Kathmandu has today lodged a claim in the New Zealand High Court for the recovery of costs associated with last year’s takeover bid from Briscoe Group Limited.
The outdoor clothing retailer is looking to recover the ‘properly incurred significant costs in relation to the takeover bid’ under the New Zealand Takeover Code. The company claims it is entitled to recover expenses of $NZ 2,672,861.13 and A$ 446,397.94.
Briscoe made a payment of $637,711.65 on May 25 of this year after an initial request for payment by Kathmandu last November,”without prejudice to its position on what sum Kathmandu is entitled to recover,” the clothing retailer said in a statement.
Earlier this year, Kathmandu reported a half-year net profit increase of NZ$9.4 million ($A8.38 million) , bouncing back from the NZ $1.8 million loss it made in the previous corresponding period.
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