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ASPEN GROUP — Capital/Financing Update 2014
Jun 4, 2014
64404_rns_2014-06-04_8b256edd-0e10-4899-99b3-d52608213b39.pdf
Capital/Financing Update
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----- Start of picture text ----- Aspen Group LimitedABN 50 004 160 927Aspen Property TrustARSN 104 807 767Level 3, Newspaper House129 St Georges Terrace, PerthWestern Australia, 6000Telephone: 08 9220 8400Facsimile: 08 9220 8401Email: [email protected]----- End of picture text -----
MARKET RELEASE
ASX ANNOUNCEMENT 5 June 2014
SETTLEMENT OF NON-CORE RESIDENTIAL ESTATE SALES
Aspen Group (ASX:APZ) advises that settlement has been completed of the previously announced sales of two non-core residential estates – Fern Bay Seaside Village in Newcastle, New South Wales and Dunsborough Lakes in south west Western Australia.
The sale of the englobo landholdings and inventory by both syndicates continues the simplification of the Aspen business model. Combined net proceeds from the sales totalled $30.7 million, with $22.2 million applied to extinguishing the syndicate bank facilities and the balance recovered by Aspen Group for loans previously provided to the syndicates. This is in line with existing carrying values.
Aspen Chief Executive Clem Salwin commented on the settlements: “The completion of these sales continues the progress we are making in our strategy of de-leveraging and focussing the business.”
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For further information please contact:
Clem Salwin Adam Marrs Ekamper Chief Executive Officer & Managing Director Chief Financial Officer Phone: (+61) 8 9220 8400 Phone: (+61) 8 9220 8400 Email: [email protected] Email: [email protected]
Media enquiries
David Tasker Professional Public Relations Phone: 0433 112 936 Email: [email protected]
Aspen Group ASX Announcement – non-core residential settlements June 2014