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

SIRTEX CEO DISMISSED FOLLOWING SHARE TRADING PROBE

SIRTEX Medical Ltd (ASX: SRX) has sacked its chief executive officer, Gilman Wong (pictured), following an investigat...

SANTA DELIVERS KOGAN A GIFT

KOGAN.COM (ASX: KGN) has exceeded its expectations and reported another strong quarter of trade.

The online retail...

FOUR WAYS YOU SHOULD PROTECT YOUR IT SYSTEMS FROM EXTREME WEATHER

SHANNON Overs, co-founder of onPlatinum ICT, sees it too often, perhaps half a dozen times per year businesses tha...

IOT GROUP ORDERS FIRST PRODUCTION OF ROVA DRONE

IOT Group (ASX:IOT) has ordered production of 40,000 units of the ROVA flying selfie drone from Chinese technologies ...

Related News

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

SMES TAKE RETAIL MARKET SHARE AS CONSUMERS CHOOSE PERSONALISATION

IN a battle for the hearts and wallets of Australian consumers, it appears that small and medium retail businesses...

KNOWLEDGE WORKERS AMONG MOST SOUGHT AFTER IN 2017

BUSINESSES searching for efficiencies and improved systems are in search of knowledge workers early this year, say...

FEMALE ENTREPRENEURS GET SPRINGBOARD TO GROWTH

DESPITE the fast-growing number of women studying STEM subjects at school and university, women continue to be und...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter