Kirkcaldie and Stains to pay $19.3m to shareholders

10:43 am on 10 February 2016

Kirkcaldie and Stains shareholders will get one last payout, with final legal approval given for winding up the iconic Wellington retailer.

Kirkcaldie & Stains

Kirkcaldie & Stains Photo: SUPPLIED

The High Court has agreed the company can pay out $19.3 million to shareholders.

It will pay $2.36 a share and cancel four of every five shares currently held.

The cash payout will occur in early March.

After that, Kirkcaldie and Stains will be a shell company sitting on the stock exchange waiting to be taken over by someone wanting a backdoor listing.

Current shareholders will have a stake in proportion to their current holding.

The 152-year-old department store shut its doors in January, and the building is being refurbished to become New Zealand's first David Jones department store.

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