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Savoy Group

Savoy chairman outlines company’s parlous state

Tuesday 2 March 2004 by Bob Dey

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 […]

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Filed Under: Savoy Group

Lu quarantines huge Britomart claim, pursues big overseas deals

Tuesday 2 March 2004 by Bob Dey

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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Filed Under: Savoy Group

Savoy Group

Tuesday 2 March 2004 by Bob Dey

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 […]

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Filed Under: Savoy Group

$100m breach claimed by Britomart’s would-be developer

Tuesday 2 March 2004 by Bob Dey

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, […]

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Filed Under: Savoy Group

Hyatt Residences launch

Tuesday 2 March 2004 by Bob Dey

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 […]

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Filed Under: Savoy Group

Savoy says it’s well, despite deficit

Tuesday 2 March 2004 by Bob Dey

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 […]

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Filed Under: Savoy Group

Savoy shareholders approve share issue

Tuesday 2 March 2004 by Bob Dey

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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Filed Under: Savoy Group

No listing for Savoy rights issue; Savoy working with litigation funders on Britomart claim

Tuesday 2 March 2004 by Bob Dey

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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Filed Under: Savoy Group

Savoy reports $77m loss

Tuesday 2 March 2004 by Bob Dey

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 […]

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Filed Under: Savoy Group

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About Bob Dey Property

The Bob Dey Property website is primarily about commercial & development property in Auckland, policies & strategies that impact on the sector, listed property securities and wider economic influences. It examines infrastructure, access & urban design issues, and presents ideas from around the world. The emphasis is on appropriate depth & context.

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