Disposal

RNS Number : 0698Z

M. P. Evans Group PLC

15 September 2015

 

M.P. EVANS GROUP PLC

("Group" or "M.P. Evans")

SALE OF WOODLANDS

The board is pleased to announce that, earlier today, contracts were exchanged in relation to the conditional sale of Woodlands, the Group's wholly-owned, 31,000-hectare cattle-fattening property, located in southern Queensland, Australia, to an Australian subsidiary of the Fucheng Group, for the sum of AS$28.0 million (some US---$20.0 million). The sale is conditional upon various regulatory approvals, including that of the Australian Foreign Investment Review Board, which are all expected to be received within approximately three months. The sale is for the property alone and both the cattle and the plant and equipment on the property, which are estimated to have a combined value of over A$10 million, will be sold separately. Woodlands reported a farm profit for the year ended 31 December 2014 of US$0.2 million. The board determined some time ago, for strategic reasons, to sell Woodlands, but significant interest in the property has developed only in recent months further to the sharp strengthening of the cattle market. The proceeds from the sale will be used partly to repay a portion of the Group's debt and partly applied towards the Group's expansion in the Indonesian palm-oil sector.

15 September 2015

Enquiries

M.P. Evans Group PLC                                   Telephone [phone]

Peter Hadsley-Chaplin - chairman

Philip Fletcher - managing director

Tristan Price - finance director

Peel Hunt LLP                                                    Telephone [phone]

Dan Webster

Richard Brown

Hudson Sandler                                                Telephone [phone]

Charlie Jack

Katie Matthews

 

END

 

 

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