Cavalier hangs onto spinners, sells manufacturing site

Thu, 17 Sep 2020

Cavalier Corp. has shelved plans to sell its Napier and Whanganui spinning sites after shareholders signed off on the sale and leaseback of its South Auckland manufacturing facility to Kinleith Land and Infrastructure for $24.6 million today. Chief executive Paul Alston said the firm had been comfortable with the return which would be used to extinguish debt and cover initial restructuring costs of about $1.5 million during the current financial year. In a disrupted online special meeting of shareholders, Alston said the shift back to nat...

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