KRK
12/08/2014 17:09
ASSET
REL: 1709 HRS Kirkcaldie & Stains Limited
ASSET: KRK: Update on Conditional Sale of the Harbour City Centre
The directors of Kirkcaldie & Stains Limited (the 'Company') refer to the
Company's earlier announcement dated 16 July 2014 relating to the entry into
a conditional sale and purchase agreement for the sale of the two buildings
comprising the Harbour City Centre known as the Front Building and the Rear
Building ('Agreement') by its wholly owned subsidiary, Kirkcaldie & Stains
Properties Limited.
The purchaser, a Wellington based investor, has today advised the Company
that the due diligence condition has been satisfied. The Agreement is still
conditional on the Company's shareholders approving the proposed sale within
30 working days. If approved by shareholders, settlement of the sale under
the Agreement will occur 10 working days after that approval.
The agreed purchase price for the two buildings is $45.85m which compares to
the most recent independent valuation dated 31 August 2013 of $50m and a
carrying amount, as reported in the interim financial statements for the
period ended 28 February 2014, of $49.87m.
Full details of the transaction together with an updated valuation for the
Harbour City Centre will be disclosed in the notice of Extraordinary Meeting
that will be distributed to the Company's shareholders at the beginning of
September 2014.
ENDS
Falcon Clouston
Chairman
For further information:
John Milford
Managing Director
P: 04 494 7260
E: [email protected]
End CA:00253759 For:KRK Type:ASSET Time:2014-08-12 17:09:32
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