Kirkaldie & Stains has entered into a conditional agreement with Australian retailer, David Jones, which will result in David Jones establishing its first department store in New Zealand operating out of Kirkcaldie & Stains’ Lambton Quay premises from mid-2016.

The condition precedent of obtaining consent from the landlord of the Lambton Quay store premises to the assignment of the lease and to the proposed refurbishment works has been satisfied according to Kirkaldie & Stains.

The company has also reported that David Jones has granted an extension of the date for the fulfilment of the Kirkcaldie & Stains’ shareholder approval condition by one day so that the date for the fulfilment of this condition precedent is now July 31.

This extension is to accommodate the need to hold the necessary shareholder meeting on that date for a range of practical reasons. The notice of meeting is presently in its final stages of approval by NZX.

The agreement is still conditional on:
• the approval of Kirkcaldie & Stains’ shareholders being obtained by July 31 at the meeting referred to above; and
• any consent required under the Overseas Investment Act being obtained by November 30.

Further details of the transaction will be disclosed in the notice of special meeting that will be distributed to the company’s shareholders in mid-July. The special meeting of shareholders will be held on July 31.