Archive | Kirkcaldie and Stains

Propbd on Q Sn30Oct16 – Auckland Airport & Air NZ bonds, Summerset forecast, Kirkcaldie takeover complete

Auckland Airport issues $225 million of bonds
Air NZ issues $50 million of bonds
Summerset looking at 40-46% profit lift
Brierley completes Kirkcaldie takeover

Auckland Airport issues $225 million of bonds

Auckland International Airport Ltd has closed its 7-year bond issue after a bookbuild with $225 million of bonds issued.

The interest rate for the fixed rate bonds is 3.97%/year, reflecting a margin of 1.35% over the underlying swap rate. The offer opened on Wednesday with a margin of 1.4%/year indicated.

The bonds will be issued on Wednesday. There was no public pool for the offer but they’ll be listed on the NZX debt market.

Air NZ issues $50 million of bonds

Air NZ Ltd allocated $50 million of bonds in its 6-year unsecured, unsubordinated, fixed-rate issue on Friday. The interest rate is 4.25%/year.

The funds will be used for general business purposes, including repaying some of the bonds which mature on 15 November.

Summerset looking at 40-46% profit lift

Summerset Group Holdings Ltd said on Friday it was forecasting underlying profit for the year to December in a range of $53-55 million, which would be a 40-46% increase on the $37.8 million last year.

Chief financial officer Scott Scoullar said it reflected positive trading conditions across all its villages: “Occupation right sales have been strong since the half year, and are the key driver of the underlying profit forecast.”
The company didn’t provide a forecast for NZ IFRS net profit after tax due to the inherent uncertainty in fair value movement of investment property, a key component of this profit measure.

The directors provide an underlying profit measure to show realised & unrealised components of fair value movement of investment property & tax expense.

Brierley completes Kirkcaldie takeover

The former Kirkcaldie & Stains Ltd, renamed Wellington Merchants Ltd in July, will be delisted and its shares will cease to be quoted from close of business on Friday 11 November, following completion of the $3.45/share takeover by Sir Ron Brierley’s Mercantile Investment Co Ltd on Wednesday.

Kirkcaldie’s sold its Harbour City Centre building in Wellington 2 years ago, and its department store across the road last year to Australian retailer David Jones Ltd, which is owned by South African retailer Woolworths Holdings Ltd.

Earlier stories:
12 September 2016: Cashed-up retailer’s directors approve new Brierley bid
5 June 2015: Kirkcaldie & Stains to become a David Jones store
24 September 2014: Harbour City Centre sale approved

Attribution: Company releases.

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Cashed-up retailer’s directors approve new Brierley bid

The directors of former Wellington retailer Kirkcaldie & Stains Ltd (renamed Wellington Merchants Ltd in July) unanimously recommended the takeover offer by Sir Ron Brierley’s Mercantile NZ Ltd on Friday as the quickest & more certain way of getting their money.

Mercantile NZ made an unsuccessful full takeover offer in March of $2.75 share, which was raised to $3/share, but Wellington Merchants’ directors said the new cash offer of $3.45/share made on 23 August was at a small but acceptable discount to expert valuations.

Wellington Merchants said scenarios in a winding up were a high payout of $3.62, low of $3.53/share, so the Mercantile NZ offer was at a discount of 4.9% (17c) or 2.3% (8c). Independent advisors at Northington Partners Ltd put the payout range at $3.44-3.39/share in a present value assessment, whereas the directors’ range didn’t reflect the time value of money between the closing of the offer and any distribution in a winding up.

Wellington Merchants chair Falcon Clouston said in an NZX release on Friday: “While the company is reasonably confident of reaching the high scenario, as the company is believed to have only one outstanding contingent liability to be discharged, there will be some delay in moving to a winding up and making a distribution to shareholders, and we cannot be certain that some unexpected claim will not arise during the course of a liquidation which has a negative impact on the quantum & timing of distributions.

“In addition, the costs & benefits of obtaining a known quantity of cash now (through acceptance of the offer) versus the less certain amount of cash (& timing) of a liquidation need to be considered.”

The company’s 2 largest shareholders (holding 39.09% of the shares) have indicated they’re likely to accept the offer, and the third largest holder of voting rights is Mercantile NZ’s holding company. Those stakes combined give Mercantile a majority.

