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: 01892 516333

Peter Hadsley-Chaplin


Philip Fletcher


Tristan Price




Peel Hunt LLP

Telephone: 020 7418 8900

Dan Webster


George Sellar




Hudson Sandler

Telephone: 020 7796 4133

Charlie Jack


Katie Matthews


Bertie Berger


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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