Postie Plus Group Limited (Administrators Appointed)

Monday 30 June 2014

News release

Postie Plus Group Limited (Administrators Appointed)

David Bridgman and Colin McCloy, as Administrators of Postie Plus, have today announced that they expect it will be another two to three weeks before the current conditional agreement concerning the sale of the Postie Plus business becomes unconditional and can be completed. The intended purchaser, an international retail group, is continuing its due diligence.

David Bridgman said: "As Administrators we remain keen to conclude a sale of the business as a going concern, as we believe this to be in the best interests of all creditors and Postie Plus staff. In the meantime, the Company will continue to trade through 68 stores nationwide following the pending closure of 12 stores as previously announced".

The Administrators also record their continued appreciation for the patience and forbearance shown by the Company's creditors and Postie Plus staff.

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Notes to editors:
The process of ‘voluntary administration’ is a relatively new business rehabilitation scheme that was introduced into New Zealand company law on 1 November 2007. Administration is intended to be a relatively short-term measure that freezes the company’s financial position while the administrator and the creditors work on the next steps.

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