The offer closes on Thursday 6 October.

Wellington Merchants became a listed shell holding about $30 million in cash after selling its property, then selling its department store business to Australian retailer David Jones, which is owned by South African retailer Woolworths Holdings Ltd.

Attribution: Company release.

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Propbd on Q T2Feb16 – DJ’s settles, third Melbourne Ryman, Fletcher sells Rocla assets, Warehouse opens at Atrium, ethics consultation

David Jones settles Kirkcaldie’s deal
Ryman buys third Melbourne retirement village site
Fletcher nets $85 million from Rocla divestment
Warehouse moves to Atrium on Elliott
Ethics standards for property sector out to global consultation

11.25am:
David Jones settles Kirkcaldie’s deal

David Jones Pty Ltd has settled its agreement to take assignment of Kirkcaldie & Stains Ltd’s main store lease on Lambton Quay in Wellington and to pay $A400,000 cash for the name ‘Kirkcaldie & Stains’.

Kirkcaldie & Stains is still awaiting High Court approval of a scheme of arrangement to return $19.4 million of capital to its shareholders. The company is seeking court approval to cancel 4 in 5 of its shares and return $2.3602/share cancelled. It also wants to wind up the employee share scheme.

The David Jones store would be the first for the brand outside Australia, but brand owner Woolworths Holdings Ltd’s 36th store in New Zealand. South African retailer Woolworths Holdings acquired David Jones in August 2014 for $A2.1 billion. Its other brands here are Country Road, Witchery, Trenery & Mimco.

Ryman buys third Melbourne retirement village site

Ryman Healthcare Ltd said yesterday it had bought its third retirement village site in Melbourne’s eastern suburbs.

The New Zealand company will redevelop the 2.5ha site in Burwood East into a $200 million ($A183 million) retirement village for over 400 residents, with independent living apartments & an aged-care centre which will include specialist dementia care. The new village will also have a swimming pool, café, gym, beauty salon, library, movie theatre & bowling green.

Ryman has entered into an unconditional contract to buy the site, which is part of a Frasers Property Australia redevelopment of the 20.5ha former Burwood East brickworks.

Frasers Property Australia has plans for a $A500 million-plus redevelopment of the site, which will include 900 homes and a large retail centre.

Ryman opened its first Australian village at Wheeler’s Hill in Melbourne’s eastern suburbs in 2014 and is developing a second village at Brandon Park. Managing director Simon Challies said Ryman’s in-house team would design the new Burwood East village, and the company intended to apply for planning permission in late 2016.

Mr Challies said the Burwood East purchase put Ryman on track to fulfil its ambition of opening 5 villages in Melbourne by 2020.

Fletcher nets $85 million from Rocla divestment

Fletcher Building Ltd said on Friday it had completed the $A150 million divestment of Rocla Quarry Products assets to Hanson Construction Materials Pty Ltd, following clearance from the Australian Competition & Consumer Commission and Foreign Investment Review Board.

In addition, Fletcher said it had sold Rocla assets excluded from this transaction to other parties for an extra $A44 million.

Fletcher said it would make an $A77 million ($NZ85 million) after-tax profit from the Rocla sales, less transaction costs & adjustments to asset carrying values.

This transaction doesn’t affect the ownership of Fletcher Building’s Rocla Pipes & Concrete Products or GBCWinstone businesses, which remained core elements of its portfolio.

Warehouse moves to Atrium on Elliott

The Warehouse Group Ltd has secured a long lease in the Atrium on Elliott for an 1800m² store to replace its second-floor premises in the Downtown Shopping Centre, which Precinct Properties Ltd will demolish to make way for its new Commercial Bay development.

The Atrium on Elliott shop opened last week and the Downtown shop will close in May.

The Atrium on Elliott is a 14,000m² 4-level enclosed shopping centre & food court at the base of the Crowne Plaza Hotel & BDO Tower.

Alison Laity, director of Atrium owner Colwall Property Ltd, said: “Having the Warehouse opening alongside existing large-format retailers Rebel Sport & No 1 Shoe Warehouse has greatly boosted our leasing inquiry. We just wish we had more space to lease. Currently we have limited opportunities available within the centre, and we expect these to be snapped up quickly – especially with the impending closure of Downtown shopping centre.”

