January 21, 2018 / 10:21 PM / 4 months ago

BRIEF-Quintis Announces Appointment Of Administrators

Jan 22 (Reuters) - Quintis Ltd:

* APPOINTMENT OF ADMINISTRATORS

* UNDERSTANDS NOTEHOLDERS INTEND TO APPOINT MCGRATHNICOL AS RECEIVERS AND MANAGERS OF SECURED ASSETS

* CONFIRMS THAT ASIA PACIFIC INVESTMENTS DAC, EXERCISED AN OPTION TO REQUIRE COMPANY TO ACQUIRE 400 HECTARES OF PLANTATIONS

* SETTLEMENT OF PAYMENT OF PUT OPTION PRICE IS REQUIRED TO TAKE PLACE ON 2 FEBRUARY 2018

* ‍COMPANY DOES NOT HAVE FINANCIAL RESOURCES AVAILABLE TO IT TO PAY PUT OPTION PRICE​

* ‍CO & NOTEHOLDERS WERE ENGAGED IN DISCUSSIONS WITH A SEPARATE CONSORTIUM OF POTENTIAL INVESTORS ABOUT AN ALTERNATIVE TRANSACTION​

* ‍DIRECTORS RESOLVED TO APPOINT RICHARD TUCKER, SCOTT LANGDON AND JOHN BUMBAK OF KORDAMENTHA AS VOLUNTARY ADMINISTRATORS OF CO

* UNDERSTANDS THAT RECEIVERS WILL FURTHER EVALUATE RESTRUCTURING AND SALE ALTERNATIVES, INCLUDING A POTENTIAL RECAPITALISATION OF BUSINESS Source text for Eikon: Further company coverage:

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