Ann: ASSET: VIL: Kiwi Pacific Food Update

• Release Date: 12/05/16 09:25
• Summary: ASSET: VIL: Kiwi Pacific Food Update
• Price Sensitive: No
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					VIL                                                                           
12/05/2016 09:25                                                              
ASSET                                                                         
NOT PRICE SENSITIVE                                                           
REL: 0925 HRS Veritas Investments Limited                                     
                                                                              
ASSET: VIL: Kiwi Pacific Food Update                                        
                                                                              
NZX Release                                                                   
12 May 2016                                                                   
                                                                              
Kiwi Pacific Food Update                                                    
                                                                              
The Board of Veritas Investments Limited (NZX:VIL) is pleased to announce     
that the land and building owned by the Kiwi Pacific Foods joint venture      
(KPF) at 22 Alderman Place, Mangere East, Auckland, has been successfully     
sold by auction on 11 May 2016.                                               
                                                                              
There are no conditions attaching to the sale, which will settle on 30 June   
2016.                                                                         
                                                                              
The sale of the freehold land and buildings at 22 Alderman Place follows the  
orderly wind down programme for KPF, which has been agreed between Veritas    
and its joint venture partner, Antares Restaurant Group.                      
                                                                              
As previously announced, the proceeds of the sale will first be used to repay 
KPF's external debt, with the remainder to be distributed to each joint       
venture partner.                                                              
                                                                              
KPF will continue with its orderly wind down process through the sale of its  
remaining assets, such as plant and equipment and stock.                      
                                                                              
For further information, contact:                                             
 Tim Cook                                                                     
 Chairman, Veritas Investments Limited                                        
 021 764 401                                                                  
 [email protected]                                                 
                                                                              
About Veritas Investments Limited                                             
Veritas Investments is an NZX Main Board-listed investment company focusing   
in the Food and Beverage, Franchise and Hospitality sectors.  The shell       
company was formed in December 2011 and made its first acquisition of the Mad 
Butcher franchisor business in May 2013 through a reverse acquisition         
transaction.  A further investment was made in December 2013 for 50% of Kiwi  
Pacific Foods Limited. In September 2014 Veritas acquired the Nosh Food       
Market business. In November 2014 Veritas acquired The Better Bar Company     
group business.                                                               
www.veritasinvestments.co.nz                                                  
End CA:00282252 For:VIL    Type:ASSET      Time:2016-05-12 09:25:34