Market prompts Port Bouvard to end Oceanique syndication

Listed WA property group Port Bouvard Ltd has advised the market that it had decided not to proceed with the syndication of its Oceanique Luxury Apartment development.

The company said it was of the view that syndication of this asset is not in the best interests of shareholders in the current market and the project would remain on its balance sheet.

Below is the full release from Port Bouvard:

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.