‘No risk’ to Raptis Group
RAPTIS Group has told its shareholders that two Raptis projects worth $47 million are nothing to do with them, as developer Jim Raptis fights to retain a Queensland builder licence.
As revealed by the Gold Coast Bulletin yesterday, the Queensland Building and Construction Commission is seeking to cancel the builder licence of Mr Raptis and two of his construction companies.
In a statement to the Australian Stock Exchange yesterday afternoon Raptis Group company secretary Malcolm Cory said the company wished to “correct the record” following the Bulletin’s article.
The statement did not specify any incorrect information in the story, but repeated details from it and added there was “no building risk to Raptis Group Limited”.
“The two major projects referred to have no relevance to Raptis Group Limited and will be completed in September 2018,” the statement said.
“The board has considered the advice received and is of the view that this matter will not have a material effect on the affairs of the Company.”
An ASX spokesman said the disclosure to shareholders was only made after the ASX contacted the company about the case, following inquiries from the Gold Coast Bulletin.
“Companies are obliged to keep the market informed of material developments,” he said.
The statement appears to contradict documents filed with the court by Mr Raptis and his legal team.
In his affidavit to the court, Mr Raptis said his group had 589 shareholders and that a loss of licence was “likely to have adverse consequences on the reputation of Raptis Group Ltd and in turn to its shareholders”.
It said Garnet Constructions, a company whose licence the QBCC is seeking to ban, was part of the listed group.
Documents lodged by the company with the ASX have never mentioned the Waterpoint Residences or Panorama Residence developments.
However, both projects feature the Raptis logo in their printed advertising and on their websites – which also link to the listed Raptis Group’s website.
The Bulletin has contacted Mr Cory for a response.
Shareholders in Raptis Group Ltd include the Australian Government which, along with other creditors, accepted shares as part of a deed of company arrangement following the group’s GFC meltdown.
Mr Raptis, who ASIC’s records say has also gone by the name Michael Neophytou, is the majority shareholder of Raptis Group through his company Hanslow Holdings.