Business
Sale of Underground Mining Equipment
Sale of Underground Mining Equipment.
About this update from Hargreaves Services Plc
[{"type":"text","content":"\n \nRNS Number : 5417F Hargreaves Services PLC 18 May 2017 \n\n\n\n\n\nFor immediate release\n\n\n18 May 2017\n\n\n\n\n \n \nHargreaves Services plc\n(\"Hargreaves\" or \"the Group\")\nSale of Underground Mining Equipment\nHargreaves Services plc (AIM: HSP), a diversified group delivering key projects and services to the infrastructure, energy and property sectors, is pleased to announce that contracts have been signed for the sale of surplus underground mining equipment to an overseas buyer for an undisclosed cash consideration.\nThe equipment was originally acquired for use at the Group's former deep mine at Maltby and formed part of the Group's legacy asset disposal programme. Although the precise sale terms are subject to a confidentiality agreement, the proceeds are in line with the carrying book value of the equipment on the Group's balance sheet. The consideration is payable in stages with the aggregate sale proceeds to be received in roughly equal amounts in the financial years ending 31 May 2017 and 31 May 2018.\nGordon Banham, Chief Executive Officer, commented: \"This sale represents another positive step in the realisation of our portfolio of legacy assets. By maintaining a strong financial platform throughout our restructuring process, we have given ourselves the time and flexibility to realise value from our legacy assets in a structured and methodical manner.\"\nThis announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.\n \nFor further details:\n \n\n\n\n\n \n\n\nHargreaves Services\nGordon Banham, Chief Executive Officer\nIain Cockburn, Finance Director\n \n\n\n0191 373 4485\n\n\n\n\n \n\n\nBuchanan \nMark Court / Anna Michniewicz / Sophie Cowles\n \n\n\n020 7466 5000\n\n\n\n\n \n\n\nN+1 Singer (Nomad and Joint Broker)\nSandy Fraser / Nick Owen\n \n\n\n020 7496 3000\n\n\n\n\n \n\n\nInvestec (Joint Broker)\nSara Hale / Robert Baker\n\n\n020 7597 5970\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END DISGCGDUBBBBGRI\n ","length":5337,"tagName":"div"}]