News blog
AMZ Holdings
- BY: Andrew Hore |
- POSTED: 24/03/2010 |
A loan stock holder has instructed CB Richard Ellis to obtain bids for the land assets of AMZ Holdings.
AMZ could not renegotiate loan stock terms with Martin Currie Taiwan Opportunities Fund. This means it is in default on its 12.9% convertible secured loan stock 2011.
Last December, the trustee of the loan stock appointed Paul Shimmin of Shimmin Wilson & Co to “act as receiver with respect to the repayment of the loan stock”.
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 land 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.
Bids for the land are expected by 23 April.
AMZ 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 says that it is still looking for new finance.
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