Former high-flying Gold Coast tycoon Jim Raptis says he is relisting his company out of an obligation to former shareholders and creditors, five years after it collapsed owing nearly $1 billion.
Mr Raptis told The Australian the company — Raptis Group — would restructure its board and management within its first year as a listed entity before embarking on a capital raising.
Raptis Group was previously one of the largest property developers on the Gold Coast, collapsing first in 1993 and again in 2009, leaving thousands of investors and creditors in the lurch.
Mr Raptis said relisting the firm, with an annual general meeting tomorrow expected to rubberstamp the move, was a way of concluding what he had promised five years ago.
“Nothing is outstanding as far as the group is concerned, everything is resolved, and we are now moving forward to begin trading,” he said. “We’re not out there rushing, we’ll build the confidence of the shareholders and take it a step at a time.”
Raptis Group was also pursued by multiple parties, including the frozen Equititrust mortgage fund, for being in breach of a loan agreement.
Another company run by Mr Raptis, construction firm Rapcivic Contractors, was also put into administration.
Raptis Group’s first project will be a development of 60 townhouses in Brisbane as the company searches for sites.
Mr Raptis has been behind a number of the Gold Coast’s most recognisable buildings including the Raptis Plaza shopping centre — since demolished and replaced by the 243m Soul apartment building.
Raptis Group was suspended from the Australian Securities Exchange in 2008, reporting $912.5 million in debt with equity of just $9.8m. Mr Raptis said he felt it was his responsibility to relist the company.
“Hopefully we can deliver value for the shareholders, and we’ve distributed the shares to creditors and I feel like I’m obligated to carry on and conclude what we said we would do and I believe we can bring a result that everyone will be happy about in the future,” he said.
This article was originally published on The Australian Business Review