Unsurprisingly, City Pacific have offically withdrawn their offer to purchase MFS’ financial services arm, in what has been a tumultuous few days for MFS. City Pacific have, however, requested to have first right of refusal for the financial services business.

The fallout from last week’s announcements and subsequent plunge in share price has also claimed the scalp of Chief Executive and co-founder Michael King. His post will be filled by his deputy, Craig White.

Trading in the company’s shares has been suspended since before the market opened yesterday morning with a company announcement expected tomorrow. This announcement is anticipated to include information related to, among other things, MFS’ Stella arm. At present, it is believe that there are two as-yet-undisclosed parties discussing taking a major stake in the resort, travel and leisure company. More news will be added as it comes to hand.

Tags: City Pacific Ltd, gold coast, Management Rights, MFS, news, property, real estate

This entry was posted on Tuesday, January 22nd, 2008 at 2:18 pm and is filed under City Pacific Ltd, Management Rights, MFS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.