Disposal

RNS Number : 9061G

M. P. Evans Group PLC

25 November 2015

 



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: [phone]
Peter Hadsley-Chaplin
Philip Fletcher
Tristan Price
Peel Hunt LLP	Telephone: [phone]
Dan Webster
George Sellar
Hudson Sandler	Telephone: [phone]
Charlie Jack
Katie Matthews
Bertie Berger

 

END

 

 

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