Kathmandu chases Briscoe bid fees

out of doors garb retailer Kathmandu is trying to get better $3 million in costs linked to the Briscoe institution's failed takeover bid.

Kathmandu has lodged a declare in the New Zealand excessive court to get better fees, which includes criminal costs and tax advice, which it says it's miles entitled to below the new Zealand Takeover Code.

chief economic officer Reuben Casey stated the felony motion turned into general method in NZ.

"The board had to take the best steps to fully recommend shareholders of the deserves of the provide and under the NZ takeover code the company that launched the takeover incurs those expenses," he said.

Briscoe has already paid almost $NZ638,000 on might also 25, however Kathmandu says it's also entitled to $NZ2.7 million ($A2.5 million) and $A446,four hundred.

Kathmandu is awaiting a complete yr profit of $NZ30.2 million after returning to a first half earnings of $NZ9.4 million earlier this year.

The company correctly fended off a takeover bid from New Zealand store Rod Duke's Briscoe organization in 2015.

The unsolicited takeover bid, described as competitive, was launched closing June, whilst Kathmandu's proportion fee became taking a beating following slow income and earnings downgrades.

Briscoe, on the time, improved its stake inside the organisation to its modern keeping of nearly 20 in line with cent.

Kathmandu's shareholders rejected the coins-and-scrip offer, worth approximately $NZ350 million, in September after the enterprise counseled towards it, saying the provide undervalued the agency.

Kathmandu is now focused on worldwide growth after its first half-12 months earnings rebound.

A remark from Briscoe has been sought.

The dual-listed corporation's shares at the Australian stock marketplace had been down three cents, or 2.2 according to cent, at $1.365 at 1155 AEST.