16 Jun 2015

Sir Ron Brierley lifts stake in Kirkcaldie and Stains

2:34 pm on 16 June 2015

Sir Ron Brierley has lifted his stake in Wellington retailer Kirkcaldie and Stains from 5.7 percent to 6.9 percent.

Kirkcaldie & Stains

Kirkcaldie and Stains Photo: Pear285 / CC BY-SA 4.0

The retailer's shareholders will vote on a proposed takeover by Australian retailer David Jones late next month.

Sir Ron Brierley

Sir Ron Brierley Photo: Coats Group

If approved, Kirkcaldie and Stains said investors were likely to receive a payment higher than the recent market value of their shares, though no figure has been provided yet.

The retailer has $18 million in cash, after selling its Harbour City building, with another $4.75 million due in October.

Yesterday, one of the conditions of the takeover was satisfied, after Kirkcaldie and Stains' iconic Wellington store received a satisfactory seismic assessment.

Apart from shareholder approval, the deal still needs the agreement of the Overseas Investment Office, and the Lambton Quay store's landlord.

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