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Cover uses Bruegel-esque painting ('Satire on Tulip Mania'-style) as visual hook alongside bulleted summary thesis. Section epigraphs deploy notorious-fraudster quotes (Robert Maxwell, Bernard Madoff, Richard Nixon) as rhetorical framing. Explicitly consensus with Glaucus Research Group (22 March 2016 report) — Viceroy positions this as the follow-up that adds the Ponzi-like historical events Glaucus missed. No presentation date on cover; internal references to FY 2016 PDS and post-rebrand 'Quintis' name (March 2017) suggest publication in 2017. Short position disclosed generically in disclaimer but no percentage stake given. Strongest custom visual is the 'round robin' two-panel diagram (pages 44-45) showing Arwon Finance/TFS/Frank Wilson cash-flow loop generating $2.79m in 2 days. Layout is otherwise screenshot-heavy with highlighted annotations on filings.", "kpisCited": [ { "detail": "$0.00 — Zero; equity priced at zero per Viceroy", "metric": "Target price" }, { "detail": "~70% of TFS plantations under management owned by MIS investors (reliant on MIS capital for cash)", "metric": "MIS ownership of plantations" }, { "detail": "$79.3m in FY2010 vs $41m in FY2009; $68.5m from just four institutional wholesale customers", "metric": "Trade debtors (receivables)" }, { "detail": "~$29m recognised over FY2009-FY2010 despite cash never being received on schedule", "metric": "Beyond Carbon sales booked" }, { "detail": "$959,750 commission to Frank Wilson on $10.56m self-funded subscription; $2.79m net cash to Wilson generated in 2 days via Arwon", "metric": "FY2013 CEO commission" }, { "detail": "$14.19m new project subscription by Wilson financed by Arwon; put option on 175ha at $15.80m exercisable 2018", "metric": "FY2014 CEO subscription" }, { "detail": "$11M EBITDA — the only real operating asset per Viceroy's worst-case view", "metric": "Mt Romance EBITDA" }, { "detail": "TFS expert reports project 5x growth by 2025 while charging luxury prices despite flooding supply", "metric": "Sandalwood market growth claim" } ], "closingAsk": "Shareholders, bondholders and ASIC should investigate whether management is fraudulently siphoning cash from Quintis and hold CEO Frank Wilson accountable for uncommercial related-party transactions.", "extraction": { "at": "2026-04-22 22:18:25+00", "model": "unknown-legacy", "runId": null, "seconds": 142.47237, "promptVersion": null }, "scqaReward": "Viceroy prices Quintis equity at $0.00, expecting going-concern failure akin to historical MIS collapses Timbercorp and Great Southern; best-case scenario is that the company trades as an extremely highly leveraged penny stock.", "thesisTypes": [ "fraud_exposure", "governance_board" ], "top3Reasons": [ "Bogus sales channels: Chinese smuggling ring, FDA-warned essential-oils MLM, and fictional institutional buyers", "CEO Frank Wilson skims cash via Arwon round-robin — $2.79m net cash payment generated from inter-group journal entries in 2 days", "Revenue booked before cash is received; fictitious sales then leveraged to gain bond financing" ], "scqaSituation": "Quintis Limited (ASX:QIN, formerly TFS Corporation) operates the world's largest legal Indian Sandalwood plantations in Australia, funded primarily through a Managed Investment Scheme structure where MIS investors own approximately 70% of plantations under management.", "thesisSummary": "Viceroy argues that Quintis Limited (formerly TFS Corporation), the world's largest legal Indian Sandalwood plantation operator, is a Ponzi-like Managed Investment Scheme fraud. The report alleges bogus sales channels — a Chinese sandalwood smuggling ring (Shanghai Richer Link), essential-oils MLM Young Living, and defaulting institutional buyers — let Quintis book revenues before any cash arrives, leveraging those fictitious sales to access bond financing. CEO Frank Wilson is accused of skimming cash via a round-robin between TFS, wholly-owned financier Arwon, and his own MIS investment, generating millions in commissions and buyback premiums with no real cash movement. Conflicted experts (Dr Padmanabha) and related-party promoters (Incipient Capital, Wise Owl) inflate sandalwood demand projections. Concurring with Glaucus Research Group and citing defunct MIS analogues Timbercorp and Great Southern, Viceroy prices Quintis equity at $0.00.", "primaryDemands": [ "Bondholders pursue recourse action, potentially via appointment of a Receiver, on grounds that escrow was claimed on bogus institutional investor sales", "ASIC investigate stock manipulation via related-party promoters (Wise Owl, Incipient Capital) and market research (Dr Padmanabha)", "Seek ordinary shareholder approval for related-party transactions with CEO Frank Wilson under Section 208 of the Corporations Act, potentially dating back to 2004", "Investigate bogus sales channels: Shanghai Richer Link (sandalwood smuggling ring), Medinext, Young Living (FDA-warned MLM)" ], "scqaResolution": "Viceroy urges bondholders to pursue recourse action potentially via a Receiver, ASIC to investigate stock manipulation, and shareholders to demand Section 208 approval of related-party transactions with CEO Frank Wilson dating back to 2004.", "thesisOneLiner": "Quintis is a Ponzi-like Australian sandalwood MIS where bogus sales channels, CEO cash-skimming via Arwon Finance, and conflicted experts mask fraud — equity worth $0.00.", "precedentsCited": [ "Glaucus Research Group Quintis report (22 March 2016)", "Timbercorp (defunct MIS)", "Great