M. P. Evans Group PLC Disposal (6470E)
July 20 2016 - 2:00AM
UK Regulatory
TIDMMPE
RNS Number : 6470E
M. P. Evans Group PLC
20 July 2016
M.P. EVANS GROUP PLC
("MP Evans" or "the Group")
SALE OF SHAREHOLDING IN THE NORTH AUSTRALIAN PASTORAL COMPANY
PTY LIMITED ("NAPCo")
Further to the announcements on 6 May and 10 June 2016, the
board of M.P. Evans Group PLC ("MP Evans" or "the Group") is
pleased to announce that the sale of the Group's 34.37% stake in
NAPCo, an Australian cattle operator, has now been completed and
cleared funds in respect of the gross sale consideration of A$107
million (US$82 million) will be received shortly.
It is planned that the net sale proceeds, after payment of
Australian tax and costs associated with the sale, will be applied
towards the significant capital-investment programme scheduled in
respect of the Group's existing unplanted areas of land in
Indonesia as well as prospective investment in new sustainable
land, ideally located close to the Group's existing oil-palm
operations. Some potential new projects are closely under review in
this regard.
In addition the board will pay a special dividend of 5 pence per
share on 17 August 2016.
Commenting on the transaction, MP Evans chairman, Peter
Hadsley-Chaplin, said 'The sale of NAPCo and consequent exit by MP
Evans from Australia represents an important landmark in the
Group's history. The proceeds from the sale will enable continued
expansion within the Indonesian palm-oil sector and additional
economies of scale to be achieved. In the meantime, we wish the
management and staff and both continuing, and new, shareholders of
NAPCo every success in the future'.
20 July 2016
Enquiries:
M.P. Evans Group PLC Telephone: 01892 516333
Peter Hadsley-Chaplin
- chairman
Tristan Price - chief
executive
Matthew Coulson - chief
financial officer
Peel Hunt LLP Telephone: 020 7418
8900
Dan Webster
Adrian Trimmings
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
END
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