News: PrimeAg to sell assets

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PrimeAg Australia Limited (ASX:PAG) announced it is looking to sell its assets last week as it reported its full year results.

The farming group reported a 30 per cent drop in its full-year profit, amid falling commodity prices and a high Aussie dollar.

Assets include properties in Liverpool Plains in NSW and central Queensland.

PrimeAg’s Chairman declared the business was on the market in order to unlock value for shareholders.

PrimeAg’s net asset value is about $425 million.

Major shareholder Australian Food & Fibre has expressed its support for a fast sale and cash return.

PrimeAg generated as a net profit of $5 million for the 2012 financial year.