- Ultima United (UUL) has stated that by the end of the month, it hopes to have settled three plots of land for its Hokkaido Development in Japan
- Ultima plans to purchase and develop three plots of property at TELLUS Villas (TVP), a 17-lot land tract of more than 34,000sqm in Hokkaido
- The company has set aside a sum of $6,354,730 from an equity raise for the acquisition of plots 8, 9 and 10 of the Hokkaido Development
- Ultima says the acquisition process is “tracking well with necessary documents and processes currently underway”
- Ultima is now out of a trading halt, rising 16.1 per cent on the market to 72 cents at 11:40 am AEST
Ultima United (UUL) has announced that it expects to settle three plots of land for its Hokkaido Development in Japan by the end of the month.
Ultima stated in December that it would purchase and develop three plots of property at TELLUS Villas (TVP), a 17-lot land tract of more than 34,000sqm in Niseko in the Hokkaido prefecture of Japan.
Infinity Capital Group Australia, a significant stakeholder in the company, owns TVP.
The firm received shareholder approval on May 14, 2021, to fund up to $20,190,203 by issuing up to 33,650,338 fully paid ordinary shares in Ultima for the development and the money was successfully raised a month later.
The company has set aside a sum of $6,354,730 from the funds obtained in the placement for the acquisition of plots 8, 9 and 10 of the Hokkaido Development.
Ultima said the acquisition process was “tracking well with necessary documents and processes currently underway”.
The COVID-19 pandemic had caused logistical and administrative challenges, which have resulted in delays, the company said.
On the market yesterday, shares in Ultima United (UUL) rocketed up 47.6 per cent, with the company going voluntarily into a trading halt.
In an ASX price query, the company said it was not aware of any information had announced to the market that resulted in the share price rising from 38 cents to 63 cents.
UUL said, however, that its preliminary report could be the reason for the uptick.
Despite recording a loss, the company said its “marked improvement in the assets and activities of the company as compared to previous years” could be behind the surge.
“The board continues to remain committed in growing the company and shall continue to strive towards advancing the development and thereby the interests of the company and its shareholders,” the company said in an announcement.
Ultima is now out of a trading halt, rising 16.1 per cent on the market to 72 cents as of 11:10 am AEST.