Company Announces Disposal of Subsidiary in Conditional Share Purchase Agreement

A company announced a conditional share purchase agreement for the disposal of 50 per cent of its wholly owned subsidiary, Fletcher King Services Limited. This transaction, known as the Phase 1 Disposal, is paired with a put and call option agreement covering the remaining 50 per cent of the subsidiary. The deal is contingent upon a resolution passing at the General Meeting.

The proposed transaction involves the sale of a significant portion of the company's subsidiary to Lexington One Limited, a company controlled by certain directors of the company. The company also published a circular detailing the proposed transaction and planned board changes.