Southern (defunct MIS)", "Palandri's Wine (liquidated MIS)", "Barkworth Olives (liquidated MIS)", "East Kimberley Sandalwood (EKS) — TFS's predecessor scheme", "1990s Australian tax-effective schemes (Servcom, Oracle, Satcom)", "Bernard Madoff (epigraph)" ], "scqaComplication": "Viceroy alleges Quintis uses aggressive revenue recognition, bogus sales channels (a Chinese smuggling ring, an essential-oils MLM, defaulting institutional buyers) and a round-robin buyback loophole with subsidiary Arwon Finance to siphon cash to insiders and obtain debt financing on fictitious sales.", "narrativeInterest": 4, "notableSlidePages": [ 1, 3, 44, 45, 47 ], "peerCompaniesCited": [ 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This report and any statements made in connection with it are the authors' opinions, which have been based upon publicly available facts, field research, information, and analysis through our due diligence process, and are not statements of fact. This document or any information herein should not be interpreted as an offer, a solicitation of an offer, invitation, marketing of services or products, advertisement, inducement, or representation of any kind, nor as investment advice or a recommendation to buy or sell any investment products or to make any type of investment, or as an opinion on the merits or otherwise of any particular investment or investment strategy.\n\nAny examples or interpretations of investments and investment strategies or trade ideas are intended for illustrative and educational purposes only and are not indicative of the historical or future performance or the chances of success of any particular investment and/or strategy.\n\nAs of the publication date of this report, you should assume that the authors have a direct or indirect interest/position in all stocks (and/or options, swaps, and other derivative securities related to the stock) and bonds covered herein, and therefore stand to realize monetary gains in the event that the price of either declines.\n\nThe authors intend to continue transacting directly and/or indirectly in the securities of issuers covered on this report for an indefinite period and may be long, short, or neutral at any time hereafter regardless of their initial recommendation.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:19.74+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d027496b-f30b-4ec8-bf46-880ed0cff717", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.115, "x": 0.121, "y": 0.094 }, "kind": "title", 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intentionally uses misleading statements, biased research and seriously questionable accounting practices to inflate the value of both the sandalwood and the company itself.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e6b-043ef91c63dc", "parentComponentId": null }, { "bbox": { "h": 0.55, 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Most certainly there is a conflict of interest.\n\nTFS also engaged Dr Padmanabha, a sandalwood expert cited as an “independent” source of sandalwood demand studies. Coincidentally, it appears Dr Padmanabha’s research has contributed in driving at least three other sandalwood investment schemes into the ground. Dr Padmanabha also runs his own investment scheme in India.\n\nTFS’s expert reports project the Sandalwood market will grow 5x by 2025. 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Investments deemed tax evasive.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:18.213+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2f7d1c7-621b-4cda-9525-9ba675ab34c9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.12, "y": 0.12 }, "kind": "list", "text": "Quintis Limited (ASX:QIN) – Formerly TFS Corporation Limited (ASX: TFC)\nManages world's largest Sandalwood plantation", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:18.213+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2b71ca0-9d10-4c16-a8a6-1e98af6cc123", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.12, "y": 0.08 }, "kind": "title", "text": "4. 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Purchases the land outright from TFS ($105k); and Uses the remaining $300k to buy-out existing investor lots in a secondary market", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:17.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c09c0d7-b0fd-4f46-b1b1-83e09fbdda96", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.17 }, "kind": "paragraph", "text": "Our research indicates that TFS's aggressive accounting practices together with a discretionary revenue recognition policy allow it to book revenues well before cash payments.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:17.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "677beae4-4781-44ea-9f4d-5287d8e943f3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.12, "y": 0.12 }, "kind": "quote", "text": "Money you haven't earned is not good for you.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:17.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e38f8f0a-0583-4aec-9d94-bac5940778e3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Money you haven't earned is not good for you. — Robert Maxwell", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bee6-253d695e535f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.12, "y": 0.89 }, "kind": "source-note", "text": "3 TFC FY 2009 Annual Report http://www.asx.com.au/asxpdf/20090929/pdf/31l0k4zxvcpxq6.pdf", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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However, export quantities appear to be to a single Hong Kong buyer and to the equivalent of 1ha of TFS plantations over more than 2 years, making them entirely uncommercial.