Raptis Group wants to raise more than $1.7m to buy management rights of a Gold Coast tower

It’s been an eventful week for the ASX-listed Raptis Group, which was suspended from trading after revealing a “historical inadvertent breach” of four listing rules. It came as the group sought support for a $1.7m purchase.

The Raptis Group’s Pearl site at Main Beach Pde in Main Beach.

It’s been an eventful week for the ASX-listed Raptis Group, which was suspended from trading after revealing a “historical inadvertent breach” of four listing rules.

Raptis Group said it had found a 90 million-share “discrepancy” between the number of shares on its register, and what was reflected in ASX records.

The discrepancy was reconciled and the company’s suspension was lifted after it said it had appointed “new compliance advisers” to prevent a repeat.

Meanwhile, Raptis Group is seeking to raise more than $1.7m to buy the managements rights of a Gold Coast apartment tower which is being developed by a private company linked to its chairman, unstoppable developer Jim Raptis.

The company had its voluntary ASX suspension lifted and has revealed a new placement and pro-rata non-renounceable entitlement offer of 1c per new share.

Raptis Group’s shareholders include creditors who accepted shares in lieu of hundreds of millions of dollars when the company crashed into administration with up to $1bn in debts in 2008.

The offer has been fully underwritten by Gold Coast property players Stephen Anderson and Maree Gleeson, through their Hayman Developments, and Grant Sullivan’s Gas Asset Holdings, in a deal that gives both 6.55 per cent in voting rights in the Group.

Under the entitlement offer, eligible shareholders may subscribe for one ordinary new share in the company for every one existing ordinary share and Raptis Group is seeking to raise about $1,753,424. The offer opens on May 28.

The company told the ASX that the raising was to “explore the option” of using the proceeds to purchase the management rights business of the Sterling Broadbeach residential development in George Ave in Broadbeach, being developed by the Raptis Group.

It is anticipated that the purchase price will be between $1m to $2m and the building is due to be completed by May 2026.

Raptis Group’s James Raptis.

The listed Raptis Group has previously paid Mr Raptis’s companies more than $2.8m for management rights of other private Raptis developments.

The offer is just another twist in the fortunes of the company headed by the 78-year-old Mr Raptis who over his 40 plus year career has waded through a string of controversies and then had miraculous Lazarus-like rebirths.

The Group first listed on the ASX in 1986 but has twice been ­delisted – in 1991 owing ­investors $65m and most recently in 2008 owing ­creditors $1bn.

In October, 2021 the Federal Court froze assets linked to Raptis, his wife Helen and son Evan, including their $20m Paradise Waters mansion and a Lexus LS500 sedan.

The freeze came as the Australian Taxation Office slapped a $109.7m tax assessment on Raptis, members of his family and 11 companies it alleged were linked to him.

Court documents said ATO investigations had revealed apparent “tax avoidance arrangements” by the Group. The case was adjourned 26 times before being quietly dismissed late last year.

There will be plenty of people looking eagerly for the next chapter of the Raptis Group’s story.

Appointment

HopgoodGanim Lawyers has lured Matt Wichlinski to the practice making him a partner

in its Workplace and Employment team.

Wichlinski joins HopgoodGanim from dedicated workplace law firm Kingston Reid, bringing more than 12 years’ experience in the field.

Managing partner of HopgoodGanim, Luke Mountford, says his experience in employment law and practical approach make him a valuable asset to the team.

“Matt’s appointment reflects our continued investment in attracting top talent to meet the evolving needs of our clients,” he says.

The appointment of Wichlinski follows a string of growth initiatives for HopgoodGanim in 2025, including the arrival of two energy practitioners in May, two specialist technology and

procurement lawyers in March, and a leasing team of eight in February.

Matt Wichlinski has joined HopgoodGanim as a Partner in its Workplace and Employment practice,