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

 

Tax: GST Threshold For Online Purchases Won't Lower Before 2018

The government wants to lower the threshold on online purchases which qualify for GST from mid-2018, but says more work is needed and there will be no change without public consultation. More>>

ALSO:

North Canterbury: Government Extends Drought Classification

The government has extended a drought classification for the eastern South Island until the end of the year, meaning the area will have officially been in drought for almost two years, the longest period for such a category. More>>

ALSO:

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news