The troubled builder’s second-largest shareholder, Newcastle-based NXT Building Group, has already said it won’t stump up more cash.
will go to shareholders seeking $25.5 million to boost its working capital and keep trading through difficult conditions that will not improve until 2024, the ASX-listed company said on Friday.
Prolonged wet weather and flooding, supply shortages, delays in delivery of materials, labour shortages, higher borrowing costs, delays in land registration and inflation meant little change for the better, it said. At $323,000, the company’s average site start value was 17 per cent higher in the three months to September from $276,000 a year earlier, reflecting pricing improvements, it said.
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