Agriterra Ltd Disposal of Aviation Assets (3964F)
July 27 2016 - 6:42AM
UK Regulatory
TIDMAGTA
RNS Number : 3964F
Agriterra Ltd
27 July 2016
Agriterra Ltd / Ticker: AGTA / Index: AIM / Sector:
Agriculture
27 July 2016
Agriterra Ltd ('Agriterra' or the 'Company')
Disposal of Aviation Assets and Acquisition of Pelletiser
Agriterra announces that it has today agreed the sale of its
Beech King Air F-90 plane to a registered aircraft retailer in
South Africa for consideration of US$290,000 (pre-transaction
costs) which is expected to complete within the next few days. This
sale follows the recent disposal of its Aerospatiale Alouette 3
Helicopter to the same purchaser for a consideration of US$80,000
(pre-transaction costs). A further sale of the Company's Robinson
R44 Helicopter has also been agreed with the same purchaser for
US$200,000 (pre-transaction costs); it is expected that the third
sale will complete on or around 5 August 2016. All considerations
receivable are payable in cash upon completion, and the assets have
been sold at their market value, which exceeds their collective
current book value of approximately US$258,000.
The sale of these aviation assets is part of the Company's
ongoing operational improvement programme in Mozambique. The
proceeds of the sale of these assets will be applied, in part,
towards the acquisition and operation of an animal feed pelletiser
machine (at a "delivered" cost of approximately US$75,000). The
pelletiser, which is due for shipment from South Africa to the
Company's facilities in Chimoio, Mozambique this week, will provide
the Company with access to an additional revenue stream, by
converting the "bran" by-product from the Company's grain
processing operations this into processed animal feed, which can be
sold at a premium to farmers within the region. Further information
on the operations of the pelletiser will follow in due course,
following installation, commissioning and initial sales.
** ENDS **
For further information please visit www.agriterra-ltd.com or
contact:
Andrew Groves Agriterra Ltd Tel: +44 (0)
20 7408 9200
Daniel Cassiano-Silva Agriterra Ltd Tel: +44 (0)
20 7408 9200
David Foreman Cantor Fitzgerald Tel: +44 (0)
Europe 20 7894 7000
Michael Reynolds Cantor Fitzgerald Tel: +44 (0)
Europe 20 7894 7000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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