- Release Date: 12/12/14 10:18
- Summary: ASSET: RAK: Sale of Lincoln, UK Property
- Price Sensitive: No
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RAK 12/12/2014 10:18 ASSET NOT PRICE SENSITIVE REL: 1018 HRS Rakon Limited ASSET: RAK: Sale of Lincoln, UK Property 12 DECEMBER 2014 (RAK) SALE OF LINCOLN, UK PROPERTY COMPLETES TRANSFER OF UK MANUFACTURING Rakon Limited (NZX:RAK) ("Rakon" or "the Company") announces the successful completion of the sale of its Lincoln, UK property for a consideration of GBP 0.9 million. The property sale completes the strategic initiative announced earlier in 2014 to close the Lincoln, UK plant and shift all manufacturing to the New Zealand plant. Production previously undertaken at Lincoln has progressively moved to the Company's Auckland, New Zealand site with the full transfer successfully achieved in October 2014. The Company expects reduced operating expenses from the closure in the second half of FY2015. Rakon will receive GBP 0.9 million on the sale of the property, with final net proceeds of GBP 0.8 million after costs and taxes associated with the sale. Net proceeds will be used to reduce bank borrowings. The Company will report a gain on sale after tax of GBP 0.5 million in the financial statements for the second half of FY2015 from the disposal of the property. The gain on sale is not material in terms of any change to the current earnings guidance for FY2015. -ends- Contact: Simon Bosley Chief Financial Officer Rakon 09 571 9206 www.rakon.com About Rakon Rakon is a global high technology company and a world leader in its field. The company design and manufacture advanced frequency control and timing solutions. Rakon has eight manufacturing plants including four joint ventures plants and five research and development centres. Customer support centres are located in 13 offices worldwide. Rakon is a public company listed on the New Zealand stock exchange, NZSX, ticker code RAK. End CA:00258821 For:RAK Type:ASSET Time:2014-12-12 10:18:37
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