Former high flying developer Jim Raptis facing shareholders for first time in six years

VETERAN developer Jim Raptis says he has been overwhelmed with messages of support as the Raptis Group prepares to resume trading on the stock exchange.

Creditor meeting Rapcivic Contractors Pty Ltd at Gold Coast International Hotel , Jim Raptis

VETERAN developer Jim Raptis says he has been overwhelmed with messages of support as the Raptis Group prepares to resume trading on the stock exchange.

“I’ve had contractors ringing me saying “congratulations it’s been too long”,” Mr Raptis told the Gold Coast Bulletin yesterday.

“People are consistently ringing me saying “it’s good to see you back” and “you’re tenacious”.

This is despite the pain dealt to a long line of subcontractors, many who lost millions and were sent to the wall when the Raptis Group collapsed twice in two decades.

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Jim Raptis.

Shares in the company last traded on September 12, 2008 when the group was delisted after collapsing for the second time, owing creditors almost $1 billion.

As the Raptis Group prepares to hold its first annual general meeting in six years in Sydney today, Mr Raptis said this time he will do things differently.

“I will be telling shareholders that we have been working towards this point (relisting) for the last few years so I can fulfil my obligations to shareholders and creditors,” he said.

“I will say we have tried hard to deliver what we said we would and we are almost there.”

Subject to the approval of shareholders, he hopes the group will resume trading on the ASX within a fortnight.

Mr Raptis said he is holding the company’s first annual meeting in Sydney rather than the Gold Coast “to be closer to our financial advisers”, not because he fears a backlash from angry creditors.

Jim Raptis at the Launch of the second Hilton Tower.

“I have no fear of that, no,” said Mr Raptis, who previously told the Bulletin his “greatest regret” was not paying subcontractors.

The first Raptis Group project to relaunch the listed company will be a 60-townhouse project on a 12,000sq m site in Springwood.

Subject to council approval, Mr Raptis said the project would begin construction in early 2016 and have an end value of $25 million.

Meeting of Raptis Group creditors at The Gold Coast International in 2009: Jim Raptis arrives at the meeting.

“It is a site we have been negotiating to purchase for some time,” he said.

“I have opted for a townhouse project over apartments because I believe that market is under supplied.

“It will be completed within 12 months and during that time we will be looking for other development opportunities.”

The Raptis Group is known for landmark Glitter Strip high-rises including the Chevron Renaissance, Southport Central and Hilton Hotel.

But this time the focus will be far smaller.

Meeting of Raptis Group creditors at The Gold Coast International in 2009: Jim Raptis talks to the media.

The group’s latest incarnation was stalled while the Raptis Group managed to whittle down a $30 million Australian Taxation Office bill to just $6.

Mr Raptis blamed his last collapse on carrying too much debt during the GFC.

“I will be focusing on low rise and medium rise projects, not super skyscrapers,” he said.

“The new model is to start and finish a project within 12 months and not carry too much debt; the aim is slow, steady growth.”

Helen and Jim Raptis.

The group will concentrate on projects on the Gold Coast and Brisbane growth corridors.

The board will be restructured with a new chief executive, two new directors and Mr Raptis will step aside as CEO and become chairman.