KRK
02/07/2015 17:25
ASSET
PRICE SENSITIVE
REL: 1725 HRS Kirkcaldie & Stains Limited
ASSET: KRK: Update on Conditional Agreement with David Jones Pty Ltd
The directors of Kirkcaldie & Stains Limited (the 'Company') refer to the
Company's earlier announcements dated 4 June 2015 and 15 June 2015 relating
to the entry into a conditional agreement with Australian retailer David
Jones which will result in David Jones establishing its first department
store in New Zealand, operating out of Kirkcaldie & Stains Lambton Quay
premises from mid-2016.
The Company advises that today the condition precedent of obtaining consent
from the landlord of the Lambton Quay store premises to the assignment of the
lease and to the proposed refurbishment works has been satisfied.
Also the Company advises that today David Jones has granted an extension of
the date for the fulfilment of the Kirkcaldie & Stains' shareholder approval
condition by one day, so that the date for the fulfilment of this condition
precedent is now 31 July 2015. This extension was to accommodate the need to
hold the necessary shareholder meeting on that date for a range of practical
reasons. The Notice of Meeting is presently in its final stages of approval
by NZX.
The agreement is still conditional on:
o the approval of Kirkcaldie & Stains' shareholders being obtained by 31 July
2015 at the meeting referred to above; and
o any consent required under the Overseas Investment Act being obtained by 30
November 2015.
Further details of the transaction will be disclosed in the notice of special
meeting that will be distributed to the Company's shareholders in mid-July.
The special meeting of shareholders will be held on Friday 31 July 2015.
Falcon Clouston
Chairman
ENDS
For further information:
Falcon Clouston
P O Box 1494
Wellington 6140
End CA:00266561 For:KRK Type:ASSET Time:2015-07-02 17:25:42
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