KRK
16/07/2014 17:15
ASSET
REL: 1715 HRS Kirkcaldie & Stains Limited
ASSET: KRK: Update on Conditional Sale of the Harbour City Centre
Market Announcement
Update on Conditional Sales of the Harbour City Centre Buildings
16 July 2014
The directors of Kirkcaldie & Stains Limited (the 'Company') refer to the
Company's earlier announcement dated 27 May 2014 ('Previous Announcement')
relating to the entry into separate conditional sale and purchase agreements
('Agreements') for the sale of the two buildings comprising the Harbour City
Centre known as the Front Building and the Rear Building (the 'Properties')
by its wholly owned subsidiary, Kirkcaldie & Stains Properties Limited.
During the course of discussions in respect of the conditions under the
Agreements (as outlined in the Previous Announcement), Kirkcaldie & Stains
Properties Limited and the purchaser have agreed to replace the Agreements
with a single sale and purchase agreement for both of the Properties ('New
Agreement').
The net effect of the New Agreement is that the Properties will be sold at
the same time, as the Properties are no longer required to be separated. The
original Agreements contemplated separate due diligence periods for each
Building, with the due diligence period in respect of the Rear Building being
five calendar months. The New Agreement is only conditional on the purchaser
carrying out due diligence investigations of the Properties as a whole ('due
diligence condition') and the approval of the transaction by the Company's
shareholders ('shareholder approval condition').
The due diligence condition in the New Agreement is expected to be satisfied
during August 2014 but is able to be extended by agreement between the
parties. A further announcement will be made when the purchaser advises that
the due diligence condition is either satisfied or not. The shareholder
approval condition is still to be satisfied within 30 working days of
satisfaction of the due diligence condition. Settlement of the sale under the
New Agreement will occur 10 working days after satisfaction of the
shareholder approval condition.
Full details of the consideration for the transaction will be released
following satisfaction of the due diligence condition. In the meantime those
details remain subject to mutual obligations of confidentiality between the
parties.
ENDS
Falcon Clouston
Chairman
For further information:
Falcon Clouston
P O Box 1494
Wellington 6140
P: 04 499 1610
End CA:00252787 For:KRK Type:ASSET Time:2014-07-16 17:15:03
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
