Savoy Equities posts much improved $615,000 F/Y loss

By NZPA

Tuesday 4th June 2002

Investment company Savoy Equities, which was suspended by the New Zealand Stock Exchange last month, has posted a full year net loss of $615,000.

The NZSE suspended Savoy because it did not release its report for the year ended December 31 on time.

The result was an improvement on the previous year's disastrous $79.03 million loss. Savoy directors said in a statement to the NZSE on Friday that 2001 had been a year in which they had fought to save the company from liquidation.

At balance date the company owed shareholders $96,198. No dividend was declared.

Despite the continued losses, and the lack of trading activities during the year, Savoy directors said the company still had some value.

Directors will issue 25 million redeemable preference shares at 2c a share to creditors, if it receives shareholder approval at the AGM on June 28.

Savoy asked the NZSE to continue suspending its shares, which last traded on May 8 at 3.3c, until the AGM.

Savoy's share price was devastated when the Auckland City Council decided in late 1999 against proceeding with the company's most high profile investment, the $1.5 billion Britomart transport project in central Auckland.

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