SCY
19/01/2016 11:59
ASSET
PRICE SENSITIVE
REL: 1159 HRS Smiths City Group Limited
ASSET: SCY: CONDITIONAL COMMERCIAL PURCHASE OF AUCKLAND BASED RETAILER
19 January 2016
NZX ANNOUNCEMENT
CONDITIONAL COMMERCIAL PURCHASE OF AUCKLAND BASED RETAILER
Smiths City Group Limited (Company) is pleased to announce that one of its
subsidiaries, Smiths City (Southern) Limited (Southern) has entered into a
conditional agreement (Conditional Agreement) to purchase the business and
assets of both Panmure Furniture City 1983 Limited (Furniture City) and its
logistics operation Lucky Dragon Limited (Lucky Dragon).
Auckland based, Furniture City, has stores in Auckland and Whangarei. The
business also operates a comprehensive Internet Store and fulfilment facility
in support of its bricks and mortar presence.
The agreement is subject to Southern obtaining suitable finance and the
satisfactory completion of due dilligence on the business. The key terms of
the Conditional Agreement are as follows:
o Purchase price - $5.85m plus GST (if any)
o Finance conditional date - 29 February 2016
o Due diligence confirmation date - 29 February 2016
o Possession/settlement date - 1 April 2016
o The business operates three retail sites (two in Auckland and one in
Whangarei) plus a fulfilment and distribution facility, also based in
Auckland
Queries should be directed to:
Roy Campbell CEO Smiths City
+64 (0)27 2239574
End CA:00276554 For:SCY Type:ASSET Time:2016-01-19 11:59:51
