TFS Corporation owns and manages commercial Indian sandalwood plantations.

TFS rejects Ponzi claims

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.


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Having spent 50+ years in the timber industry I have been tracking this company for the last two years and consider them a good bet I don't hold shares but if the short sellers force them down below a dollar then I will swoop like a bald headed eagle

If it turns out that the accusations made by glaucus are unfounded surely there should be legal implications. You can't go around making such statements for financial gain. Short selling appears to be aligned with unethical behaviour and should be banned.

short sellers like Jim Chanos and David Einhorn in the US have alerted investors to scams such as enron, worldcom and allied which cost mum and dad investors billions. rather than shooting the messenger i'd suggest that investors should have a read of the report and the company financial statements and decide for themselves. caveat emptor...

Latrobe Tasmania
I am a long term shareholder. This action is clearly a case of a short seller seeking to benefit from shareholders who have no idea how Quintis makes most of its money and will therefore panic at the self serving extremely misleading report. TFS moved away from being a company based on MIS revenue years ago, as anyone who looks at its income streams would clearly see.

Total mischaracterization of the business and financial reporting. Worst example is the chart showing "serial capital raising" (whatever that is). Whoever wrote this could not have a business background, nor a basic understanding of math. Using splashy big numbers of capital market debt deals is foolish when those deals are refinancing previous ones at rates hundreds of basis points cheaper. Another suggestion would be to use industry reports that are current, and not to use yield analyis that was done on wild grown trees instead of domestic plantation grown trees, pampered and bred for their yield. Maybe you should tell those junior varsity guys at KKR they shouldn't be in the same business over at Santatol. But then again, you can't short private equity.

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