23rd Nov 2015 16:40
LONDON (Alliance News) - MP Evans Group PLC on Monday said the sale of Woodlands, its Australian cattle-fattening property, to the Chinese Fucheng Group for AUD28.0 million has been held up because settlement funds have not yet been transferred to Australia from China.
A 10% deposit has been paid under the deal. Settlement of the contract had been expected on Monday, having been delayed from November 18.
"Because settlement funds have not yet been transferred from China to Australia, settlement did not take place today, and the purchaser has requested a further postponement," MP Evans said.
Shares in MP Evans were down 0.8% at 380.00 pence on Monday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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