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- Release Date: 07/02/14 14:25
- Summary: ASSET: NTH: Northland Port Corporation to exit cool storage business
- Price Sensitive: No
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NTH
07/02/2014 12:25
ASSET
REL: 1225 HRS Northland Port Corporation (NZ) Limited (NS)
ASSET: NTH: Northland Port Corporation to exit cool storage business
Northland Port Corporation (NZ) Ltd announced today, that it has entered into
an unconditional agreement for the sale of its 50% shareholding in North Port
Coolstores (1989) Ltd to its partner in that business, NPC Investments Ltd.
The sale will be treated as being effective as from 1 February 2014.
The total sale price of approximately $1.8 million will see the Group realise
a gain of approximately $0.8 million which will be accounted for in the
second half of the current financial year ended 30 June 2014.
North Port Coolstores (1989) Ltd is located adjacent to the former commercial
wharves at Port Whangarei where it operates a cool and cold storage facility
primarily servicing the dairy and horticulture sectors.
Commenting today, Northland Port Corporation Chairman, Sir John Goulter said
that "the decision to divest had been reached after careful consideration of
Northland Port's future strategic direction coupled with having been able to
negotiate an acceptable price for the Company's shareholding. In a strategic
context, the Board believes that the Company's longer term interests will be
best served by focussing on new and existing activity within the Marsden
Point area where our other business interests are located and our small
management team is based."
In the financial year to 30 June 2013, the Group's Net Surplus of $6.735
million included an after tax contribution of $0.201 million from its
investment in North Port Coolstores. The Group will later this month be
reporting its interim results to 31 December 2013.
Sir John Goulter KNZM JP
CHAIRMAN
For further information please contact
Graham Wallace, Chief Executive
(09) 432 7378
(0274) 761037
End CA:00246751 For:NTH Type:ASSET Time:2014-02-07 12:25:53