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:21.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf1f1894-06ac-46a5-9a2e-3995207acc9b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.35, "x": 0.12, "y": 0.89 }, "kind": "source-note", "text": "28 https://www.zauba.com/ 29 http://tflstd.com.au/about/facts/", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Several high-end perfume houses still use the oil, however we believe these entities are unlikely to change supplier considering:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:21.884+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5917e634-a99c-48c8-b6c7-c220f858e06d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.52, "x": 0.24, "y": 0.28 }, "kind": "quote", "text": "Perfumers, it's time to be reacquainted with Indian Sandalwood (Santalum album). One of the oldest perfumery materials in the world, this precious ingredient has had a tumultuous history, plagued by illegal poaching and adulteration. Little wonder it all but vanished from the perfumer's palette.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:21.884+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8fc20bab-35ea-4cc0-a96f-10393edc15c2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Perfumers, it's time to be reacquainted with Indian Sandalwood (Santalum album). One of the oldest perfumery materials in the world, this precious ingredient has had a tumultuous history, plagued by illegal poaching and adulteration. Little wonder it all but vanished from the perfumer's palette. — Indian Sandalwood Competition American Society of Perfumers", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bee7-e45ee5c4e3f0", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.52, "x": 0.24, "y": 0.38 }, "kind": "source-note", "text": "Figure 35 Indian Sandalwood Competition American Society of Perfumers", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:21.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e8f3fe4-8c05-451c-b7e5-b4bf8484a767", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.55, "x": 0.14, "y": 0.21 }, "kind": "paragraph", "text": "We are highly sceptical of the legitimacy of TFS's sales channels.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": 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Please refer to their report for in-depth details. In short, days after the Glaucus report was published, reports surfaced of Chinese customs seizing millions of dollars of sandalwood from a tax-evading, smuggling syndicate:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:21.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dad550ba-8cec-4f9c-ad8b-28acf25b781a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.38 }, "kind": "paragraph", "text": "The TFS logo is clearly visible on the door of the office at 1:55 along with the name of a Richer Link director's firm, Yitan Xiamen Spices. There is further news coverage which shows that this syndicate has smuggled over $26m (currency not specified) of sandalwood into China:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:21.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc79841c-1694-4e03-9bf9-d583d03d9404", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.13 }, "kind": "quote", "text": "‘We shook hands on a pact. Did you not shake my hand on it?’ ‘You stuck your hand out, so I shook it. I don't know about a pact.’ -Seinfeld, “The Engagement”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:21.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f6e57a9-490a-42d1-9f75-f466cd647486", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "‘We shook hands on a pact. Did you not shake my hand on it?’ ‘You stuck your hand out, so I shook it. I don't know about a pact.’ — Seinfeld, “The Engagement”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bee6-f6bc7706a59e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.24, "x": 0.38, "y": 0.83 }, "kind": "source-note", "text": "Figure 36 ABC report – 30 Sep 2016", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:21.758+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47677fa3-ed0d-4759-b463-a8ad62c60f31", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.7, "x": 0.15, "y": 0.08 }, "kind": "paragraph", "text": "Quintis has supplied over 1,200 kg of EISO to Galderma under the supply contract... The Board of Quintis was advised late yesterday that on 16 December 2016, Santalis and Galderma entered into an agreement that terminated Galderma's licensing...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:21.758+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60bc24c0-bfeb-46c0-87ac-4d82fd973a49", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "It is unacceptable that the current Board was not made aware of the contract termination when it took place. We are taking immediate and appropriate measures to ensure that this type of communication breakdown is not repeated. — Dalton Gooding, Quintis Chairman", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bee8-36749ac00f09", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.75, "x": 0.12, "y": 0.79 }, "kind": "source-note", "text": "Note 1: Medinext General Trading is an associate of a customer who has been supplied and paid for AU$27.5m of spicatum oil since 2010", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:25.522+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95285968-991b-4544-aa59-1b873e9a965d", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Note that 25 tonnes has been shipped with value of around US$10/kg, or $10,000/tonne, less than 10% of TFS’s sale price claim of $155,000/tonne.