Shareholders in listed property developer, Australian Property Holdings Group, will be paid out for their preference shares next month -- three months late.
The Australian property developer announced late on Friday the redemption of the convertible preference shares would take place on April 16 and cumulative interest would be paid upto that date.
The cost of redeeming the convertible preference shares from about 200 holders is more than $350,000.
They were supposed to have been redeemed on December 31 with two years of cumulative interest paid out as well.
APH's chairman, Tracey Lake, said ordinary shares would also be allotted to shareholders who chose to convert their redeemable preference shares.
The payout confirmation comes with an announcement $2 million new equity had been brought into the company through forming a joint venture with Reed Building Group to complete the residential and the serviced hotel apartments of The Escarpments project at Katoomba in the Blue Mountains, west of Sydney.
The Escarpments is the main activity of APH.
The Reed Building Group would contribute A$2 million ($2.30 million) for their 50 per cent stake in the joint venture, Mr Lake said.
The Katoomba Gold Club, owned by Noroton Holdings Pty, a subsidiary of APH, and the 99-year head lease of the golf course also held by Noroton would remain 100 per cent owned by Noroton and not form part of the joint venture.
