PPC peet limited
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News: PPC Peet Ltd Moves To 100% Ownership Of Flagstone City Project

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    31/12/21
    12:10
    Post #: 58583837

    Dec 31 (Reuters) - Peet Ltd (PPC) :

    • MOVES TO 100% OWNERSHIP OF FLAGSTONE CITY PROJECT
    • AGREED TO ACQUIRE SPIRIT SUPER'S 50% SHAREHOLDING IN FLAGSTONE CITY PROJECT IN QUEENSLAND
    • ACQUISITION IS BEING FUNDED FROM EXISTING CASH AND DEBT FACILITIES
    • TO ACQUIRE SPIRIT SUPER'S SHARE IN PROJECT FOR A$46.15 MILLION
    • IN ADDITION TO PAYMENT, PEET WILL ASSUME AN ADDITIONAL A$21 MILLION OF DEBT, REPRESENTING SPIRIT SUPER'S SHARE OF PROJECT'S DEVELOPMENT LOAN
    • GROUP'S LIQUIDITY EXPECTED TO REMAIN STRONG WITH CASH AND AVAILABLE DEBT FACILITIES FORECAST TO AVERAGE A$93 MILLION OVER NEXT 18 MTHS
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