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

 

Court Ruling: Kiwifruit NZ Ordered To Consider Collaborative Marketing Proposals

The High Court has told kiwifruit marketer Zespri to reconsider collaborative marketing proposals from Splice Fruit and Seeka Kiwifruit to sell fruit offshore that its board had previously rejected. More>>

ALSO:

Electric Vehicles: No Road User Charges Feature In Govt Package

Drivers of electric vehicles won't have to pay road user charges and will be allowed to drive in bus lanes as part of a new government plan to double EV numbers annually to a target 64,000 by 2021. More>>

ALSO:

Pre-Budget: Computer Emergency Response Team, Assemble!

John Key told the country's first ever Cyber Security Summit in Auckland that the government had earmarked funding set up a national Computer Emergency Response Team to help prevent and act on cyber incidents in partnership with the private sector and other organisations. More>>

ALSO:

Job Cutter Goes: Mark Weldon To Step Down As MediaWorks CEO

“When I joined MediaWorks in August 2014, I had a mandate to lead a significant change programme to bring the business back from receivership into a position where it could once again be a strong competitor in the market, with a sound and sustainable future. It was a big brief, laden with inherent challenges, but I took it in good faith and have dedicated myself fully to the goal since." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news