Group One Capital Limited (ASX:G1C)

Group One Capital announced that the Sterling development at Broadbeach has been completed and the first tranches of apartment settlements have occurred, with more than 50% of apartments settling in the week ended 4 September 2026, marking important progress toward the potential realisation of facilitation fees payable to its wholly owned subsidiary, FSU Capital Pty Ltd. Under FSU’s contractual arrangements for structured finance provided to Patmos Development Holdings Pty Ltd, FSU is entitled to a facilitation fee of $200,000 for each Sterling apartment settled, capped at $18 million excluding GST, meaning each completed settlement increases the calculated fee amount. However, payment of that fee is not triggered simply by settlement; under the funding structure, settlement proceeds are expected to be applied first to repay the senior funding facility, and the facilitation fee only becomes payable after that facility has been repaid and the separate subordinated facility has been refinanced or repaid. The company said it intends to issue the relevant invoice once the number of settled apartments for fee calculation purposes and the completion arrangements for the subordinated facility are confirmed, and management described the settlements as tangible progress toward a substantial contracted fee while noting further updates will be provided on the funding facility outcomes and fee payment.