Property loan stock company Fairvest Property Holdings would apply to the JSE Securities Exchange SA to lift the suspension on trading for the company's

, nonexecutive chairman Richard Wilkinson said at the weekend.

The sudden illness of the partner in charge of the audit prevented Fairvest from publishing its results for the year to September 2003 on time, and in February the JSE suspended the company's listing. The results were eventually released in April.

In releasing its full-year figures to September, the directors last week again cautioned investors it was their intention "to rationalise the group's operations in order to maximise shareholder value".

This was the same warning that was sounded when last year's figures were published.

In the period under review, the company saw revenue dip to R52m (2003: R57m) and operating profit slumped to R21,8m from R42,1m. The company sustained a R14m loss (R15m loss) after tax, translating into a 12,25c loss (13,11c loss) per share.

Wilkinson referred shareholders to an October 15 notice when the board announced its intention to either dispose of the entire Fairvest property portfolio and repay linked unitholders the excess proceeds, or to identify and acquire "an appropriate property portfolio" to maximise linked unitholders' wealth.

He warned linked unitholders that discussions on these issues were continuing with a number of parties and, if concluded, they would affect the value of each linked unit.

Wilkinson said in December 2001 that unitholders had agreed to acquire a R79,3m property portfolio from various Gorfil Brothers corporations . The purchase was settled via a R52,9m mortgage facility and 17,6-million Fairvest linked units.

Shareholders also agreed to grant put options to vendors equal to the R26,4m value of the issued linked units. In terms of the options, if former Bonatla Property Holdings CEO and Fairvest executive director Niki Vontas could not meet his obligations, the company was obliged to do so.

Wilkinson said Fairvest had met its obligations to repurchase the 17,6-million shares from Gorfil Brothers, and the crediting of a R10m securing deposit was expected soon. In settling the difference, Fairvest sold properties worth R107,9m, realising R35,4m in cash after settling the mortgage debts.