VIL
29/03/2016 10:20
GENERAL
PRICE SENSITIVE
REL: 1020 HRS Veritas Investments Limited
GENERAL: VIL: Kiwi Pacific Foods: Update
NZX Release
29 March 2016
Kiwi Pacific Foods: Update
Following the announcement on 29 February 2016, Veritas Investments Limited
(NZX:VIL) has been progressing its commercial discussions with Antares
Restaurant Group to find a mutually acceptable outcome for the Kiwi Pacific
Foods joint venture.
After assessing a number of options, the joint venture partners have agreed
to commence an orderly wind down of the Kiwi Pacific Foods business through
the sale of its assets, such as land and buildings, and plant and equipment.
The Veritas Board has already provisioned for any potential loss arising
from this wind down in its half-yearly accounts.
The sale process is to commence shortly. As part of the wind down, KPF will
meet all of its obligations to its staff and creditors. The proceeds of the
sale will first be used to repay KPF's external debt, with the remainder to
be distributed to each joint venture partner.
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:00279909 For:VIL Type:GENERAL Time:2016-03-29 10:20:04
