Sale of Los Naranjos Farm
?NZ Farming Systems Uruguay Limited (NZS) advises that it has entered into a
conditional agreement to sell the Los Naranjos farm, which, if it is made
unconditional, is due to settle during the next 60 days. The farm, a
cropping/grazing farm located in the West Region, was offered for sale as
part of the Business Plan announced in February 2011 given its remoteness
from the other farms owned by NZS in the West. If the current terms are made
unconditional, the farm sale will realise an overall gain of USD1.6 million
compared with book value. The transaction price net of commission will be 23%
above the Escritorio Dutra Ltda valuation referred to on page 51 of the
Target Company Statement issued on 23 May 2011. Prior to commission
deductions, the transaction price will be 26% above the Escritorio Dutra Ltda
valuation.
For further information please contact:
David Beca?Managing Director/CEO?Tel +598 98 240 707
1 June 2011
End CA:00209728 For:NZS Type:GENERAL Time:2011-06-01 09:14:13