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NZ $100 notes - Source: ONE News -
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CER Group Ltd has agreed to sell its New Zealand Nature Company Ltd business for $3 million.
Interests associated with CER managing director David Warrick, who has resigned as a director and employee, have made the purchase.
A possible sale was signalled at the company's annual meeting.
Consideration will be $2 million in cash on settlement and a deferred payment of $1 million within two years.
Should the conditions be satisfied it is anticipated that the transaction will complete in January 2010.
Sean Joyce will become a non-executive director, effective immediately. Joyce is a partner in the commercial law firm Jones Young in Auckland.
CER Group focuses on acquiring and developing sustainable
businesses.
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