Sale of Stonedon Drive property
Level 7, IBM Building, 25 Victoria Street,
Petone 5012
PO Box 30543
Lower Hutt 5040
P 04 570 5000
F 04 570 2453
www.steelandtube.co.nz
17 November 2017
STU / NZX ANNOUNCEMENT
Sale of Stonedon Drive property
Steel & Tube has signed an unconditional agreement to sell its 68 Stonedon Drive property
for $32.577 million on a sale and lease back basis. The transaction will be completed on 20
December 2017.
At the annual shareholder meeting yesterday, Chair Susan Paterson advised Steel & Tube
is not a commercial property company and believes it can use funds from the sale to
generate a better return for shareholders. Steel & Tube intends to apply the sale proceeds to
repay debt and strengthen its balance sheet. This positions the company well for future
growth.
The sale has no material impact on the earnings guidance provided to the market on 16
November 2017.
Mark Malpass
Interim Chief Executive
STEEL & TUBE HOLDINGS LTD
For further information please contact S&T Communications Manager Tanya Katterns: 021
573 874
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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