re: Ann: Sale of Balcatta Property for $8.65 ... Orbital sells HQ to fund buys
* Nick Evans, Business Reporter
* From: PerthNow
* December 23, 2010 2:03PM
ORBITAL Corporation is back on the hunt for acquisitions, after cashing in its Balcatta headquarters for $8.65 million in a sell and lease back deal.
The company told the Australian Securities Exchange today it will sell the Whipple Street property to Balcatta Properties Pty Ltd for $8.65 million, and lease it back for 10 years at $745,000 a year.
The sale is subject to environmental checks on the industrial property, but is expected to close in February.
Orbital had $3.6 million in cash at hand at the end of June, which should be boosted to more than $11 million when the sale closes.
Orbital chief financial officer Keith Halliwell said the proceeds of the sale will likely be used to acquire cash generating assets.
He said that Orbital does not currently have an acquisition target in mind, but will be looking to ?expand strategically in the alternative fuel business? ? though the focus will still be on engines rather than on alternative fuel production.
Mr Halliwell said the company may consider an equity raising or scrip-based takeover if a suitable opportunity arose, but is mostly likely to fund any aquistion from its cash reserves.
Orbital shares were steady at 21c at the close of trading today.
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