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

 


Kirkcaldie shareholders to vote on $45.85M building sale

Kirkcaldie shareholders to vote on $45.85M building sale

By Paul McBeth

Aug. 12 (BusinessDesk) –Shareholders in upmarket Wellington retailer Kirkcaldie & Stains are to vote on whether to approve a deal to sell its Harbour City Centre property for $45.85 million.

The unnamed buyer today completed due diligence in the property for an agreed purchase price of $45.85 million, compared to an Aug. 31, 2013 valuation of $40 million and carry value of $49.87 million as at Feb. 28 in Kirkcaldie’s first-half financial statements, it said to the NZX after the close of trading.

Full details of the transaction will be release in the notice of extraordinary meeting, which will likely be distributed early next month.

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.

The shares were unchanged at $2.20, and have increased 4.8 percent over the past 12 months. That values Kirkcaldie at $22.55 million.

(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:

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:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

OECD And Zero Carbon Reports: Environmental Pressures Rising In New Zealand

New Zealanders enjoy a high environmental quality of life and access to pristine wilderness. However, New Zealand’s growth model, based largely on exploiting natural resources, is starting to show its environmental limits with increasing greenhouse gas emissions and water pollution ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news