Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Mystery bidder for Kirkcaldie building misses deadline

Mystery bidder for Kirkcaldie building misses due diligence deadline, extension needed

Dec. 3 (BusinessDesk) - An unnamed bidder for the Harbour City Centre building owned by upscale Wellington retailer Kirkcaldie & Stains has missed a deadline for confirming it was satisfied with due diligence and the agreement could be terminated if an extension isn’t sought.

The Harbour City Centre building is valued at $46.55 million, according to the company’s 2012 annual report published last month, below the $48.65 million estimate made a year ago once earthquake strengthening and refurbishment was completed. Kirkcaldie put the difference down to rising insurance premiums.

Still, the building’s value easily eclipses the unprofitable retailer’s entire market capitalisation of $31 million, a value gap that has attracted investors including corporate raider Ron Brierley and former Brierley Investments chairman Selwyn Cushing’s family.

Kirkcaldie first flagged the sale of the building on Oct. 26, conditional on the purchaser completing and confirming satisfaction with due diligence by 5pm on Nov. 30.

“The company has not received confirmation from the purchaser that this condition has been satisfied,” it said today. “The conditional contract remains in place, however it may be terminated by either party on written notice to the other party, unless a formal extension of the condition is agreed.”

Details of the transaction remain confidential, it said.

Shares of tightly held Kirkcaldie last traded unchanged at $3.05 and have jumped 17 percent since the conditional sale was announced in October.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news