Augusta Capital Ltd managing director Mark Francis said yesterday the company was working towards relaunching the Augusta Property Fund in July, with the Anglesea Medical Centre in Hamilton as its sole asset.
Augusta had intended to launch the fund with at least 2 assets, the Hamilton property and the Albany Lifestyle Centre, but forfeited the $4.525 million deposit on its failed purchase of the Albany property at the end of April.
It can still lose $4.49 million if it fails to settle by the extended settlement date, 30 September. However, Augusta’s finances have improved markedly with 2 stages of its $45 million capital-raising completed and the $11 million retail component set to close next Tuesday, 19 May.
If it doesn’t settle the Hamilton purchase, Augusta will lose the $2.75 million deposit already paid plus $1.74 million for failure to settle.
Mr Francis said yesterday the shareholders of the vendor of Anglesea had approved the terms of the variation announced on 29 April, making that variation unconditional. The purchase price remains the same, and the deposit has been released to the vendor.
8 May 2020: Augusta completes second stage of capital-raise
5 May 2020: Augusta Capital completes first stage of $45 million capital-raising
1 May 2020: Augusta forfeits one deposit, second one for property fund still at risk
28 March 2020: Augusta pulls Albany purchase, but property fund may be revived
27 March 2020: Augusta pulls property fund IPO