By Phil Boeyen, ShareChat Business News Editor
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Monday 23rd July 2001 |
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The company says it has entered into conditional sale contracts for another 6 of the remaining 7 farms it owns, with the purchase price for all the farms priced at $28.75 million, plus stock and plant.
Settlement is expected at the end of next month.
"This sale exceeds earlier expectations of value for the company and reflects the strong performance of the dairy industry over recent months," the company says.
"It will finalise the sales process, which commenced earlier this year."
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 evaluating whether to undertake a share buyback when the farms have been sold, as a means to return capital to shareholders, as generally approved by shareholders at a special general meeting in February.
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