White Star Property Holdings has rescinded a property purchase agreement with one of its shareholders.
White Star was going to acquire properties from Paul Castle or his related business interests. This won’t now happen.
Castle owes £465,000 to White Star because it lent him money and paid him a consultancy fee. He has paid back £126,000 and the rest will be paid in monthly instalments. The final payment will be on 28 February 2009. Castle is also paying £400,000 to the company as settlement for his obligation to White Star relating to the Burnham property. He will pay this out of the sale proceeds or by March 2010 at the latest.
White Star shares were suspended on 31 March because it hadn’t published its accounts for the year to September 2007. The suspension price was 0.225p – the bid/offer spread was 0.15p-0.3p.
Management blamed the failure to produce the accounts on this contract dispute. It initially said that the accounts would be finalised in mid-April but they still haven’t been published.
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