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", 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This FDA warning was in response to several articles claiming that ingesting essential oils would either heal or lessen the effect of serious medical conditions, most notably Ebola. Not only misleading, but dangerous given the track record of other ingested essential oils in the past. 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Therefore, it might smell nice, but you don’t need it.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:29.687+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ab9f1d3-4f92-4c11-84c6-bbbc1e534da2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.11 }, "kind": "paragraph", "text": "TFS recently announced an agreement with Young Living to supply Indian Sandalwood oil at a price of US$4,500/kg with fixed annual increases of 2.5%. Young Living is a multi-level-marketing scheme offering essential oils and facilitating blatant lies as evidenced by the FDA's scathing letter warning:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:29.687+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d94a89c6-4abb-4198-b3af-d57a42820049", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.45 }, "kind": "paragraph", "text": "TFS’s subsidiary Santalis Pharmaceuticals Inc. is reportedly in the process of obtaining FDA approval for pharmaceutical grade sandalwood oil. We cannot imagine the FDA being content with TFS’s involvement with Young Living, a company tarnishing the reputation of legitimate pharmaceutical companies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:29.687+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9a70d61-96cc-4028-93bd-2ee05612f35b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.15, "y": 0.17 }, "kind": "quote", "text": "Your consultants promote many of your Young Living Essential Oil Products for conditions such as, but not limited to, viral infections (including Ebola), Parkinson's disease, autism, diabetes, hypertension, cancer, insomnia, heart disease, post-traumatic stress disorder (PTSD), dementia, and multiple sclerosis, that are not amenable to self-diagnosis and treatment by individuals who are not medical practitioners.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:29.687+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78632e40-4bae-45fc-9938-503494a084cb", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Your consultants promote many of your Young Living Essential Oil Products for conditions such as, but not limited to, viral infections (including Ebola), Parkinson's disease, autism, diabetes, hypertension, cancer, insomnia, heart disease, post-traumatic stress disorder (PTSD), dementia, and multiple sclerosis, that are not amenable to self-diagnosis and treatment by individuals who are not medical practitioners.\" — FDA", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bee8-a5655baa6a85", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.76, "x": 0.12, "y": 0.85 }, "kind": "source-note", "text": "39 http://www.tflstd.com.au/files/5014/7277/8698/Supply Agreement With Worlds Leading Essential Oil Company.pdf\n40 http://youngliving.cdn.cymbeo.com/f/69rwmp3g/126c69rvgm8k/Compensation-Plan-Highlights_1.pdf\n41 http://www.fda.gov/ICECI/EnforcementActions/WarningLetters/2014/ucm416023.htm\n42 http://www.ncbi.nlm.nih.gov/pmc/articles/PMC3546250/", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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How can TFS continue to revise its biological assets upwards given recent harvests? Are shareholders aware of TFS' loss hiding accounting practices?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:27.692+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b50f8114-4589-41e2-801b-ee7ca2747633", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe the 2013 write off acted as an “earnings bath” which allowed TFS to continue booking biological asset gains in FY 2014, FY 2015, and FY 2016.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bee8-84c00d0e142f", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Gain per tree: $62.34", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bee8-8b381bb0fca5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.12, "y": 0.21 }, "kind": "paragraph", "text": "We believe the 2013 write off acted as an \"earnings bath\" which allowed TFS to continue booking biological asset gains in FY 2014, FY 2015, and FY 2016. For example:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:27.692+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37978418-cd38-470e-b026-58275dd50c2f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.09 }, "kind": "paragraph", "text": "TFS's FY 2013 accounts show a net upwards revaluation of $12.5m to TFS owned plantations, which is plausible as TFS' company owned plantations are more heavily weighted towards beyond-2007, which, as per the table in Figure 5 (above), continued booking biological gains.