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High court grants order for sale of GSM building to LHN
LHN plans to complete the acquisition of the asset on 9 May.
LHN has obtained an order for sale for the GSM building that its indirect wholly owned subsidiary, COLIWOO (TK), plans to acquire.
Following the grant of an order for sale, LHN said it plans to complete its acquisition of the asset on 9 May.
As of 9 February, LHN had already paid a deposit of $4,000,000, exclusive of GST. The deposit constitutes 5% of the $80m purchase consideration.
Within seven days from the Order for Sale grant, LHN must pay a further $4,000,000 exclusive of GST. LHN must pay the remaining 90% of the consideration upon the completion date.
LHN plans to fund the acquisition through internal sources of funding and bank borrowings.
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