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AMZ Holdings
- BY: Andrew Hore |
- POSTED: 22/10/2009 |
- COMMENTS: Add yours
AMZ Holdings says that it does not have the cash to redeem £1.6m of convertible loan stock and has asked for its shares to be suspended.
AMZ was hit by the rejection in a referendum of a proposal to site a gaming resort on Penghu Island, Taiwan. This scuppered its plans for the land it had acquired.
The shares were suspended at 32.5p each pending clarification of the AMZ’s financial position, which values AMZ at £5.22m. Trading in the loan stock has been suspended on Plus-quoted. The £1.6m of convertible loan stock is redeemable on 24 October 2009.
AMZ’s main asset is land. The company is talking about a joint venture or sale of this land.
AMZ says that its property on Penghu Island, which has an international resort permit, has recently been valued at $46.2m but this is not a liquid asset. The balance sheet value was £6.45m at the end of November 2008.
There was cash of £2.51m at that time and the convertibles had a value of £4.77m. However, there will have been a cash outflow since then and, at the rate it was previously flowing out of the company, the cash pile could be more than halved by now.
Just how valuable the land will be when the buyers are aware that AMZ needs to sell is difficult to judge.
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