Port Bouvard in halt ahead of deadline

Perth real estate developer Port Bouvard has called for the trading of its shares to be halted ahead of a critical refinancing deadline on Sunday night.


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Port Bouvard have more writedowns to come in the near future, as they pay off their $90 million land deals in Gidgegannup. They have so far paid $36 million, and have the deeds to land which is a development white elephant.

Ed, I know it's your website but let me have the last say! You seem to have drawn conclusions that I am a sympathyser for Mr Jackson of Gidgegannup and that Mr Bak is more financially knowledgeable than he. Reading Mr Bak's comments it seems he has merely read the PB report, doesn't know the price of land at Gidgegannup and seems unaware that PB has $2.6 million in the bank; owes St George $50 million; and has call options for $30 million in 2010 and $15-24 million in 2011. It's a shame you saw fit to edit one of your correspondents while deciding another is more financially savvy - someone who lives in another State.

I have heard that you received a more expanded comment from Chris Jackson. Has it been cut since October 28? If so, why?

PBD has paid some $36m for the land at Gidgegannup. As per note 26 (Contingent Liabilities) in their annual report they have put and call options for $30m in July 2010 and another put and call option for $15-$24m in July 2011. This is where people are getting the $90m from. Therefore, PBD have only paid $36m for the land and have options to complete the purchase and pay the remaining amount subject to planning approval being received. They are not obliged to pay the rest if the approval is not forthcoming, they only forfeit (some or all of) the $30m invested. If approval is granted then they can take up the call option but the debt will be more than offset but a corresponding increase in the value of the land and hence will not be ‘paying too much’. There have been a lot of locals who say PBD has paid to much for the land but dont understand the accounting and are resentful of change in their community. I believe the WA State Government is firmly behind this development.

To Mr. Bak of Adelaide, If you believe that the State Government is firmly behind this development then you know more that the Gidgegannup Community. We have seen no correspondence to support this. If you believe the Community resent developlment I ask you on what grounds you state this comment? I wonder if you know all the facts? Vicki Hamersley. Resident of Gidgegannup. Oct. 29.2009.

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