Veritas Investments Ltd has gone unconditional on its agreement to buy the business & assets of Citizen Park from Kingsland Trading Co Ltd as a going concern, following shareholder approval on Friday.
Veritas subsidiary The Better Bar Co Ltd expects to complete the acquisition, for $2.7 million plus stock (estimated to be $30,000), on 25 February.
Citizen Park is a gastro pub at 424 New North Rd, Kingsland.
Veritas chair Tim Cook said when the proposed acquisition was announced in December: “Citizen Park is in a highly desirable location and represents a complementary acquisition for The Better Bar Co on a number of levels, from which we could drive synergies through our existing hospitality outlets, procurement base & supplier relationships.”
Veritas will debt-fund the full purchase price from the acquisition & capital expenditure facility provided by Pacific Dawn Ltd, a subsidiary of Japanese financier Nomura Holdings Inc.
19 December 2018: Veritas to buy Citizen Park
Attribution: Company release.