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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Abraxus Inv. | LSE:AXU | London | Ordinary Share | GB0008463787 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3047Z Abraxus Investments PLC 06 March 2006 6 March 2006 Abraxus Investments PLC (the "Company") Trading update At a recent Board meeting, the Directors considered a report on the current financial position of the Company with regard to its subsidiary, First AB Kft and the Budapest hotel project. As a result of ongoing disputes between groups of shareholders, the Board has decided it is not practicable to progress the raising of equity share capital. In addition, the Austrian bank which had previously given an "in principle" commitment to provide loan finance for development of the Budapest hotel project has confirmed that the facility would not be made available until such shareholder disputes were settled. The Board is of the view that these disputes are not capable of being resolved in the short term. While the Company's funds are anticipated to be adequate to meet all expenses, including budgeted expenditure on the Budapest hotel project through to the end of June, the Board believes that, without the certainty of a loan facility being available, the Company is not in a position to enter into new commitments with regard to the Budapest hotel project. In view of the situation outlined above, the Board has resolved that it is in the interests of the shareholders that the Company should seek to dispose of its subsidiary, First AB Kft, including the Budapest hotel property, by way of public tender. The sale will be conducted by an independent firm of estate agents at a price which it is anticipated would return the Company's investment in full. The disposal will be subject to the approval of shareholders at an extraordinary general meeting. Following the completion of such sale, the Board will seek to canvass the views of major shareholders with regard to the Company's future strategy. Contact: Westport Communications Alan Frame Tel: 020 7405 7777 This information is provided by RNS The company news service from the London Stock Exchange END TSTSSEFWDSMSEFD
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