LONDON (Thomson Financial) - Radicle Projects Plc. said it has acquired
1,500 co-production units in the 2008 Grain Co-production Project for a total of
A$6.6 million or around 3.2 million pounds in cash.
Radicle's interest represents about 15 percent of the Grain Project, which
is expected to produce income from the sale of wheat and Barley during the
current financial year, the UK company involved in Australian agribusiness
projects said.
The project is expected to return some 15 percent of proceeds from the 2008
and 2009 harvests to investors with the balance held to cover the development of
the following year's crop, while the net proceeds of the final crop for 2010
will be fully distributed.
Chief Executive Tim Bennett said: "Wheat is in heavy demand around the world
and this makes this project an exciting and attractive acquisition. We expect
the project to be producing cashflow for the group in the current financial
year."
tf.TFN-Europe_newsdesk@thomson.com
tsm
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|