Ethics standards for property sector out to global consultation

FIABCI (the International Real Estate Federation) has won the support of 63 land, property & construction professional bodies & standard-setting organisations for a global consultation on ethics principles.

The international ethics standards coalition launched its consultation document this week and will close the consultation on 30 April.

Link:
Consultation document

Earlier story:
19 August 2015: International ethics standards coming for real estate professionals

Attribution: Company releases, FIABCI.

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Propbd on Q M30Nov15 – More Goodman sales, Spark bond, David Jones unconditional

Goodman sells 2 more Christchurch buildings
Spark opens bond offer
David Jones unconditional on Kirkcaldie’s stores

5.25pm:
Goodman sells 2 more Christchurch buildings

Goodman Property Trust has sold 2 more buildings in Christchurch, after settling the $33.2 million sale of the amenity & IAG buildings at 12 & 14 Show Place in Addington, also to local investors, last week.

Management company chief executive John Dakin said today the trust had sold the NZ Safety and Fisher & Paykel Buildings at the Glassworks Industry Park in Hornby (pictured) to a local investor for $11.2 million, taking sales under its asset recycling programme to $80 million this financial year. The unconditional sale is expected to settle in March.

“The trust is growing organically, with asset sales financing a steady volume of development projects,” he said.

28 August 2015: Goodman puts 5 Christchurch buildings on market

Spark opens bond offer

Spark NZ Ltd opened a $100 million bond offer, plus up to $50 million in oversubscriptions, to institutional & New Zealand retail investors today.

The unsecured, unsubordinated fixed rate bonds have a maturity date of 10 March 2023 and the indicative margin is 1.10–1.15%/year. The actual margin & interest rate will be set following a bookbuild process on Friday. Spark expects the bonds will be issued on 10 December.

All bonds are reserved for clients of ANZ Bank & Commonwealth Bank as joint lead managers, Deutsche Craigs as co-manager, NZX participants & other financial intermediaries. There’s no public pool.

David Jones unconditional on Kirkcaldie’s store

Kirkcaldie & Stains Ltd’s deal for Australian retailer David Jones to take over its Lambton Quay store in Wellington went unconditional today when the one remaining condition, Overseas Investment Office approval, was satisfied.

David Jones Pty Ltd will take assignment of the main store lease and pay $A400,000 cash for the name ‘Kirkcaldie & Stains’.

Kirkcaldie’s will close in January and settlement is scheduled for 1 February.

The David Jones store would be the first for the brand outside Australia, but brand owner Woolworths Holdings Ltd’s 36th store in New Zealand. South African retailer Woolworths Holdings acquired David Jones last August for $A2.1 billion. Its other brands here are Country Road, Witchery, Trenery & Mimco.

Earlier stories:
29 November 2015: Kirkcaldie’s prepares for capital return though David Jones deal not yet sealed
2 August 2015: Kirkcaldie’s David Jones deal approved

Attribution: Company releases.

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Kirkcaldie’s prepares for capital return though David Jones deal not yet sealed

NZX-listed retailer Kirkcaldie & Stains Ltd filed applications at the High Court on Friday for a scheme of arrangement to return $19.354 million of capital to its shareholders.

The company is seeking court approval to cancel 4 in 5 of its shares and return $2.3602/share cancelled. It also wants to wind up the employee share scheme.

The orders sought are subject to completion of its agreement to assign the lease on its Wellington store to David Jones Ltd and to sell certain assets to the Australian retailer. The agreement is still conditional on David Jones obtaining Overseas Investment Office consent by Monday, 30 November.

Kirkcaldie’s chair Falcon Clouston said on Friday that, if the agreement is completed by 1 February, it was likely the capital return would be made by a target date of 3 March.

The company received the final instalment from its $45.85 million sale of the Harbour City Centre to local investor Chao (Charlie) Zheng in October.

The David Jones store would be the first for the brand outside Australia, but brand owner Woolworths Holdings Ltd’s 36th store in New Zealand. South African retailer Woolworths Holdings acquired David Jones last August for $A2.1 billion. Its other brands here are Country Road, Witchery, Trenery & Mimco.

Earlier story:
2 August 2015: Kirkcaldie’s David Jones deal approved

Attribution: Company release.

