Publicly-listed agribusiness operator, Quintis has confirmed the resignation of its managing director, Frank Wilson.
Wilson, who owns around 13 per cent of the company, informed the company of his resignation on Monday evening at the same time as indicating he received an offer to potentially partner with an unnamed international corporation to present a proposed change of control transaction to the company board.
The company told the Australian Securities Exchange (ASX) on Tuesday that Wilson had informed the board that he intended exploring this opportunity (both with the unnamed corporation and, potentially, other third parties) further and had resigned as a director with immediate effect.
The company’s ASX announcement said it had not received any formal or informal proposal from either Wilson or the potential party/ties he intended on engaging with, nor had it received any specific information in relation to what the potential terms and conditions may be if an acquisition proposal was submitted, stating, “nor is it guaranteed that an offer will ultimately be submitted”.
The announcement said Quintis had retained legal and financial advisers to assess any proposal lodged by Wilson and/or other related or unrelated parties in the future.
Commenting on the moves, Quintis chairman, Dalton Gooding said if entities associated with Wilson were to make a proposal for the shares in Quintis, it would be independently assessed on whether it was in the best interests of all shareholders against the status quo or any other proposals that might be submitted to the board.
