St Laurence subsidiary property company Irongate has seen its share price on the Unlisted trading market slashed in half today.Perpetual Trust put St Laurence Limited and some of its subsidiaries in to receivership in late April.Today St Laurence issued a
St Laurence subsidiary property company Irongate has seen its share price on the Unlisted trading market slashed in half today.
Perpetual Trust put St Laurence Limited and some of its subsidiaries in to receivership in late April.
Today St Laurence issued a release clarifying that the collapse had no impact on Irongate, its management or any subsidiary companies.
However, Irongate’s share price on the Unlisted market plummeted by half, dropping from 8.5c at the start of today to just 4.4c at press time.
In December, Irongate changed its name from St Laurence Property & Finance to avoid negative associations.
Yesterday NBR 24/7 reported that investors in Irongate’s sister company National Property Trust were attempting to have its manager, a wholly owned St Laurence subsidiary, removed.
Irongate’s assets include 139 Quay St in Auckland which it is redeveloping, office building 450 Queen St, several industrial and retail buildings and an office tower at 55 Molesworth St in Thorndon.