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Propbd on Q Th8Oct15 – Apartments auction, Esanda sale, PGC suspended, Metlifecare buys, Summerset ups guidance, Wellington sale finalised

5 apartments sell, H47 commercial space passed in
ANZ sells Esanda portfolio to Macquarie
PGC suspended
Metlifecare buys Albany site
Summerset revises guidance on sales lift
Harbour City Centre sale finalised

5.07pm:
5 apartments sell, H47 commercial space passed in

5 apartments were sold out of the 8 taken to auction today at Ray White City Apartments. A ground-level commercial space in the H47 apartment building was passed in. Auction results:

The Aucklander, 25 Rutland St, unit 2E, sold for $226,000, Gillian Gibson
The Aucklander, 25 Rutland St, unit 1C, sold for $190,000, Gillian Gibson
Hudson Brown, 57 Mahuhu Crescent, unit 119, leasehold, passed in at $250,000, Aileen Wu
HarbourCity, 16 Gore St, unit 11M, sold for $271,000, May Ma & Mark Li
City Zone, 11 Liverpool St, unit 2006, no bid, Krister Samuel
132 Vincent, 132 Vincent St, unit 104, sold for $641,000, Keisha Gutierrez
Marina Park, 146 Fanshawe St, unit 50, sold for $520,000, May Ma & Mark Li
Emily, 22 Emily Place, unit 4A, passed in after one bid at $400,000 vendor bid at $700,000, Jean Ooi
H47, 47 Hobson St, unit R1, commercial space, passed in at $2.05 million, Victor Liu

ANZ sells Esanda portfolio to Macquarie

ANZ Banking Group Ltd has entered into an agreement to sell its Esanda Dealer Finance portfolio to Macquarie Group Ltd for $A8.23 billion. The portfolio includes net lending assets of $A7.8 billion, comprising retail point-of-sale vehicle finance of $A6.2 billion, and wholesale bailment facilities & other Esanda-branded finance offered to vehicle dealers of $A1.6 billion.

The sale doesn’t include ANZ commercial broker, commercial asset finance or direct to consumer asset finance businesses. The sale of the retail portfolio is expected to be completed by 31 October, and the wholesale portfolio in phases by 31 March 2016.

PGC suspended

NZX Regulation suspended trading in Pyne Gould Corp Ltd ordinary shares this morning because the company still hadn’t provided its annual report to NZX. Under the listing rules, PGC had to provide its report by 30 September.

Metlifecare buys Albany site

Metlifecare Ltd has conditionally bought a 3ha site on McClymonts Rd, Albany, for its 17th Auckland retirement village and fourth on the North Shore.

It’s the third Auckland site the company has bought this year. The others, also conditional, were 5ha at Red Beach and 5.5ha within the Manukau golfcourse.

The Albany acquisition forms part of a proposed $300 million retirement village project and is subject to completion of due diligence in early December. Settlement is then scheduled for 31 March 2016.

Chief executive Alan Edwards commented: “We are looking forward to working on this opportunity as it presents some interesting possibilities for innovative lifestyles around the commercial & retail environment of Westfield Albany. Our vision for this village is to see a retirement community established that complements the surrounding community.”

It would grow Metlifecare’s total pipeline by over 500 units & care beds, lifting the total development pipeline to 2580 units & beds. Mr Edwards said Metlifecare would continue to look for additional development opportunities.

Summerset revises guidance on sales lift

Summerset Group Holdings Ltd has revised its earnings guidance, increasing its forecast for underlying profit for the December 2015 year to a range of $36-39 million.

Previous guidance was for a $32-34 million range.

The new guidance follows third-quarter sales of occupation rights that were stronger than expected, as well as projected sales for the fourth quarter.

The company hasn’t issued a forecast for NZ IFRS net profit after tax due to the inherent uncertainty in fair value movement of investment property, a key component of this profit measure.

Summerset achieved 162 sales for the September quarter – 83 new, 79 resales.

Chief executive Julian Cook said the results were in line with the highest level of sales in a quarter for the group, achieved in the final quarter of 2014, and were 64% higher than the September 2014 quarter.

“The 432 sales in the first 9 months of this year are nearing the level of sales achieved for the full 12 months of 2014 of 458 sales, and we are seeing good demand for our offering across the country.

“Our new Wigram village in Christchurch saw its first residents move in during September, and settlements at this village will contribute to new sales in the fourth quarter.”

