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

 


Kirkcaldie to sell Harbour City property in single sale

Kirkcaldie to sell Harbour City property in single sale

By Paul McBeth

July 17 (BusinessDesk) - Upmarket Wellington retailer Kirkcaldie & Stains says both the front and rear buildings of its Harbour City Centre property will be sold in a single sale and purchase agreement, rather than separately. The stock climbed 6.1 percent before the announcement, made after the close of trading yesterday.

The stock rose 13 cents on small volumes to $2.25 ahead before the statement yesterday. Due diligence of the new deal is expected to be completed next month, though that may be extended, after which Kirkcaldie will announce the full details.

"The net effect of the new agreement is that the properties will be sold at the same time, as the properties are no longer required to be separated," the company said in a statement. "The new agreement is only conditional on the purchaser carrying out due diligence investigations of the properties as a whole (‘due diligence condition’) and the approval of the transaction by the company’s shareholders (‘shareholder approval condition’)."

The front building, a historically significant structure that formerly housed Kirkcaldie's long-defunct competitor DIC, accounted for most of the $50 million valuation ascribed to the property.

Kirkcaldie plans to recapitalise its retail unit from the proceeds of the asset sales before returning any surplus to shareholders.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

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:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news