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

 


Kirk's hires advisers to look at spinning off property unit

Kirkcaldie hires advisers to look at spinning off property unit after sale falls through

Dec. 21 (BusinessDesk) - Kirkcaldie & Stain's, the unprofitable Wellington department store operator, said it has hired advisers for the possible spinoff of its property-owning unit, whose asset exceeds the market value of the company.

The move comes after a mystery buyer for its Harbour City Centre on Wellington's Lambton Quay, valued at $46.5 million, walked away from the deal this month.

Kirkcaldie has “appointed external parties to provide advice to the company on the corporate restructuring options to facilitate the separation of Kirkcaldie & Stains Properties,” it said in a statement.

“If the restructuring proposal proceeds, it is likely to involve shareholders receiving shares in Kirkcaldie & Stains Properties and holding shares in both companies,” it said.

Shares of Kirkcaldie last traded at $3.05, valuing the company at $31 million. The unrecognised value in the company’s property assets are lured investors including veteran corporate raider Ron Brierley and former associate Selwyn Cushing.

Any restructuring would be subject to shareholder approval. The company plans to give an update in either late January or early February.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

f work for Pumpkin Patch staff

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news