TFS Corporation (ASX Code TFS), renamed Quintis (ASX Code QIN) on March 22 2017, was
Australia’s largest grower, plantation manager and producer of Indian Sandalwood. On the 27
Febuary 2017 TFS announced half year results to the market and in a media release titles
“Exponential Growth in Indian Sandalwood Sales Driving Transformational Year”. The media
release presented half year revenue of $152.6 million, half year net profit after tax of $28.3
million and a strong cash balance at 31/12/2016 of $89.8 million. The media release made many
positive predictions about the future growth potential and the share market valued the
company at over $600 million. On March 22 2017 the rebranding of Quintis was celebrated in
Melbourne during the time of the Grand Prix at a gala event hosted by Adam Gilchrist and Daniel
Ricardo. The celebration had however been soured by the release that week of a report by the
US based short selling firm Glaucus (https://glaucusresearch.com). The report questioned the
value of TFS (Quintis) and pointed to a failure in corporate governance. The share price collapsed
and in May 2017 the company was suspended from trading on the ASX. In January 2018 Quintis
entered bankruptcy.