Disposal of interest in Hambric

RNS Number : 1441Q

Stellar Resources PLC

01 November 2012

 



For Immediate Release

1 November 2012

Stellar Resources plc

(the "Company")

Disposal of interest in Hambric Sports Management, LLC

In the interim results announcement released on 26 September 2012, the Company stated that negotiations for the disposal of its interest in Hambric Sports Management, LLC ("Hambric") were at an advanced stage.

The Company is pleased to announce that it has now signed an agreement to dispose of all its 30% interest in Hambric Sports Management, LLC ("Hambric") to concentrate on its core business in the mining and resources sector.  The consideration for the disposal was a total of USD 350,000 to be paid in instalments.  The first instalment of the consideration of USD 175,000 has been received by the Company with a further two instalments of USD 87,500 each due to be paid on or before 28 February 2013 and 28 February 2014 respectively.

The total consideration is equivalent to approximately £232,000. In the consolidated interim statement of financial position as at 30 June 2012, the carrying value of this interest was £152,000.

The proceeds from the disposal will be used to advance the Company's investing policy.

For further enquiries, please contact:

Stellar Resources plc

David Lenigas

Lincoln Moore                                                                                         [phone]

Northland Capital Partners Limited (Nominated Adviser & Broker)

Luke Cairns

Edward Hutton                                                                                        [phone]

Pelham Bell Pottinger - (Investor and Media Relations)

Charlie Vivian

Daniel Thöle                                                                                            [phone]

 

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