TFS talks with L'Oreal, but no deal

Perth horticulture investment group TFS Corporation Ltd has confirmed it is in talks with French fragrance giant L'Oreal in regard to a potential supply deal but hasn't concluded such an arrangement.

TFS was responding to specualtion in the markets regrading the potential of such a deal.

Below is full the announcement:

TFS Corporation Ltd notes today's article in the Street Talk section of the Australian Financial Review (AFR), alluding to "a possible supply deal...[with] French fragrance giant L'Oreal." In response, TFS makes the following comments

• TFS has not concluded a supply deal with L'Oreal.
• TFS is engaged in preliminary discussions with L'Oreal regarding potential future supply of oil from its Indian Sandalwood (Santalum album) plantations in the Kimberley region of Western Australiia
• Similar discussions, and supply of samples, are occurring with a number of other potential customers in the normal course of business.

In accordance with its continuous disclosure obligations, TFS will advise the market as soon as any significant contractual agreements are reached.
TFS also draws attention to the participation of a representative of L'Oreal in the TFS-sponsored Global Indian Sandalwood Supply Conference held in Kununurra last week, which may have contributed to today's speculation. The purpose of this conference was the showcasing of TFS's Kimberley-based Santalum album plantations to international buyers. In addition, it highlighted the benefits brought to the region's local and indigenous community, and the potential to bring stability to the supply of high