Ann: GENERAL: KRK: Conditional Deed of Surrender of Lease comes to an end

• Release Date: 01/04/16 16:13
• Summary: GENERAL: KRK: Conditional Deed of Surrender of Lease comes to an end
• Price Sensitive: No
• Download Document  1.64KB

					KRK
01/04/2016 16:13
GENERAL
PRICE SENSITIVE
REL: 1613 HRS Kirkcaldie & Stains Limited

GENERAL: KRK: Conditional Deed of Surrender of Lease comes to an end

Conditional Deed of Surrender of Lease for the Petone premises
comes to an end

Kirkcaldie & Stains Limited (the 'Company') refers to the announcements dated
8 March and 29 March 2016 advising that it had 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').

In order for the Deed to become unconditional, the landlord's agreement to
sell the Petone premises had to become unconditional. Today the Company has
been advised by the landlord that the agreement to sell the Petone premises
has been terminated by the proposed purchaser. The Deed is consequentially at
an end and the Petone Lease remains in full force and effect.

The directors continue to actively pursue opportunities to mitigate the
ongoing commitments under the Petone Lease.

In order to meet the timeframes of the Takeovers Code, the Target Company
Statement sent to shareholders today in connection with the offer for all the
shares in the Company needed to be finalised and printed before this outcome
was known.  The directors will make a further announcement to the market and
write to shareholders next week explaining their views on whether and to what
extent termination of the Deed changes their views or recommendation included
in the Target Company Statement.

Falcon Clouston
Chairman

ENDS

For further information:
Falcon Clouston
P O Box 1494
Wellington 6140
End CA:00280228 For:KRK    Type:GENERAL    Time:2016-04-01 16:13:16