CIY released this , but it didn't do their sp much good , CPK's...

CIY released this , but it didn't do their sp much good , CPK's seems to have found a floor...finally!

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City Pacific Limited (ASX: CIY)
Sale of Townsville assets
City Pacific has executed conditional agreements for the sale of its property and marina
interests in Townsville, Queensland to an interest associated with UK financier Lord Michael
Ashcroft KCMG.
The specific assets being divested are:
· Breakwater Pacific Pty Ltd which is the owner of Townsville’s Breakwater Marina for
a sum of $18 million; and
· City Pacific’s right to develop the Townsville Future Development Area (FDA) for a
sum of $20.3 million plus the company will receive the release of bank guarantees of
$9.2 million.
Both transactions are subject to the completion of final due diligence by 16 June 2008 with
settlement anticipated to occur in July 2008 where upon City Pacific will receive the full
proceeds of the sales being $38.3 million.
City Pacific has advised CEC Group Limited (ASX: CEG) in writing that their agreement to
acquire the FDA has been terminated in accordance with the terms of the extension
agreement.
City Pacific continues to actively promote and negotiate with a number of interested parties
including those interests associated with Lord Ashcroft in respect to the company’s other
marina holdings.
City Pacific Limited