Harbour City Centre sale finalised

Kirkcaldie & Stains Ltd has received the final instalment from its $45.85 million sale of the Harbour City Centre to local investor Chao (Charlie) Zheng.

2 August 2015: Kirkcaldie’s David Jones deal approved
24 September 2014: Harbour City Centre sale approved

Image above: The ground-floor commercial space in the H47 apartment building.

Attribution: Auction, company releases.

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Kirkcaldie’s David Jones deal approved

Kirkcaldie & Stains Ltd was half a percent short of getting total support on Friday for its proposal to assign the lease on its Wellington store to David Jones Ltd and to sell certain assets to the Australian retailer.

Approval was even closer to 100% for a cash distribution to shareholders. The board’s current view is that a court-approved scheme of arrangement will be the best method of distributing funds.

The agreement is still conditional on David Jones obtaining Overseas Investment Office consent by 30 November.

It will be the first David Jones-branded store outside Australia but brand owner Woolworths Holdings Ltd’s 36th store in New Zealand. South African retailer Woolworths Holdings acquired David Jones last August for $A2.1 billion. Its other brands here are Country Road, Witchery, Trenery & Mimco.

Link: Kirkcaldie and Stains stories

Attribution: Company release.

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Propbd on Q W29July15 – Summerset buys in Parnell, Precinct settles sale, Allied Farmers stake, Brierley ups Kirkcaldie’s stake

Summerset buys KiwiRail site
Precinct settles Wellington sale
Bensemans lifted Allied Farmers stake
Brierley lifts Kirkcaldie’s stake

9.05am:
Summerset buys KiwiRail site

Retirement village operator Summerset Group Holdings Ltd has bought a 2.3ha site at 23 Cheshire St, next to the Auckland Domain in Parnell, from KiwiRail Holdings Ltd. KiwiRail put the site, next to the proposed Parnell Station, on the market in April.

Summerset chief executive Julian Cook said yesterday: “We plan to build one of Auckland’s premier retirement villages in what is a fantastic location. The closeness to Parnell’s shopping & restaurants, and the views & walking tracks into the Auckland Domain, will be great for residents. The public transport links will also, I’m sure, be regularly used by residents & their families.”

It’s Summerset’s seventh site in the Auckland region. The company announced another Auckland acquisitions last week, in St Johns and an extension to its village at Warkworth.

Precinct settles Wellington sale

Precinct Properties NZ Ltd said on Monday it had settled the sale of 80 The Terrace in Wellington for $36.1 million.

Earlier story, 26 June 2015: Precinct cuts gearing to 14% with revaluation & another Wellington sale

Bensemans lifted Allied Farmers stake

Albany Braithwaite Holdings Ltd (Mark & Margaret Benseman) said on Monday it had lifted its stake in Allied Farmers Ltd from 6.97% to 9.66% through the onmarket acquisition of 3,484,233 ordinary shares for a total consideration of $209,061.48, at an average 6c/share.

Mr Benseman was an analyst at Citigroup for 6 years until 2007. The Bensemans are both directors of Fraters Group Ltd and Mr Benseman is a former director of Wairarapa wine companies, including Martinborough Vineyard Estates Ltd.

Albany Braithwaite also holds 870,000 unlisted options entitling it to acquire ordinary shares at 2.7c/share, exercisable up to 13 September 2018.

Brierley lifts Kirkcaldie’s stake

Sir Ron Brierley has increased his stake in Kirkcaldie & Stains Ltd from 6.883% to 8.351% through Sydney listed company Mercantile Investment Co Ltd’s onmarket purchases of 150,470 ordinary shares in the period 6-16 July for a total $296,253.55, at an average $1.97/share.

Attribution: Company releases.

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Propbd on Q F3July15 – Super Fund mandate, DJs progress

Mint gets Super Fund mandate
2 steps towards DJs’ Wellington opening

8.23am:
Mint gets Super Fund mandate

The NZ Superannuation Fund has appointed Mint Asset Management Ltd has been appointed to a $150 million active New Zealand equities mandate, effective 1 July.

Super Fund chief investment officer Matt Whineray said yesterday transition of the mandate to Mint had been completed. He said the fund was committed to using a combination of external managers alongside its internal team to manage its $1 billion-plus portfolio of New Zealand equities.

