RAPTIS BACK FROM SEVEN YEARS IN WILDERNESS

Written on the 22 October 2015 by Nick Nichols

RAPTIS BACK FROM SEVEN YEARS IN WILDERNESS

LONG-dormant Gold Coast developer Raptis Group (ASX:RPG) is back in business, but the days of creating multimillion-dollar skyscrapers on the tourism strip are well behind it.

Chairman Jim Raptis told a general meeting of shareholders today that Raptis Group will be seeking relisting on the Australian Securities Exchange as it fires up plans for its first project in seven years.

The company, which solely focused on the Gold Coast prior to its billion-dollar collapse in 2008, also plans to undertake developments in Brisbane under its current incarnation.

"The first project for the relaunch of the public company is a townhouse project in Springwood on the southside of Brisbane," says Raptis.

"Subject to council approval, it will comprise 60 townhouses and a sales value of $25 million."

Raptis says construction is expected to begin early next year.

"To keep stakeholders informed we will announce further details of the project and the relaunch of the company prior to the next meeting on November 12."

Raptis Group is holding its first AGM since 2007 in Sydney. The company is expected to apply for relisting once approval is granted at this meeting.

Raptis Group has been suspended from official ASX quotation since September 2008, when it first struck financial problems during early construction of the third tower at Southport Central.

The problems eventually spread across the group, including the Hilton Surfers Paradise development and a suite of prized property holdings, including the Sheraton Mirage.

However, Raptis Group has survived through a deed of company arrangement struck with creditors in 2009.

The process of resuming business activities has taken longer than many would have expected, largely due to a decade-long stoush with the Australian Taxation Office.

Raptis secured a court win on that score after whittling down the $29.3 million tax claim to just $6.

Today's meeting approved the re-election of Jim Raptis and Helen Raptis as directors of the company, as well as the transfer of 8.28 million Raptis Group shares and the issue of a further 40 million shares to Hanslow Holdings.

Hanslow is a company directed by Jim and Helen Raptis and which is providing $1.5 million in working capital to bring the company back to life. Following the share issue, Hanslow will control 63.8 per cent of Raptis Group.

Jim Raptis could not be contacted for further comment. He has previously told Business News Australia that debt management was vital for the resurrected company in the post-GFC era.

He also says high rises are not on the agenda for Raptis Group and that the company will take a conservative approach to all new projects


Author: Nick Nichols

Latest News

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

TREASURY WINES UNCORKS SWEET $269M PROFIT DESPITE INVENTORY WOES

REVEALING the fruits of its past year of labour, Treasury Wine Estates (ASX: TWE) has posted a 55 per cent increas...

TATTS GROUP POSTS PROFIT AND REVENUE DROP ON FEWER JACKPOTS AND BAD WEATHER FOR RACING

TATTS Group (ASX: TTS) has posted a full year net profit loss of 5.7 percent and a revenue decline of 8.4 per cent as...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter