VIL
07/12/2015 16:12
ASSET
NOT PRICE SENSITIVE
REL: 1612 HRS Veritas Investments Limited
ASSET: VIL: Completion of sale of central Hamilton bars
NZX Release
7 December 2015
Completion of sale of central Hamilton bars
Further to the market announcement on 18 November 2015, The Better Bar
Company Limited has today completed the sale of the business and assets of
"Danny Doolans Hamilton", "The Good Home Tron" and "The Honky Tonk" in
central Hamilton for $1 million.
These businesses, which had been trading below expectations, have been sold
to interests associated with the Lawrenson Group, a significant bar and
restaurant organisation in Hamilton.
Although this will represent a loss on sale of $450,000 (plus transaction
costs), such loss is not expected to have a material impact on the Veritas
Group's underlying net profit after tax (NPAT) for continued operations for
FY16. Accordingly, this loss on sale is not expected to change the Veritas
Board's FY16 guidance for the Group as announced on 24 June 2015.
As announced on 29 October 2015, the Veritas Board will provide a further
market update on the Veritas Group's FY16 performance around the end of
January 2016.
For further information, contact: Tim Cook
021 764 401
[email protected]
About Veritas Investments Limited
Veritas Investments is an NZX Main Board-listed investment company focusing
in the Food and Beverage, Franchise and Hospitality sectors. The shell
company was formed in December 2011 and made its first acquisition of the Mad
Butcher franchisor business in May 2013 through a reverse acquisition
transaction. A further investment was made in December 2013 for 50% of Kiwi
Pacific Foods Limited. In September 2014 Veritas acquired the Nosh Food
Market business. In November 2014 Veritas acquired The Better Bar Company
group business.
www.veritasinvestments.co.nz
End CA:00274755 For:VIL Type:ASSET Time:2015-12-07 16:12:26
