BIL picks up quick A$5.8M

BIL took a 10% stake in the Victoria-based company last November, paying A80 cents a share for 7.1 million shares. The holding was diluted by share issues earlier this year after SPC merged with another food processor, Ardmona.

Late on Friday BIL announced that it had contracted to sell its entire 6.67% shareholding in SPC for around A$16.5 million.

"BIL's book value of its interest in SPC is approximately A$10.7 million. The excess of the sales proceeds over the book value is approximately A$5.8 million."

The company says the sale is not expected to have any material impact on its net tangible assets or earnings per share for the financial year ending June 2002.

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