Devon Asset Management also has an active New Zealand equity mandate, but Milford Asset Management Ltd’s mandate remains suspended and is being managed by the fund’s guardians until further notice.

2 steps towards DJs’ Wellington opening

The directors of Kirkcaldie & Stains Ltd said yesterday landlord consent to assign the lease on its Wellington department store to Australian retailer David Jones Pty Ltd and for refurbishment had been granted, and David Jones had also extended by one day the timeframe for Kirkcaldie’s to get shareholder approval for the sale.

Kirkcaldie & Stains intends to call the meeting for approval on 31 July. Approval will pave the way for David Jones to open its first New Zealand store in the Lambton Quay premises in mid-2016.

Attribution: Fund & company releases.

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Propbd on Q W16Jun15 – Coke off to Landing, Goodman bond rate, C:Drive lease renewed, DJ’s condition satisfied, NZF exit agreed

Coke signs up for production plant at airport
Goodman bond rate set
ASB renews C:Drive lease early
Kirkcaldie’s seismic condition satisfied
NZF Group proceeds to final payout

11.40pm:

Coke signs up for production plant at airport

Coca–Cola Amatil (NZ) Ltd will establish a manufacturing operation at The Landing Business Park at Auckland Airport in a purpose-built, high-tech, 12,000m² building developed by the airport company.

Auckland International Airport Ltd mentioned the development in its interim results presentation in February but didn’t name the tenant.

Coca–Cola Amatil managing director Chris Litchfield said today: “Auckland Airport has the ability to deliver a product which meets our specific requirements. We need to consolidate a number of operations into one, meaning that we require a location that ticks all the boxes in terms of connectivity, security & accessible amenities.”

Airport property general manager Mark Thomson property said Coke’s move highlighted the airport company’s ability to tailor solutions to unique customer requirements: “We are focused on creating a business environment that caters to a wide range of users.  Our extensive landholdings allow Auckland Airport to tailor bespoke solutions, not only for traditional logistics activities but also for technology users & selected manufacturers, such as Coca-Cola Amatil.”

Goodman bond rate set

Goodman Property Trust’s new issue of Goodman+Bonds had their interest rate set at 5%/year today, reflecting a margin of 1.25%/year over the underlying swap rate.

The $100 million of bonds will be quoted on the NZX debt market.

They have an investment grade issue credit rating of BBB+ from Standard & Poor’s. The Goodman trust’s current corporate credit rating is BBB.

The bonds will be issued on 23 June and will mature in 7 years.

ASB renews C:Drive lease early

DNZ Property Fund Ltd said today ASB Bank Ltd had extended the lease term on its C:Drive technology & innovation hub at 33 Corinthian Drive, Albany, by 9 years from expiry on 15 October 2016 to 2025.

The office building has a current rental of $2.8 million/year, $34 million valuation, an 8.24% contract yield and a market cap rate of 7.88%.

Kirkcaldie’s seismic condition satisfied

Australian retailer David Jones Pty Ltd advised Kirkcaldie & Stains Ltd yesterday that one of the 4 conditions for it to take over the Kirkcaldie’s department store in Wellington had been satisfied.

Kirkcaldie’s chairman Falcon Clouston said David Jones was satisfied by the detailed seismic assessment report. The agreement is still conditional on Kirkcadlie’s shareholder approval by 30 July, landlord consent by 2 July and Overseas Investment Office consent by 30 November.

David Jones intends to operate from the Lambton Quay premises from mid-2016.

Earlier story, 5 June 2015: Kirkcaldie & Stains to become a David Jones store

NZF Group proceeds to final payout

NZF Group Ltd’s creditors resolved at the watershed meeting yesterday that the company should execute the deed of company arrangement, which offers a full & final settlement payment to noteholders by the end of this month.

The deed has been executed by the company and the deed administrators, Peri Finnigan & Tony Maginness of McDonald Vague, which ends the administration begun on 21 May.

The deed allows for the deed administrators to distribute available funds to creditors, with senior creditors being paid in priority to noteholders. Noteholders will be paid in proportion to the face value of their capital notes registered at the record date of 25 June.

The administrators said they anticipated that noteholders would receive about 12.7c:$1, with no interest.

Earlier story, 12 June 2015: 12.8c return estimate for NZF noteholders

Attribution: Company releases.

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