Friday 13th January 2017
|Text too small?|
Auckland-based Veritas Investments said on Friday it is still working through the process ahead of a deadline to present a plan for its unprofitable Nosh supermarket business to ANZ Bank New Zealand.
In mid-December the company, which also owns the Mad Butcher franchise, said it had until Jan. 15 to deliver either an unconditional contract for the sale of Nosh Group Ltd, or a proposal to close and wind it down to its lender.
At the time, it said the sale or closure of the loss-making Nosh business would result in non-cash asset write-downs and one-off expenditure related to the sale or closure but provided no further details.
On Friday, chairman Tim Cook said he had no comment other than “we are working through the process.” ANZ was not immediately available for comment.
Veritas took on a $5 million funding line with ANZ to buy the Nosh stores in 2014, but has struggled to turn the gourmet supermarkets into a profitable business. The food and beverage investor renegotiated its banking arrangements in October to reduce its repayments and reschedule its debt, as its Mad Butcher and Nosh businesses weighed on the group.
Shares were unchanged Friday at 20 cents. They've fallen 60 percent since this time a year ago.
No comments yet
NZ First urged to block exploration ban
Net migration falls as growing number of migrants pack their bags
Ebos tightens grip on Australian chain
October 19th Morning Report
NZ dollar falls vs yen; investors seek haven in heightened volatility
English upbeat about NZ economy, points to headwinds
MARKET CLOSE: NZ shares mixed; Restaurant Brands soars on takeover talk
Legislate capital gains tax before election or risk 'mischief', Cullen says
NZ dollar falls vs Aussie on lower jobless rate across the Tasman
Imported coal needed to keep the lights on in NZ