M.P. EVANS GROUP PLC — M&A Activity 2016

Jul 20, 2016

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 6470E

M. P. Evans Group PLC

20 July 2016

M.P. EVANS GROUP PLC

("MP Evans" or "the Group")

SALE OF SHAREHOLDING IN THE NORTH AUSTRALIAN PASTORAL COMPANY PTY LIMITED ("NAPCo")

Further to the announcements on 6 May and 10 June 2016, the board of M.P. Evans Group PLC ("MP Evans" or "the Group") is pleased to announce that the sale of the Group's 34.37% stake in NAPCo, an Australian cattle operator, has now been completed and cleared funds in respect of the gross sale consideration of A$107 million (US$82 million) will be received shortly.

It is planned that the net sale proceeds, after payment of Australian tax and costs associated with the sale, will be applied towards the significant capital-investment programme scheduled in respect of the Group's existing unplanted areas of land in Indonesia as well as prospective investment in new sustainable land, ideally located close to the Group's existing oil-palm operations.  Some potential new projects are closely under review in this regard. 

In addition the board will pay a special dividend of 5 pence per share on 17 August 2016.

Commenting on the transaction, MP Evans chairman, Peter Hadsley-Chaplin, said 'The sale of NAPCo and consequent exit by MP Evans from Australia represents an important landmark in the Group's history.  The proceeds from the sale will enable continued expansion within the Indonesian palm-oil sector and additional economies of scale to be achieved.  In the meantime, we wish the management and staff and both continuing, and new, shareholders of NAPCo every success in the future'.

20 July 2016

Enquiries:

M.P. Evans Group PLC	Telephone: 01892 516333
Peter Hadsley-Chaplin - chairman
Tristan Price - chief executive
Matthew Coulson - chief financial officer
Peel Hunt LLP	Telephone: 020 7418 8900
Dan Webster
Adrian Trimmings
George Sellar
Hudson Sandler	Telephone: 020 7796 4133
Charlie Jack
Katie Matthews
Bertie Berger

This information is provided by RNS

The company news service from the London Stock Exchange

END

DISEKLFFQDFLBBD