Update on Joint Venture with AquaChile

RNS Number : 5980B

Benchmark Holdings PLC

10 June 2019

 

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.

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Enquiries

For further information, please contact:
Benchmark Holdings plc	Tel:  [phone]
Malcolm Pye, CEO
Mark Plampin, CFO
Ivonne Cantu, Investor Relations
Numis (Broker and NOMAD)	Tel:  [phone]
James Black, Freddie Barnfield, Freddie Naylor-Leyland
MHP Communications	Tel:  [phone]

Katie Hunt / Reg Hoare / Alistair de Kare-Silver                    [e-mail]

 

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