extended its ASX suspension by a week to review its operations and update its earnings guidance.

Quintis extends suspension by a week
Quintis is expected to make an announcement by next Wednesday.

Troubled sandalwood producer Quintis has extended its ASX suspension by a week to review its operations and update its earnings guidance.

Nedlands-based Quintis was expected to make an announcement to the ASX today after going into a trading halt on Monday, but instead the company requested a suspension until Wednesday next week.

“The voluntary suspension is necessary for the company to manage its continuous disclosure obligations whilst the CEO continues with a review of the company’s operations and outlook which needs to be updated in light of the recent decline in the company’s share price, in order to finalise an updated announcement of the company’s earnings guidance,” it said in a statement.

Quintis also requested the suspension so it could finalise a response to a previous ASX aware query handed last week, when the company’s stock plummeted after it revealed its Santalis Pharmaceuticals business had lost a contract supplying Galderma, a subsidiary of Nestle.

Meanwhile, global investment giant T Rowe Price has been removed from Quintis’s list of substantial holders, after the US company issued a form 605 to the sandalwood producer on the ASX advising its stake had fallen below 5 per cent of Quintis’s issued capital.

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