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AMZ Holdings
- BY: Andrew Hore |
- POSTED: 21/12/2009 |
AMZ Holdings says that the trustee of its loan stock has appointed Paul Shimmin of Shimmin Wilson & Co to “act as receiver with respect to the repayment of the loan stock”.
AMZ does not have the cash to redeem £1.6m of 12.9% convertible loan stock where the owners have already asked for repayment and that is why the shares were suspended. The failure to pay back the £1.6m meant that the company is in default under its loan stock trust agreement.
The shares were suspended on 22 October 2009 at 32.5p each pending clarification of the AMZ’s financial position, which valued AMZ at £5.22m.
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.
CB Richard Ellis has been appointed to advise on the alternatives for AMZ’s land in Taiwan. This could include joint ventures.
AMZ says that its property on Penghu Island, which has an international resort permit, has 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.
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