23/03/2017 - 14:45

Quintis shares continue slide

23/03/2017 - 14:45

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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.

Quintis shares continue slide
Quintis owns and manages commercial indian sandalwood plantations.

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.

Shares in Quintis, which until today was known as TFS Corporation, fell 13.3 per cent, or 17.5 cents, to $1.13 by the close of trade today, after suffering a similar fall yesterday.

On Monday, Quintis shares were worth about $1.45 each.

The share price slide is in direct response to a report released by US-based Glaucus yesterday, which accused Quintis of operating a Ponzi-like business structure and said the business was bound to fail.

Quintis vehemently denied the report and accused the activist short-seller of deliberately trying to bring the company’s share price down in order to make a profit.

Today, the ASX queried Quintis’s falling share performance in a letter to the company, to which Quintis reiterated its response to Glaucus’s “self-serving” and “egregiously inaccurate” report.

“The note is a self-serving and biased note by a shorter of the stock in an attempt to drive Quintis’s share price down for their own financial gain,” Quintis told the ASX.

Business News readers responded to yesterday’s news by backing Quintis; one such reader who described himself as a long-term shareholder said Glaucus’s report was clearly a case of a short-seller seeking to benefit from the falling stock price.

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