Veteran Gold Coast developer Jim Raptis confirms his Raptis group will resume trading on Australia Stock Exchange
VETERAN Gold Coast developer Jim Raptis’ Raptis Group is set for its third phoenix-like rise from the ashes of financial disaster.
Business
Don't miss out on the headlines from Business. Followed categories will be added to My News.
VETERAN Gold Coast developer Jim Raptis’ Raptis Group is set for its third phoenix-like rise from the ashes of financial disaster.
Mr Raptis this morning said the company intended to resume trading on the Australian Stock Exchange after an almost seven-year absence from the bourse.
The chairman of the twice-collapsed Raptis Group said it has successfully reduced an Australian Tax Office claim of $29.38 million to just $6.
He said the company’s administrators are ready to distribute 40 million Raptis Group shares they hold in trust.
Shareholders also have arranged to underwrite a rights issue to raise $1 million cash to provide the company with working capital.
Mr Raptis said an undisclosed development project is available to the company to recommence operations.
The Raptis Group last traded on September 12, 2008.
The company was delisted from the stock exchange owing creditors about $1 billion, the group’s second collapse in less than two decades.
‘Green shoots’: CBA shows we’ve finally hit a turning point
The banking giant is the closest thing Australia has to a real-time measure of the economy. And big investors are now betting on an important shift coming.
How Southport’s ‘grunge’ could attract tourists back to CBD
A leading urban planner has urged the Gold Coast City Council to dump the Chinatown name when it revamps Southport and lean into its ‘grunge’. ALL THE DETAILS