KRK
29/03/2016 11:26
GENERAL
PRICE SENSITIVE
REL: 1126 HRS Kirkcaldie & Stains Limited
GENERAL: KRK: Update on Conditional Deed of Surrender of Lease for Petone
Kirkcaldie & Stains Limited (the 'Company') refers to the announcement dated
8 March 2016 advising that it entered into a conditional Deed of Surrender of
Lease (the 'Deed') in relation to its leasehold premises at 19 Regent Street,
Petone, Lower Hutt ('Petone Lease').
Under the Deed the Company will pay the landlord a surrender payment of
$400,000 and a real estate agent's commission of $50,000 plus GST and be
released from the lease. The date on which this will occur has been extended
from the original date of 1 April 2016 to 4 April 2016. In order for the Deed
to become unconditional the landlord's agreement to sell the Petone premises
must go unconditional. The date for satisfaction of this condition has been
extended from 29 March 2016 to 1 April 2016. The Company is not able to
influence the satisfaction of this condition.
The Company will advise NZX and shareholders as soon as the position in
relation to the Petone Lease is clarified.
Falcon Clouston
Chairman
ENDS
For further information:
Falcon Clouston
P O Box 1494
Wellington 6140
End CA:00279936 For:KRK Type:GENERAL Time:2016-03-29 11:26:27
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