Update, 8 September 2002: Savoy Equities Ltd has decided not to seek listing for its rights issue. Allotment has been set back a week to 23 October. Savoy working with litigation funders on Britomart claim Rights issue announced after small profit Listed penny dreadful Savoy Equities Ltd’s former subsidiary, Savoy Properties Ltd, has commissioned independent […]
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Savoy reports $77m loss
Britomart contingency finally excised Savoy Equities Ltd finally knocked out the $70.8 million contingent earnings from Britomart in its result for the year to December, which must now be recouped from an unlikely litigation success against Auckland City Council for cancelling the development agreement with the Savoy group. The result was delivered to the stock […]
Read more →Savoy chairman outlines company’s parlous state
Pursuing Britomart claim depends on finding litigation funds Savoy Equities Ltd chairman Garry Wells opened the company’s annual meeting on Friday by dryly reporting a proxy statement. Shares: “834 too many.” Proxy: “What have you clowns been up to?” Mr Wells declared the shareholder’s proxy invalid. From the podium in a room with one of […]
Read more →Lu quarantines huge Britomart claim, pursues big overseas deals
Britomart claim to reach court about Easter Savoy Group’s claim against Auckland City Council over the Britomart project failure will be for more than $100 million and should be lodged in the High Court in about six weeks. At the same time as councillors have been working towards a lesser, but potentially as expensive, transport […]
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Savoy enters fresh ventures Savoy Equities, still weighed down by unresolved Britomart issues, is working hard at being a bouncy, lively investment company. Its share price remains in penny dreadful territory at 7c, but since the Auckland City Council put an end last year to the major Britomart bus terminal redevelopment in which Savoy was […]
Read more →$100m breach claimed by Britomart’s would-be developer
Savoy close to filing case against council Savoy Group has not dropped its $100 million-plus court case against the Auckland City Council over failure of the Britomart redevelopment project, although it is behind schedule in filing its claim with the High Court. Kerry Haycock, managing director of the group’s New Zealand listed company, Savoy Equities, […]
Read more →Hyatt Residences launch
111 upmarket units with 8.5% return guarantee Bayleys launches the Hyatt Residences apartment project in Singapore on Friday ahead of the project’s weekend launch in Auckland. At a time when the serviced apartment market is under pressure, and managers of at least five buildings in New Zealand and Queensland have been unable to maintain rental […]
Read more →Savoy says it’s well, despite deficit
Share consolidation pending, full-year profit forecast Savoy Equities doubled revenue, halved its half-year deficit to $2.6 million and said it was still on track for a $5 million profit for the whole year, helped by its increased focus on the technology sector. The bottom line improved from a $5 million deficit in 1999 to a […]
Read more →Savoy shareholders approve share issue
Net assets $250,000 after complicated series of transactions Savoy Equities Ltd’s shareholders approved a resolution at the annual meeting on Friday to issue up to 25 million redeemable preference shares, as part of agreements with various shareholders to restructure the company’s remaining debt. To preserve existing shareholders’ positions and simplify future transactions for Savoy Equities, […]
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