11/04/2008
Shares in underwater hotels venture Crescent Hydropolis Resorts have halved in a dispute over a £315,000 funding.
Bombed-out Crescent, whose AIM-quoted shares at 1.5p are more under water than its projects, announced the funding at a lowly 2.3p, through broker Nabarro Wells (now part of Ambrian Capital) late last month. Now, however, the Isle of Man-based company says there is a dispute over £156,000 of this, which was to have come from the Cosmos Properties group.
As a result, Crescent, which lost £1.2 million in the six months to last June, says it has not applied for 6.5 million of the 13.5 million shares it said it had placed to be admitted to AIM. The broker is not giving details of the issues in dispute.
Crescent came to AIM three years ago with a £2.7 million float at 40p, handled by Nabarro Wells. Then headed and controlled by architectural consultant and former German Aerospace Administration luminary Joachim Hauser, the company wanted to create its first luxury underwater hotel off the coast of Dubai.
Lately, all that changed. Crescent, which wants to change its name to Hydropolis, has switched focus to Qingdao City in China.
Hauser has retired and sold most of his 57.5 per cent stake to five investors. Executive deputy chairman Mansoor Ijaz has left ‘to pursue a bid for the United States Senate’ and Dubai-based tax consultant Uwe Hohmann has become chief executive, with German entrepreneur Wolfgang Artinger taking over the chair.
Crescent Hydropolis shares peaked at 62p in September 2005, but have performed disastrously ever since. This morning’s halving in price leaves the company valued at a mere £1.62 million.
Their prospects depend on clarification of the issues at stake.
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