Port Bouvard delays new strategy release

Property developer Port Bouvard has again pushed back the release of its capital management strategy as the suspension on the trading of its shares enters its sixth month.

In an update to shareholders, Port Bouvard said its primary focus is to finalise the strategy as soon as possible, adding that it will make a further announcement regarding the matter within five weeks.

The company said the voluntary suspension of shares will remain in order to prevent trading of its shares in an uninformed market.

Port Bouvard continued to progress its projects - namely Point Grey, Oceanique luxury apartments, the development at Gidgegannup and Eastport - funded by St George Bank which extended its $167.6 million facilities to the property developer late last year.

The developer had earlier this year appointed Euroz and Macquarie Bank to assist with capital management strategies while it talked to potential cornerstone investors.

It had aimed to recommence trading on the Australian Securities Exchange in February.