Hargreaves Services PLC Sale of Underground Mining Equipment (5417F)
May 18 2017 - 5:20AM
UK Regulatory
TIDMHSP
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
This information is provided by RNS
The company news service from the London Stock Exchange
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