News blog
Eastbridge Investments
- BY: Andrew Hore |
- POSTED: 08/07/2015 |
Stuart Black is not standing for re-election as a director of property-focused cash shell Eastbridge Investments at its annual meeting on 29 July, having joined the board as an executive director during March.
Stuart Black also recently resigned from ISDX-quoted Etaireia Investments. Last week, Etaireia said that its Bridgend Mills site in Scotland does not have planning permission as was stated when it was acquired for £725,000 in May 2014. Claims that additional planning permission had subsequently been gained were also untrue. This means that the £1.3m valuation mentioned at that time has no basis.
The information relating to planning permission is said to have been provided by a former director.
A planning application is expected to be filed during September. Management believes that it should gain planning permission for at least 150 residential units, which is similar to the planning permission it previously claimed that it had.
Jersey-registered Eastbridge, formerly Qihang Equipment Company, has raised £100,000 at 0.87p a share. In May and June, the company raised a total of £220,000 at the same share price. At the beginning of the year, £225,000 was raised via the issue of shares and convertible loan notes.
There was £106,000 in the bank at the end of 2014.
The current share price is 0.85p.
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