Augusta Capital Ltd has deferred launching its Augusta Tourism Fund until the new financial year starting in April. It had expected to launch the fund in the first quarter of 2020.
Chair Paul Duffy & managing director Mark Francis said today Augusta expected adjusted funds from operations for the year to March to be between $4.2-4.5 million.
That’s well below the performance in the last 2 years. In 2018, adjusted funds from operations totalled $5.79 million, and in 2019 the company increased that by 34% to $7.74 million.
Mr Duffy & Mr Francis said Australian investment company Centuria Capital Group, which launched a takeover bid for Augusta at the end of January, had confirmed that the fund deferral wouldn’t affect its takeover proposal.
“Centuria continues to work towards the timetable set out in the bid implementation agreement released on 29 January. The various regulatory approvals or exemption applications to the Financial Markets Authority, Takeovers Panel & Overseas Investment Office have been advanced in accordance with the bid implementation agreement timetable,” they said.
7 February 2020: Augusta launches new fund next week
3 February 2020: Strong NZ connections already for Augusta bidder Centuria
27 November 2019: Augusta profit slashed
27 September 2019: Augusta signs Queenstown hotel manager, sets Tourism & new diversified fund targets
24 May 2019: Augusta doubles profit as it continues preparing new funds
Attribution: Company release.