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- Release Date: 27/05/14 18:55
- Summary: ASSET: KRK: Conditional Sales of the Harbour City Centre Buildings
- Price Sensitive: No
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KRK
27/05/2014 16:55
ASSET
REL: 1655 HRS Kirkcaldie & Stains Limited
ASSET: KRK: Conditional Sales of the Harbour City Centre Buildings
The directors of Kirkcaldie & Stains Limited (the "Company") announce that
its wholly owned subsidiary, Kirkcaldie & Stains Properties Limited, has
entered into separate conditional sale and purchase agreements for the sale
of the two buildings comprising the Harbour City Centre known as the Front
Building and the Rear Building (the "Properties").
Both agreements are conditional on the following:
1. Minor adjustments to the boundaries of the titles to the Front Building
and Rear Building to align with the physical improvements on the land (title
condition);
2. The Company and the purchaser reaching an agreement on the physical works
required in relation to the buildings to separate the Properties (physical
works condition);
3. The purchaser carrying out due diligence investigations of the Properties
(due diligence condition); and
4. The shareholders of Kirkcaldie & Stains Limited approving the proposed
transactions.
The physical works condition is expected to be satisfied during the second
half of June 2014. The due diligence and title conditions for the Front
Building are expected to be satisfied during the first two weeks of July 2014
with shareholder approval within 30 working days of satisfaction of the due
diligence and title conditions. Settlement of this agreement would then occur
within 10 working days of shareholder approval, or 10 working days of
completion of the physical works, whichever is the later.
The due diligence condition for the Rear Building is expected to be satisfied
5 calendar months after the satisfaction of the title and physical works
conditions. This longer period of due diligence reflects the purchaser's need
to explore the development potential of the site of the Rear Building.
Full details of the consideration for the transactions will be released
following completion of due diligence of each respective transaction but in
the meantime they 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:00250924 For:KRK Type:ASSET Time:2014-05-27 16:55:58
