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.
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.
Last week, a group of Quintis shareholders 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.
In a statement to the ASX today, Quintis said the company was reviewing the validity of the notice and resolutions proposed by the shareholders.
“If the notice is confirmed as valid, the company will call a meeting of shareholders to be held within two months of the notice in accordance with the requirements under the Corporations Act,” the company said.
“The board intends to recommend that shareholders vote against the resolutions.
“The full details of the reasons will be disclosed in the notice of meeting provided to shareholders.”
Meanwhile, the sandalwood producer also provided an update on its forbearance agreement with noteholders, saying that a majority of noteholders have agreed to extend the deadline to January 12.
Last year, Quintis entered into a forbearance agreement in relation to an interest payment due on August 1.
Shares in the company have been suspended since May while it continues discussions with a number of parties over potential debt and equity transactions to recapitalise the business.