GSH - Good Spirits Hospitality - Going Away Plans

[nztx]

https://www.nzx.com/announcements/415626

AUCKLAND 2 August 2023: Good Spirits Hospitality Limited (NZX: GSH) – leading hospitality operator in the Auckland pub market and owner of iconic venues including The Cav and Danny Doolans – has entered into a conditional agreement to sell its business and assets for $20,701,400 plus GST (if any).

As previously announced, following a strategic review conducted by transaction advisor Tonnant Partners, the Board of GSH decided to pursue a sale of the assets of GSH and its subsidiaries. On 5 July 2023 GSH advised that it had received final bids from potential purchasers and was working through these offers with its lender, Pacific Dawn Limited ("Pacific Dawn").

After a lengthy competitive sales process run by a committee of the independent directors of GSH and Tonnant Partners, GSH is pleased to advise that it and its wholly owned subsidiaries, Good Spirits Hospitality No.1 Limited and Good Spirits Hospitality No.3 Limited (the "Vendors") have entered into a conditional agreement to sell the business and assets of all nine operating venues to Brew on Quay Limited ("Transaction").

Brew on Quay Limited (“BOQ”) is or will be owned by Richard Sigley, Geoff Tuttle (CEO of GSH) and Jaime Dutton, who are well known in the hospitality industry, together with Matt Adams (who is a director of GSH). The BOQ group currently owns and operates three well known venues in Auckland and Waiheke Island.

The committee of the independent directors of GSH and Tonnant Partners identified the Transaction with BOQ as offering the best outcome for all GSH stakeholders. The negotiation of the Transaction was conducted at arm's length, with both GSH and BOQ acting in their own interests.

As previously announced, any proceeds received from the Transaction (after deducting transaction costs) will be used to part repay existing loans to Pacific Dawn.

It's time to hock off all the operations, pass the spoils off to the Lender and draw the curtains

In the interest of maintaining Good Spirits, there wont be a farewell party to depart the list

Who are the major stakeholders in this unfortunate battered little empire ?

Pacific Dawn, Selwyn, Colin ... ?


Good People * Good Times * Good Spirits

hope all enjoyed the memorable experiences

[Sideshow Bob]

https://www.nzx.com/announcements/420811

GSH Market Update - Intention to Delist

[nztx]

That's interesting .. No one have the slightest spirit in wanting to take on the abandoned Listed NZX Shell
to backdoor something else into ?

Must be worth something ? or not ?


Not even Selwyn or Colin interested in what's left ?

[nztx]

https://www.nzx.com/announcements/421155

7/11/2023, 8:30 am CORPACT

Auckland, 7 November 2023: Good Spirits Hospitality Limited advised on 1 November 2023 that the Company will keep the market updated as to its post completion activities, including its intention to make a distribution. The Notice of Meeting provided an indicative timetable of a Record Date 8 November 2023 and proposed Payment Date of 5 December 2023.

Under the NZX Listing Rules, the Company is required to give at least five business days’ notice of the Record Date and, pursuant to s125 of the Companies Act 1993, the Record Date is not to be more than 20 business days before the Payment Date.

The Company will provide the Record Date when it becomes certain that criteria for making the proposed distribution are met: the outcome of the Binding Ruling sought (as described in the Notice of Meeting); and meeting the solvency test per the Companies Act 1993.

https://www.nzx.com/announcements/424292

Subject: Good Spirits Hospitality Limited (“GSH”) — Trading Halt of Securities

Message:

NZ RegCo advises that, further to the announcement by Good Spirits Hospitality Limited (“GSH”) at 8.30am this morning, it has placed a trading halt on GSH ordinary shares to enable NZ RegCo to further engage with GSH regarding the default of the term loan.

The trading halt was placed pre-market open today, Wednesday, 3 January 2024.

https://www.nzx.com/announcements/424234

3/1/2024, 8:30 am GENERAL
1 January 2023:

TERM LOAN FACILITY EXPIRY

Good Spirits Hospitality Limited (NZX: GSH) advises that the term loan has expired on 31 Dec 2023 and all outstanding amounts totaling $19.250m are now due and owing. GSH is now in default on the term loan. For further context refer to the meeting materials relating to the NZX announcement dated 26 October 2023.

B*mmer - Did the plans for the Going Away Party get out of hand and no-one will get anything now ?


Are there some Bad Spirits present for this to happen



Good People * Good Times * Good Spirits

hope all enjoyed the memorable experiences