Shares in Gold Coast property developer Raptis Group almost doubled to their highest level in more than seven years after founder and major shareholder James Raptis announced his resignation as a director of his eponymous company.
In response to an Australian Stock Exchange (ASX) query about an increase in the share price from 8.5 cents on 10 July to 24 cents today, the company disclosed that the 78-year-old Chair, CEO and Managing Director would leave the Board on 30 September.
At the time of writing the share price had surged 12 cents or 92.31% to 25 cents, capitalising it at A$87.67 million, after touching 26 cents, the highest level since June 2018.
Raptis said he and son Evan would focus their attention on continuing their residential developments on the Gold Coast in their private group, which has a five-year pipeline of projects.
He welcomed Russell Garnett on his appointment as CEO and Managing Director of the company, which was founded in 1983 and listed on the ASX in 1986 and in which Rapts has a 64% stake.
“There are negotiations in train with two potential directors to strengthen the Board and chart a new direction for Raptis Group Limited for the benefit of shareholders.” Raptis Group said in an ASX announcement.
In response to the ASX ‘speeding ticket’, the company said Raptis’ decision to leave the Board could explain the share price performance.
It also announced that its head office would move from Surfers Paradise to Sydney.
