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Conditional agreement to sell Postie Plus assets

Wednesday 4 June 2014

News release

Postie Plus Group Limited (Administrators Appointed)
Conditional agreement to sell the assets and business of the Company

David Bridgman and Colin McCloy, as the Administrators of Postie Plus Group Limited (Administrators Appointed) are pleased to announce a conditional agreement to sell the assets and business of the Company as a going concern to an international retail group.

The intended purchaser is conducting due diligence over the next three weeks and subject to this due diligence and finalisation of formal documentation, the sale is expected to be completed within the next four weeks.

In the meantime, the Administrators, with the support of the Company’s management and staff, intend to continue trading the business whilst they work through the sale process. The Administrators believe that this “going concern sale” of the Postie Plus business is in the best interests of the Company’s stakeholders, including its secured creditors, trade suppliers and other creditors, landlords as well as the Company’s more than 600 staff.

The Administrators recognise that this is a difficult and uncertain period for all stakeholders and appreciate their patience whilst they work with the prospective purchaser to satisfy the conditions so that the sale of the Postie Plus business can proceed in an orderly manner.

Notes to editors:
The process of ‘voluntary administration’ is a relatively new business rehabilitation scheme that was introduced into New Zealand company law on 1 November 2007. Administration is intended to be a relatively short-term measure that freezes the company’s financial position while the administrator and the creditors work on the next steps.

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