Sydney - Friday - July 14: (RWE Australian Business News) - Evans & Tate Ltd (ASX code: ETW) has agreed to the sale of its Barramundi winery at Griffith in the Riverina district of NSW. Binding agreements for the asset sale and for wine storage have been entered into with TWG Australia Pty Ltd. Settlement is scheduled for August 11, after final conditions precedent have been satisfied. Total consideration is expected to exceed $8 million, which is slightly above book value. The exact amount is to be determined post-settlement. Proceeds from the sale will be used to repay debt and meet restructuring costs. Managing director Mr Martin Johnson said: "The sale is a very positive step towards delivering our turnaround strategy." The announcement was made after the close of trading. Shares in Evans & Tate rose 0.6c to 8.3c today.
ETW Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
