Good Spirits Hospitality to sell to Brew On Quay

Good Spirits Hospitality Limited has announced that it has entered into a conditional agreement to sell its business and assets to Brew On Quay Limited (BOQ).

The sale price is $20,701,400 plus GST, which the independent directors believe is fully priced and fair to shareholders.

If the sale is approved by shareholders and completed, the company intends to distribute a dividend of $600,000 to shareholders.

Following the sale, Good Spirits Hospitality will delist from the NZX Main Board and eventually be liquidated or deregistered.

The sale is recommended by the independent directors, and failure to approve the sale may result in enforcement action by the company's financier, Pacific Dawn Limited.

Shareholders are urged to review the notice of meeting and independent appraisal report before the meeting.