There is some news....the Breakwater sale has settled, which means there should be enough cash for the next dividend instalment. September will be interesting, will the $200mil due back in the FMF actually arrive on time...or will there be further delays?
As for issuing shares to FMF holders, CIY should ditch that proposal as it serves no one's interests imho.
14 July 2008 The Manager Company Announcements ASX Company Announcements Office Sydney NSW 2000 City Pacific Limited (ASX: CIY) Settlement of Breakwater Pacific
City Pacific confirms that the settlement of the $18 million sale of Breakwater Pacific Pty Ltd to an interest associated with UK financier Lord Michael Ashcroft KCMG (“Purchaser”) completed on Friday 11 July 2008. Breakwater Pacific is the registered owner of Townsville’s Breakwater Marina. As previously announced City Pacific has also entered into an agreement to sell the right to develop the Townsville Future Development Area with the Purchaser for a sum of $20.3 million plus the company confirms it has received the release of bank guarantees of $9.2 million. City Pacific is cooperating with and assisting the Purchaser, to progress this transaction to settlement. City Pacific Limited James Finucan Company Secretary
CIY Price at posting:
0.0¢ Sentiment: Hold Disclosure: Not Held
