25th Nov 2015 10:01
M.P. EVANS GROUP PLC
("The Group")
SALE OF WOODLANDS
The board is pleased to announce that, further to the announcement on 15 September 2015, the sale of Woodlands, the Group's Australian cattle-fattening property, to the Chinese Fucheng Group, was completed earlier today for the total sum of A$28 million (approximately US$20 million).
The property was sold exclusive of the cattle herd and the plant and equipment but the majority of these have now been sold separately. The terms of the sale-and-purchase agreement provide a further two months beyond the completion date to allow for the disposal of any remaining cattle and plant and equipment. Their combined sale value, including those already sold, is likely to exceed A$10 million (approximately US$7 million).
The sale proceeds will be used partly to repay the A$22 million (approximately US$16 million) bank loan secured against Woodlands and partly applied towards the Group's expansion in the Indonesian palm-oil sector.
25 November 2015
Enquiries:
M.P. Evans Group PLC | Telephone: 01892 516333 |
Peter Hadsley-Chaplin | |
Philip Fletcher | |
Tristan Price | |
Peel Hunt LLP | Telephone: 020 7418 8900 |
Dan Webster | |
George Sellar | |
Hudson Sandler | Telephone: 020 7796 4133 |
Charlie Jack | |
Katie Matthews | |
Bertie Berger |
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