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  "notes": "The slide uses investigative journalism and parliamentary submissions to challenge management's credibility.",
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      "kind": "callout",
      "text": "Management of the resource is the key and should be privatised and the farmers/harvesters allowed to sell to whom they like and DEC becomes the auditor...",
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      "text": "Management noted on its market announcement post the AFR article that it was unaware that one if its major clients had cancelled their contract, as staff from their subsidiary did not alert the board!",
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      "text": "On 10 May 2017, The Australian Financial Review released an extraordinary piece of investigative journalism which highlighted that Quintis' Nestle contract had been cancelled.",
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      "text": "On top of Glaucus' research, we note that, per the company's website, the Chinese agency is the exclusive reseller of products in the Asia region.",
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      "text": "We believe the company has not made any sales to Galderma for over a year as the Benzac sandalwood product was discontinued upon Nestle's JV agreement with \"Proactiv\"; touted to be a better product. This happened in MARCH of 2016.",
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      "text": "There appears to be a lack of due diligence conducted by management, as this agreement would have eliminated TFS's own ability to sell to China. Why have they been in commercial discussions with other buyers since 2016? We believe this would have fallen within their continuous disclosure responsibilities.",
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      "text": "Management noted on its market announcement post the AFR article that it was unaware that one if its major clients had cancelled their contract, as staff from their subsidiary did not alert the board!",
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      "text": "It was later disclosed by TFS management that their largest customer had only purchased two shipments of sandalwood. Glaucus noted that upon calling the Richer Link office, they were informed that they no longer do business with TFS by a clerk.",
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      "text": "Quintis has not amended its profit guidance for 2016-17 because it had not factored any Galderma sales into its expectations... \"cash EBITDA\" will increase by at least 25 per cent on 2015-16, it has stated.",
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      "text": "\"Quintis has not amended its profit guidance for 2016-17 because it had not factored any Galderma sales into its expectations, and its contract with the Swiss group did not specify any fixed volume. The company is predicting 2016-17 sandalwood product sales in the range of $45 million to $55 million for the full financial year, up from $29.9 million, it said at its half-year results in February and reiterated in March. Also, \"cash EBITDA\" will increase by at least 25 per cent on 2015-16, it has stated.\" — The Australian Financial Review",
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      "text": "Figure 37 Western Australia Parliament Submission",
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      "text": "33 https://www.bloomberg.com/news/articles/2016-03-24/nestle-forms-acne-joint-venture-with-maker-of-proactiv-brand",
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      "text": "32 http://www.afr.com/business/agriculture/crops/quintis-board-says-it-was-unaware-of-galderma-exiting-supply-deal-20170509-gw15kk#ixzz4genOaW8E",
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