Further to the market announcement of 4 December 2012 advising that the
conditional agreement for the sale of the Harbour City Centre building was
not proceeding, the directors of Kirkcaldie & Stains Limited (the Company)
announce that they have appointed external parties to provide advice to the
Company on the corporate restructuring options to facilitate the separation
of Kirkcaldie & Stains Properties Limited, which owns the Harbour City Centre
building, from the Company.
If the restructuring proposal proceeds, it is likely to involve shareholders
receiving shares in Kirkcaldie & Stains Properties Limited and holding shares
in both companies. The restructuring would be subject to shareholder approval
and the Company would appoint an advisory firm to assist shareholders in
their decision process.
The Company envisages being in a position to update the market on its plans
in either late January or early February 2013.
Kirkcaldie & Stains Limited
P O Box 1494 Wellington 6140
P: 04 472 5899
End CA:00231588 For:KRK Type:GENERAL Time:2012-12-21 16:43:07