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 […]
Savoy Group
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 […]
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, […]
No listing for Savoy rights issue; Savoy working with litigation funders on Britomart claim
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 […]
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 […]
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 […]
