Sharechat Logo

Cavalier Corporation Limited (NZX: CAV) Settlement of Auckland Property Sale

Thursday 24th December 2020

Text too small?

Cavalier Corporation Limited advises that the sale of its Auckland property to Manukau Industrial Holdings Limited for $25.5 million has settled.

Cavalier will lease back the property for a 14-year term, with a further right of renewal for six years, from the new owners.

The $25.5 million is an increase of $900,000 on the earlier contract with Kinleith Land and Infrastructure Limited (Kinleith) which Cavalier cancelled for failure of Kinleith to pay its deposit.

The net proceeds from the sale will be used to provide:

• additional liquidity and funding during the current uncertain operating environment;

• a sound financial footing to better capitalise on the expected eventual recovery in the carpet market; and

• the financial resources to undertake Cavalier’s strategic transformation to the all-wool and natural materials business model.

See the link below for more details:

SettlementAucklandPropertySale

Source: Cavalier Corporation Limited



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Chatham Rock Phosphate Limited (NZX: CRP) Chatham Successfully Completes Private Placement
Turners Automotive Group Limited (NZX: TRA) Upgrades FY21 Earnings Guidance
Blackwell Global Holdings Limited (NZX: BGI) Restructure of Business Operations
Vista Group International Limited (NZX: VGL) Vista Group appoints James Miller as Independent Director
Rakon Limited (NZX: RAK) Update of FY2021 Earnings Guidance
The a2 Milk Company Limited (NZX: ATM) Organisational Announcement
Reserve Bank of New Zealand Committed to Action as It Responds to Data Breach
MHM Automation Limited (NZX: MHM) Settlement of New Plymouth Building Sale
Napier Port Holdings Limited (NZX: NPH) First Quarter 2021 Trade Volumes
New Zealand Oil & Gas Limited (NZX: NZO) Mahato PSC Update - Oil Production

IRG See IRG research reports