Sale of Underground Mining Equipment

RNS Number : 5417F

Hargreaves Services PLC

18 May 2017

 

For immediate release

18 May 2017

Hargreaves Services plc

("Hargreaves" or "the Group")

Sale of Underground Mining Equipment

Hargreaves Services plc (AIM: HSP), a diversified group delivering key projects and services to the infrastructure, energy and property sectors, is pleased to announce that contracts have been signed for the sale of surplus underground mining equipment to an overseas buyer for an undisclosed cash consideration.

The equipment was originally acquired for use at the Group's former deep mine at Maltby and formed part of the Group's legacy asset disposal programme. Although the precise sale terms are subject to a confidentiality agreement, the proceeds are in line with the carrying book value of the equipment on the Group's balance sheet. The consideration is payable in stages with the aggregate sale proceeds to be received in roughly equal amounts in the financial years ending 31 May 2017 and 31 May 2018.

Gordon Banham, Chief Executive Officer, commented: "This sale represents another positive step in the realisation of our portfolio of legacy assets. By maintaining a strong financial platform throughout our restructuring process, we have given ourselves the time and flexibility to realise value from our legacy assets in a structured and methodical manner."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

For further details:

	Hargreaves Services Gordon Banham, Chief Executive Officer Iain Cockburn, Finance Director		0191 373 4485
	Buchanan Mark Court  / Anna Michniewicz / Sophie Cowles		020 7466 5000
	N+1 Singer (Nomad and Joint Broker) Sandy Fraser / Nick Owen		020 7496 3000
	Investec (Joint Broker) Sara Hale / Robert Baker		020 7597 5970

 

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