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Posted on

31 August 2017

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Quintis negotiates abstinence acceding with Noteholders

Quintis (ASX code: QIN, the “Company”), the world’s better buyer and administrator of bartering Indian sandalwood plantations, provides the afterward amend on the Company’s 8.75% chief anchored addendum (“Notes”) with account to an absorption acquittal that fell due on 1 August 2017 and the acting annual advertisement requirements beneath the acceding of the Notes.

As appear on 31 July 2017, the Company did not accomplish an absorption acquittal of US$10.9 actor that was due on the Addendum on 1 August 2017 and, if such acquittal was not fabricated by 30 August 2017, an “event of default” would occur. In such event, the arch bulk of the Addendum could be accelerated to become anon due and payable.

Quintis today advises that it has accomplished a Abstinence Acceding with a cogent majority of the noteholders (“Noteholders”) whereby those Noteholders accept agreed to burden from demography an administration activity in affiliation to the absence arising from the non-payment of the 1 August 2017 instalment of interest.

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The Abstinence Acceding will abide until 1 March 2018 unless it is concluded beforehand aloft the accident of assertive events, including:

Quintis is clumsy to accede to a recapitalisation plan by 6 September 2017; fails to accomplish satisfactory advance appear recapitalisation in the assessment of any abundant Noteholder (being a holder of 5% or added of the outstanding Notes); or fails to apparatus a recapitalisation plan aural 90 canicule of its acceding by the accordant parties;

A majority of Noteholders determine, at any time, that bartering negotiations for the recapitalisation of the Company are not advanced to their satisfaction;

The exercise by Asia Pacific Investments DAC (“API”) of a put advantage which enables API to advertise 400 hectares of plantations to the Company at a agreed price;

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If Quintis is clumsy to accede terms, adequate to a majority of Noteholders, with API by 15 September 2017 to abandon or adjourn the acreage put option;

If Quintis is clumsy to accede terms, adequate to a majority of Noteholders, by 15 September 2017 in affiliation to any “repurchase event” beneath the affairs beneath which the Company awash allotment of its accommodation book in 2016 (refer to ASX advertisement on 29 June 2016); and

If any new defaults activity beneath the acceding of the Notes.

In accordance with the Abstinence Agreement, the Noteholders accept directed the Trustee of the Addendum not to admit any administration activity in affiliation to the absence for the non-payment of the 1 August 2017 instalment of absorption during this abstinence period.

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During the abstinence period, absorption continues to accumulate on the Notes, including absorption on the instalment of absorption that was due on 1 August.

Aloft cancellation of a notification from the Trustee that Quintis had not provided its March 2017 annual banking statements by the appropriate date (30 May 2017), Quintis was appropriate to either broadcast the accounts or accept a abandonment of the advertisement absence by a majority of the noteholders by 8 July 2017. Quintis after accustomed the abandonment from a majority of noteholders (see ASX advertisement 10 July 2017).

As allotment of the aloft Abstinence Agreement, the Noteholders accept agreed to additionally abstain the accouterment of the March 2017 annual banking statements, accountable to the aforementioned abortion acceding categorical above.

The Abstinence Acceding supersedes the above-mentioned codicillary abandonment from a majority of noteholders (see ASX advertisement 10 July 2017).

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Given the conditionality of the abstinence period, the Company will abide to accommodate updates to the bazaar on the cachet of the assorted conditions, in accordance with its acknowledgment obligations.

The Company is continuing discussions with a cardinal of parties in affiliation to a recapitalisation. The recapitalisation, if implemented, will be accountable to all all-important shareholder, creditor and authoritative approvals, due activity and added altitude precedent. The discussions are able-bodied progressed but no bounden agreements accept been entered into and there is no agreement that the recapitalisation will be completed in this anatomy or addition form.

ENDS

For broker enquiries amuse contact:

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Julius Matthys Alistair Stevens

Chief Executive Officer Chief Banking Officer

Ph: 61 8 9215 3000 Ph: 61 8 9215 3000

For analyst enquiries amuse contact: For all media enquiries amuse contact:

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Gerry Bullon Cameron Morse

[email protected] FTI Consulting

Ph: 0418 106 675 Ph: 0433 886 871

Quintis Ltd. appear this agreeable on 31 August 2017 and is alone amenable for the advice independent herein.Distributed by Public, unedited and unaltered, on 31 August 2017 09:47:02 UTC.

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