By Phil Boeyen, ShareChat Business News Editor
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Tuesday 7th August 2001 |
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The company says it has entered into another conditional sale contract for its remaining seven farms on substantially the same terms as the one that was not completed.
The new contract is also for $28.75 million plus stock and plant at valuation, with settlement expected at the end of this month.
Dairy Brands says the contract is conditional on property related conditions, approval of the purchaser's shareholders and finance.
An amount yet to be determined will also need to be paid to an 18% holder of one of the farms.
"This sale will finalise the sales process, which commenced earlier this year. The farms conditionally sold represent all the company's remaining farms," Dairy Brands says.
Four of the farms sold earlier will continue to be managed by the company until settlement in June next year.
Dairy Brands says it is continuing to evaluate whether to undertake a share buyback when the farms have been sold.
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