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:27.692+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ade0ddc-b964-42c9-b5cd-dad3a725541d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.15 }, "kind": "paragraph", "text": "Considering how spectacularly off-mark TFS were to preliminary prospectus assumptions, and their continued inability to empirically evidence current biological assumptions, we speculate that more recent harvest (2008-onwards) will be subject to similar write offs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:27.692+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc5a359e-300e-49d4-8f21-4983833c1315", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.12, "y": 0.36 }, "kind": "paragraph", "text": "Which leads to the question: who comes up with these assumptions?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:27.692+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fbfd8056-ecbb-4fed-af92-13252ca3425f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.58, "x": 0.12, "y": 0.89 }, "kind": "source-note", "text": "49 TFC Financial Reports, FY 2014, 2015 & 2016 or visit http://www.tfsltd.com.au/investors/shareholders/annual-reports/", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Part 7.1 of the Corporations Act which prohibits market misconduct relating to financial products and services, and ASIC regulatory guide 232 which suggests a benchmark to be imposed on MIS responsible entities, including:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:24.236+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c912bf7-e0ef-4ebd-b3b8-94f59ee7cf4a", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.76, "x": 0.12, "y": 0.77 }, "kind": "paragraph", "text": "We make note that Incipient Capital Group acted as lead manager for several large institutional MIS investments. We question whether Incipient Capital Group presented the PDS and Sandalwood industry research to institutional investors as a broker, and whether the relationship between TFS and Incipient was properly disclosed.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:24.236+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f7b135a8-d811-4ccd-83ed-c4aab7de8173", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Benchmark 4 – Experts Description: Where the responsible entity engages an expert to provide a professional or expert opinion on the agribusiness scheme, and the expert opinion is disclosed to retail investors in a way that may lead them to place reliance on the expert's expertise, the responsible entity only engages an expert that is independent. — ASIC Regulatory Guide 232", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bee8-d6df4147714b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.12, "y": 0.89 }, "kind": "source-note", "text": "61 http://asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-232-agribusiness-managed-investment-schemes-improving-disclosure-for-retail-investors/", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Section 1041F of the Corporations Act : Inducing persons to deal in financial products\n2. Section 1041G of the Corporations Act: Dishonest Conduct\n3. 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In fact, McKinsey was never cited by management as having prepared the report prior to the Glaucus response. Management continually referred to the writer as “leading management consulting firm”.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:24.246+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65be175e-f8ab-462b-8133-66cffb7be012", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.12, "y": 0.48 }, "kind": "paragraph", "text": "An investigation should also commence as to how widely this report may have been distributed to institutional shareholders, as it would likely also constitute insider trading. Users on HotCopper stock forum claim to have ‘read’ this report62:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:24.246+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dcd02d56-8b55-454c-b46f-d3356825a8d5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "I think that the response was as good as could be expected from QIN and investors/speculators must now weigh up the merits of each argument. For me, I view QIN as a genuine business vs. a ponzi scheme, but one that is operating in a completely new sector (Sandalwood plantations) and thus with an elevated amount of risk that a well establish business in a mature sector. 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a wholly owned subsidiary of TFS, funded by TFS.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:26.815+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a5256e3-15af-41cb-bc14-c9e5f52d6e99", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.1, "y": 0.13 }, "kind": "quote", "text": "It’s a proprietary strategy, I can’t go into it in great detail", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:26.815+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02b8a5c0-eeaf-43d1-bdfe-9e9bcc3ad485", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"It’s a proprietary strategy, I can’t go into it in great detail\" — Bernard Madoff", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bee8-f09ec7253fa6", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.1, "y": 0.92 }, "kind": "source-note", "text": "63 TFS Product Disclosure Statement 2016", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We believe that a consequence of the above is that Quintis is actually buying its own revenues!", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:23.911+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7565f796-6f76-485d-b52d-b4bf86783287", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.65 }, "kind": "paragraph", "text": "Uncommercial Related Party Transactions. 