Some Quintis staff have already been made redundant by the company’s receivers.
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Three staff from Katherine were made redundant.
In a market update today, the receivers said “a small number of redundancies” were made amounting to 15 staff or seven per cent of the total workforce.
Jason Preston, Shaun Fraser and Robert Brauer were appointed as receivers and managers of sandlwood grower Quintis Limited and a number of its subsidiaries on January 23.
Quintis has continued to operate on a business as usual basis since the receivers’ appointment.
“Staff have been strongly supportive of the initiatives undertaken since the appointment and remain focussed on maintaining plantations across northern Australia and production at Mt Romance,” the receivers said.
”Institutional investors have conveyed clear messages of support, with a number showing interest in increasing their ownership in plantations.”
The receivers have started a process seeking expressions of interest and inviting interested parties to invest in or acquire all of Quintis’s business and assets.
The search includes advertisements in national newspapers in Australia and in Asia.
“Subsequent interest in the business and assets has been strong, with summary information packs forwarded to over 70 parties including large institutional investors, pension funds, specialist forestry organisations and several large sandalwood buyers. A more detailed information memorandum and data room is available to parties who have signed a confidentiality agreement,” receivers said.