M.P. EVANS GROUP PLC
(Producer of Indonesian palm oil and Australian beef cattle)
Sale of Malaysian estate
Further to the announcement on 27 August 2007 that contracts had been exchanged
with regard to the sale of Sungei Kruit Estate (829 hectares) for a total price
of RM 72.28 million (approximately US$ 22.00 million), the board is pleased to
announce that the conditions in the agreement have now been satisfied and
completion is expected to take place at the latest by mid-October 2008.
Significant progress has been made to date in the board's strategy of disposing
of the Group's Malaysian plantation and property interests in order to provide
the funding, together with bank borrowings, for its continuing expansion within
the Indonesian oil-palm and Australian beef-cattle sectors. Of the estimated
total value of over US$ 135 million ascribed to the Group's Malaysian assets,
US$ 59 million has already been received in cash and, as referred to above, US$
22 million is expected to be received by mid-October 2008.
For further information, you are invited to contact any of the following:-
M.P. Evans Group PLC Tel: 01892 516333
Peter Hadsley-Chaplin - Joint Managing Director
Philip Fletcher - Joint Managing and Finance Director
Panmure Gordon (UK) Limited Tel: 020 7614 8384
Edward Farmer
Hudson Sandler Tel: 020 7796 4133
Hugo Jenkins
4 August 2008
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