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Put options were only offered to MIS institutional investors at the time Mr Wilson chose to buy into the MIS post 2014.\n2. The plantations purchased by Mr Wilson in FY 2013 were bought back by TFS immediately upon the commencement of FY 2014 for a significant premium.\n3. 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These fighting funds", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:27.488+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51a743d5-d7e2-4a55-a617-68506d0ede99", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.12, "y": 0.62 }, "kind": "paragraph", "text": "The dream came to an abrupt end in 1999... At the time Frank Wilson and Steven Atkinson were both directors...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:27.488+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eadbc41a-ba36-4133-a62f-23630e7cd3b2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.12, "y": 0.12 }, "kind": "quote", "text": "Make sure you pay your taxes; otherwise you can get in a lot of trouble.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:27.488+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "584aa405-3249-4512-87bb-801a59376b4d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Make sure you pay your taxes; otherwise you can get in a lot of trouble.\" — Richard M. Nixon", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bee9-dc656b6e1eb3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.12, "y": 0.79 }, "kind": "title", "text": "The Fighting Funds", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:27.488+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b1d4eec-0553-4886-9002-80e1b0c1d276", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.23, "y": 0.09 }, "kind": "title", "text": "12. 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What makes TFC different to EKS is that the loans offered to investors of the scheme must be enforced in the event that the company collapses, and not simply payable contingent on the outcome of an investment.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:24.986+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc9beabc-bd96-4324-b23b-ab29d525f284", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.12, "y": 0.09 }, "kind": "paragraph", "text": "were used to pay legal firms' solicitor fees (including Wilson & Atkinson) for them to represent investors in cases against the ATO in court.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:24.986+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7ccebb2-f8ef-437d-bdcf-29a34599b4cd", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.76, "x": 0.12, "y": 0.13 }, "kind": "paragraph", "text": "Six test cases were taken on by the ATO to determine precedent. Wilson & Atkinson represented the investors in 3 plus an additional case by an investor in the EKS (East Kimberly Sandalwood). They lost all cases because the court found that the schemes were primarily entered into for the purposes of evading tax.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:24.986+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dbe3af23-3863-4728-b5bb-c034bd827cd5", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.68, "x": 0.16, "y": 0.36 }, "kind": "quote", "text": "CHAIR—I understand that. We heard evidence yesterday in Kalgoorlie about investment schemes that we know have failed, such as Servcom, Oracle and Satcom... Mr Atkinson—I think in fairness—and I think this is what Kevin was saying...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:24.986+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1332515-28fa-40ec-8c19-f9ea2d8b0517", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "CHAIR—I understand that. We heard evidence yesterday in Kalgoorlie about investment schemes that we know have failed, such as Servcom, Oracle and Satcom. Not only have the investors got into a situation where they are confronted with tax debt but they are also being issued notices from one particular company, Servcom, with regard to that company seeking repayment of the loans or other payments associated with the scheme. I think it is a very serious issue; it is one that people such as you ought to give a lot of thought to. Mr Atkinson—I think in fairness—and I think this is what Kevin was saying—at the same time you have to look at the successes in the managed investment industry. Timbercorp was one of the top three most successful listed companies, if not the most successful, on the Stock Exchange in the latter half of the nineties. You have to look at the wine industry in the south-west of Western Australia. 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There are projects that have failed but, equally, there are projects that have been very successful and there are projects whose commercial viability is imperilled by only one thing, and that is the tax office's treatment of investors in that project in the last two years. — Senate Hearing Transcript", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-beea-896a93b68ba5", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.55, "x": 0.12, "y": 0.89 }, "kind": "source-note", "text": "71 http://www.aph.gov.au/binaries/hansard/senate/commttee/s4655.pdf\n72 http://www.aph.gov.au/binaries/hansard/senate/commttee/s4655.pdf", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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