What is the intended use of the site?
Are they planning to lease it back?
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What is the intended use of the site?
Are they planning to lease it back?
Well the property still hasn't sold....
I doubt that the property sale alone could have so much impact on the SP.
Going to be a low key Ho hum ASM and she’s going to show a picture of the new thingie.
Exciting stuff
My reading of it (which could be very wrong):Quote:
Earlier this year we initiated a process to monetise all or part of our property holdings at Mt.Wellington. While the level 4 lockdown restrictions forced Colliers to delay the sale process, I canreport that good progress has been made in recent weeks. The response from the market confirmsthat the Board made the correct decision to re-frame the scope of the property offer to include all ofour buildings on the site. Management, supported by external consultants, are finalising a propertystrategy that includes significantly downsizing our Mt Wellington footprint, a higher-profile presencein a central Auckland site, alongside a commitment to an ‘anywhere works’ programme that enablesmany of our crew to work flexibly between their homes and the Company’s sites. Onceimplemented we will provide a workspace that supports cultural change, facilitates new ways ofcollaboration and working, and better meets the needs of our team.
- Offering all three properties has generated a significant premium as expected
- Process has been delayed by Covid AND Sky working out how they will operate in the future. This is important, as they need this strategy in place before signing sale and leaseback agreements (particularly around timing and how much they want to lease back).
I believe you are correct in your assessment.
Confirms why Colliers is not adverting the property for sale any more on their website as final negotiations are in progress.
Better to take time to get the right deal than buckle to market pressure to show a sale.
I agree Johnnythehorse they have to find a new property and a development of that size will take sum time to work out. It’s a positive and I think the end result will please shareholders. Also more importantly that on track for $35m growth this year. That alone is very good news indeed.
And black crane have decided they arent getting dividends so they are out…. expext to see some downward pressure as they clear through their 8 mill shares.
http://nzx-prod-s7fsd7f98s.s3-websit...685/357863.pdf
Black Crane Opportunities fund have dumped about 1M shares.
Obviously Sky not much of an 'Opportunity' for them anymore!
Anyone else spot the couple of Foxtel mentions……