The senior management of Holmes Investment Properties Plc (HIP) completed a broker tour in Germany last week visiting the Berlin Stock Exchange and Market Maker Renell Wertpapierhandelsbank AG. The company has been concerned about the fall in its share price over the last 3 months and the purpose of the tour was to investigate and understand the reasons behind the low share price.
The Berlin Boerse has decided to temporarily suspend trading in the shares on suspicion of market manipulation. The suspension will last four more days and the company is investigating. The Directors welcome the temporary halt and will support any and all measures to ensure proper trading in the shares.
In the meantime, the company is pushing ahead with bringing its first adventure park to fruition and the operational plan is on target to allow the acquisition and construction of the first of twelve sites planned. The underlying fundamentals of the business are strong. The Directors will continue to build up partners, sites and funding whilst remaining focused on long term shareholder value.
The company has taken great strides in the last 6 months
- The company has four sites under negotiation, one with outline planning permission
- A further 30 sites are being evaluated
- The company has contracted four additional leisure operator partners
- Recruited a very experienced professional operational manager
- Obtained offers of Funding for Development and equity investment for each site
We will update shareholders on what to expect in the week ahead as the company continues to develop.