Boundary Capital plans to cancel its listing on exchanges in London and Dublin because it cannot meet the associated costs.
The Dublin-based firm is also seeking shareholder approval to change its name to Fleming Capital, and said it still has not agreed an extension of its debt facility with Anglo Irish Bank.
"After careful consideration, the board believes that it would be appropriate at this juncture to cancel the trading of the ordinary shares on AIM and ESM as the costs of maintaining a listing are not justified due to the difficult financial position the company is in and particularly given the company's reliance on its bank, Anglo Irish Bank, as outlined in the annual report sent to shareholders," it said in a statement.
Boundary Capital recorded a loss after tax in 2008 of 54.4 million arising from the revaluation of its portfolio to 29.2 million from 80.4 million. This was further decreased in 2009 to 11.2 million.
Its net asset deficit widened to 29 million at the end of last year, with 39.2 million owed to Anglo Irish Bank|
STATE-owned Anglo Irish Bank is to take control of Arnotts, the historic Dublin department store struggling to pay huge debts of 260m.
In a surprising twist to the banking saga, Anglo, which was bailed out by taxpayers, is now set to control the iconic department store, which opened in 1843.|
NATIONAL Irish Bank (NIB) is entitled to judgment for 8.87m against financier Niall McFadden over personal guarantees he gave on an overdraft facility for a company of developer Paddy Kelly's, a judge has ruled.
NIB had last August secured summary judgment orders for 8.5m against Mr Kelly and businessman Paul Pardy over their guarantees for the same overdraft facility for RQB Ltd (formerly known as Redquartz Boundary Ltd).|
|some of us dont have the private board some one start an open one on Boundary capital plc Thanks|
|Boundary may not see return on Arnotts
Dublin-listed investment company, Boundary Capital, today said that it is unlikely to see a return on its 28pc holding in Arnotts because of the high level of debt held by the department store.
Boundary said Art Holdings, the company that owns Arnotts, was in talks with its bankers about a restructuring of its debt.
"The level of debt owed by Arnotts means that there is unlikely to be any material value for Boundary Capital's investment in Arnotts," it said in a filing to the Irish Stock Exchange.
"The outcome of such negotiations is uncertain at the present time but is likely to result in restructured facilities, however the level of debt owed by Arnotts means that there is unlikely to be any material value for Boundary Capital's investment in Arnotts," it said.|
THE PLANNED 750m redevelopment of Arnotts has been delayed again -- after yet another appeal to An Bord Pleanala|
Financier Niall McFadden is opposing a court application by National Irish Bank for 6.3 million summary judgment orders against him arising from his personal guarantee over loans to acquire the Buy & Sell classified ads business.|
|Debtors flee Irish bankruptcy laws
|Founder McFadden quits his struggling Boundary
'Risk and uncertainty' as company battles to repay loans
|Shareholders hope that Boundary's prayers for debt extension bear fruit
NATIONAL IRISH Bank was granted judgment in the High Court yesterday for 8.615 million against RQB Limited, formerly known as Redquartz Boundary, the property investment firm backed by financier Niall McFadden and builder Paddy Kelly|
|Property highflyer feels squeeze
JUST TWO years ago, Niall McFadden's Boundary Capital took a 28 per cent stake in department store Arnotts for 40 million, cementing his role as a central figure behind one of the city's biggest property developments|
NATIONAL IRISH Bank is seeking summary judgment orders for 8.5 million against beleaguered property developer Paddy Kelly and two businessmen Niall McFadden and Paul Pardy over personal guarantees given for an overdraft facility for Mr Kelly's company, RQB Ltd.|
|You should steer clear of SiteServ
|Boundary left with few options
Too much debt, not enough cashflow.|
|Boundary writes down value of Arnotts stake
|Boundary slumps as doubt hangs over Anglo debt talks
|Boundary Capital in Anglo debt talks
Dublin-listed investment company Boundary Capital has reported a pre-tax loss of 54.7m for last year, compared with a loss of 2.7m a year earlier, due to a fall in the value of its investments.
|Buy and Sell enters examinership
|Wealthy investors facing losses on land deals
High-net-worth individuals are sitting on significant losses on investments in land. The troubles for private equity group RQB, founded by Niall McFadden, are symptomatic of a wider malaise
|Odd mix looks set to end up in Nama pot
Apart from loans over acres of development land, Nama could end up with lots of other unexpected assets as security, says Louise McBride
As Arnotts' upcoming flagship store on Henry Street is still being developed, any multi-million loans taken out from Irish banks to finance the project could easily make their way to Nama. The bill for the new development -- known as the Northern Quarter -- could hit 1bn. Brunner Limited, an investment vehicle largely owned by the Irish investment firm Boundary Capital, bought 45 per cent of Art Holdings, the new holding company for Arnotts, for 65m in September 2007.
Boundary, which is led by the financier Niall McFadden, invested 40m for an indirect 28 per cent stake in Arnotts. Boundary also teamed up with Anglo to invest 25m for a 17 per cent stake. Boundary used 11m of its own resources, as well as a 29m loan, to fund its part of the deal. The development, which is expected to be finished by 2011 and open for trade in 2012, will include 47 new shops, 17 cafes, restaurant and bars, 189 apartments and a 152-bed four-star hotel.|