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Investors in residential specialist Blue Chip were due to get their late rent money yesterday.
Blue Chip chief executive Neil Bell wrote to investors this month saying rent from November would be paid by yesterday. "Interrupted November 2007 rental payments will be made during the week ending 18.1.08," said his letter of January 9.
The rent due from December would be paid either at the end of this week or the beginning of next week, he said.
After that, business would resume as normal.
All January rental payments would be made on time, his letter said.
Investors bought residential properties from the company, attracted by Blue Chip's formula which offers guaranteed rent, management and buybacks.
Bell apologised for the late payments, which he said were due to transitional interruptions.
"Actions speak far louder than words," he wrote. "It is now the time for action."
