10th Jun 2019 07:00
10 June 2019
Benchmark Holdings plc
("Benchmark" or the "Company")
Update on Joint Venture with Empresas AquaChile S.A. (AquaChile)
Dissolution of Joint Venture
Further to the announcement made on 29 May 2019, Benchmark, the aquaculture health, nutrition and genetics business, announces that it has completed the dissolution of its joint venture with AquaChile.
As previously announced, Benchmark will receive its $16.25m original investment in the JV. Payment will be made in two instalments, a first US$7.5m payment will be made 10 days after completion and the balance US$8.75m six months after completion. The Company will also receive the IP rights, genetics stock and biomass in the JV. The dissolution has created an opportunity for Benchmark to take control of a land based salmon breeding facility belonging to the JV. The Company is in the process of conducting due diligence on the facilities and it is expected that the transfer of ownership will take place in the coming weeks. A further announcement will be made in due course.
- ENDS -
Enquiries
For further information, please contact: | |
Benchmark Holdings plc | Tel: 020 3915 1236 |
Malcolm Pye, CEO | |
Mark Plampin, CFO | |
Ivonne Cantu, Investor Relations | |
Numis (Broker and NOMAD) | Tel: 020 7260 1000 |
James Black, Freddie Barnfield, Freddie Naylor-Leyland | |
MHP Communications | Tel: 020 3128 8794 |
Katie Hunt / Reg Hoare / Alistair de Kare-Silver [email protected]
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