News 2008
OCEANIQUE FUND WITHDRAWN
The Board of Port Bouvard Limited wishes to advise that it has decided not to proceed with the syndication of the Company's Oceanique Luxury Apartment development. The Board is of the view that syndication of this asset is not in the best interests of shareholders in the current market.
Port Bouvard Limited continues to develop Oceanique Luxury Apartments on balance sheet and is pleased with progress to date. The Company intends to continue to pursue its funds management initiative at a more appropriate time in the marketplace.
As a result, no special dividend will be paid as foreshadowed at the Annual General Meeting last November. The Board continues to try and maximise shareholder returns, subject to market conditions and financial considerations at the time.
The Company confirms progress is on track with the planning and approvals process on all of its new projects and is increasingly pleased with progress made to date. The Board believes the Company to be in a very stable financial position, with low debt levels as advised on 21st January 2008, as it moves forward through this rebuilding phase.
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