BIL
03/12/2015 11:52
ASSET
PRICE SENSITIVE
REL: 1152 HRS Bethunes Investments Limited
ASSET: BIL: Sale and Purchase Agreement entered for Webb's
3 December 2015
Further to the announcement of 27 October 2015, Bethunes Investments Limited
(NZX:BIL) is pleased to advise that it has now entered a conditional sale and
purchase agreement to sell the business and assets of Webb's to Mossgreen.
Entry into the agreement follows Mossgreen completing its due diligence
investigations. It is scheduled for the sale to completed in late January
2016 with an effective date of 31 January 2016.
During the course of negotiations the purchase price has remained the same in
aggregate ($800,000) however payment of the purchase price has changed.
$320,000 is now payable on completion and the balance will be paid over a
three year period in quarterly instalments. The purchase price remains
subject to customary completion adjustments.
The agreement is conditional on:
o BIL shareholder approval under the NZX Main Board listing rules.
o Mossgreen securing certain leasing arrangements for the Webb's business
premises.
It is anticipated that a notice of meeting will be issued to BIL shareholders
prior to Christmas. It is intended that a shareholders meeting will be held
in Auckland on 11 January 2015.
Christopher Swasbrook
Chairman
Email: [email protected]
End CA:00274583 For:BIL Type:ASSET Time:2015-12-03 11:52:31
