Agribusiness

The Quintis story is another example of the failure of tax-driven plantation schemes to deliver for investors.

The Quintis insolvency could play out very differently from other failed agribusiness investment schemes.

Three partners of McGrathNicol have formally taken control of sandalwood producer Quintis and its Australian subsidiaries after being appointed as receivers and managers today.

Fremantle-based Primary Securities and Sydney-based Huntley Group are positioning themselves to take over as the responsible entity for Quintis forestry schemes, as investors continue to question the motives of the company’s board and its major noteholder.

The directors of Quintis have shed light on two restructuring proposals they had been trying to finalise, after announcing on Sunday they had placed the sandalwood producer in administration because of its inability to make a $37 million payment due in two weeks.

Quintis faces more financial pressure after an investor exercised a put option to sell $37 million of plantations to the troubled sandalwood producer.

Critics of sandalwood company Quintis, who are already calling for a spill of current directors, are now pushing to replace the responsible entity overseeing its 2002 project.

Grain handling cooperative CBH Group has more than doubled its operating surplus to $247 million in the year to September 2017 on the back of a big harvest, with grower rebates of $156 million.

Embattled sandalwood producer Quintis has announced the purchase of $3 million of sandalwood from growers operating on plantations managed by the company.

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.

A group of Quintis shareholders has 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.

Quintis chairman Dalton Gooding has come under fire from company founder and former chief executive Frank Wilson and other shareholders at a heated annual meeting today.

A Manjimup farm business’s $2 million-plus processing facility has become the latest in a string of horticultural investments around the state.

Industry stakeholders are concerned about the level of port market share held by grain handler CBH Group, while entry for new players like Bunge has been challenging, according to a new Australian Competition and Consumer Commission report.

The western rock lobster industry contributes $282 million and around 900 jobs directly to the Western Australian economy with an overall impact of more than $500 million, a new report has found.

A new accelerator program for startups in the agribusiness sector will get under way next year after securing funding from the state government’s Department of Primary Industries and Regional Development.

An economy in transition offers hope for WA to emerge with a broader base.

The dairy sector needs a mandatory code of conduct to give farmers more bargaining power and to prevent chaos like that spawned by surprise cuts to the farmgate milk price in 2016, the competition watchdog says.

Western Australian avocado farmer Jennifer Franceschi has won a category in the national Telstra Businesswoman of the year awards, although News South Wales-based refugee advocate Violet Roumeliotis took out the top prize.

Embattled sandalwood producer Quintis has been thrown a lifeline after entering into a high-interest debt facility for up to $US20 million ($15 million), while also announcing a net loss after tax of $416.8 million for the year to June 2017.

The private investors in sandalwood business Santanol Group, led by Tony Jack and Bob Bunning, have gained backing from litigation funder IMF Bentham for their fight against private equity group KKR.

The Western Australian cooperative and mutuals sector continues to perform strongly on the national stage, with WA accounting for four of the country’s top 10 co-ops and mutual enterprises, a new report has found.

Cuts to Chinese production and inaction by some big mining companies could present an opportunity for WA resources players.

Jennifer Franceschi has invested millions preparing for a surge of new avocado production entering the market.

A Cottesloe-based agribusiness is hoping to improve operational productivity by increasing its use of data across the life cycle of its livestock and in its supply chain management.

The state’s largest citrus packing facility opened in Bindoon today, supporting an export industry that is seeing huge growth.

Shark Bay shellfish producer Mareterram is expanding into the mackerel business with the $4.95 million purchase of an established fishing fleet, support vessels, and licences.

Seafood business Mareterram has announced a leadership reshuffle following the retirement of chairman Peter Hutchinson.

Avocado grower and Fresh Produce Alliance co-founder Jennifer Franceschi has been named the Telstra Western Australian Businesswoman of the Year, joining an alumni that includes Gina Rinehart.

Troubled Indian sandalwood producer Quintis has ended its sales agreement with a Chinese customer that was being investigated for customs evasion.

SPECIAL REPORT: Mitsui & Company, Shell and Itochu Corporation are among a swag of businesses that have made substantial investments in the state’s exporting industries over the decades, showing that foreign investors can contribute without directly operating assets.

SPECIAL REPORT: Roy Hill Holdings and Chevon have joined the likes of Rio Tinto, BHP, Woodside and CBH Group in an updated ranking of WA’s largest exporters in the BNiQ Search Engine.