Trading in Augusta Capital Ltd securities was halted this morning pending the release of an announcement by the company.
The halt will remain in place until the earlier of an announcement by Augusta or market open on Thursday.
In the last week, Augusta’s share price dropped 9c, from 89c on Friday 24 April to 80c on Friday 1 May.
The shares plunged from a peak of $2.175 on 20 February.
Augusta Capital Ltd said last week it had forfeited the $4.525 million deposit on its failed purchase of the Albany Lifestyle Centre but had won an extension of settlement on a second property intended for the new Augusta Property Fund.
However, if Augusta doesn’t settle that second purchase, it stands to lose another $4.49 million, which would take losses on the unopened fund to $8.715 million.
The debts stopped with NZX-listed Augusta instead of being passed through to the property fund after the company pulled the fund’s initial public offering on 27 March.
1 May 2020: Augusta forfeits one deposit, second one for property fund still at risk
28 March 2020: Augusta pulls Albany purchase, but property fund may be revived
27 March 2020: Augusta pulls property fund IPO
27 March 2020: Centuria ends Augusta bid
18 March 2020: Asset Plus pulls rights issue
11 March 2020: Asset Plus announces rights offer, Augusta to cut its stake
17 February 2020: Augusta defers tourism fund, expects earnings cut
7 February 2020: Augusta launches new fund next week
24 May 2019: Augusta buys Albany Lifestyle Centre from Argosy for new fund