BIL
15/01/2016 12:07
MEETING
PRICE SENSITIVE
REL: 1207 HRS Bethunes Investments Limited
MEETING: BIL: Special Meeting Result
Further to the special meeting of shareholders held today to obtain
shareholder approval of the sale of the business and assets of Peter Webb
Galleries Limited (Webb's) to Mossgreen, Bethunes Investments Limited
(NZX:BIL) is pleased to advise that the ordinary resolution approving the
sale has been passed.
The shareholder approval condition of the sale and purchase agreement has now
been satisfied. We expect the final condition pertaining to Mossgreen
obtaining a new lease of the premises to be satisfied shortly and we will
advise the market when the agreement has gone unconditional. Subject to the
lease condition being satisfied, completion of the sale is expected to occur
on 31 January 2016 as advised in the announcement of 3 December 2015.
As per BIL's interim report announced on 22 December 2015, we believe that
with this sale we will achieve the best possible outcome for both BIL
shareholders (whereby the real prospect of further losses in the short term
will be mitigated), and for the Webb's business, clients and staff. We have
found an experienced operator in Melbourne auction house, Mossgreen, who will
be able to add significant value to the foundations laid by BIL.
In terms of future investments, we have identified several investment options
that meet the criteria discussed at the annual shareholder meeting in July
2015 and intend to progress these opportunities once the sale is completed.
The directors are also considering the merits of a share consolidation and
the need for a further rights issue to finance future acquisitions and will
keep the market updated in this regard.
Christopher Swasbrook
Chairman
Email: [email protected]
End CA:00276433 For:BIL Type:MEETING Time:2016-01-15 12:07:36
