Business
Disposal of Aviation Assets
Disposal of Aviation Assets.
About this update from Pacsco Limited
[{"type":"text","content":"\n \nRNS Number : 3964F Agriterra Ltd 27 July 2016 \n\nAgriterra Ltd / Ticker: AGTA / Index: AIM / Sector: Agriculture\n27 July 2016\nAgriterra Ltd ('Agriterra' or the 'Company')\nDisposal of Aviation Assets and Acquisition of Pelletiser \n \nAgriterra announces that it has today agreed the sale of its Beech King Air F-90 plane to a registered aircraft retailer in South Africa for consideration of US$290,000 (pre-transaction costs) which is expected to complete within the next few days. This sale follows the recent disposal of its Aerospatiale Alouette 3 Helicopter to the same purchaser for a consideration of US$80,000 (pre-transaction costs). A further sale of the Company's Robinson R44 Helicopter has also been agreed with the same purchaser for US$200,000 (pre-transaction costs); it is expected that the third sale will complete on or around 5 August 2016. All considerations receivable are payable in cash upon completion, and the assets have been sold at their market value, which exceeds their collective current book value of approximately US$258,000.\n \nThe sale of these aviation assets is part of the Company's ongoing operational improvement programme in Mozambique. The proceeds of the sale of these assets will be applied, in part, towards the acquisition and operation of an animal feed pelletiser machine (at a \"delivered\" cost of approximately US$75,000). The pelletiser, which is due for shipment from South Africa to the Company's facilities in Chimoio, Mozambique this week, will provide the Company with access to an additional revenue stream, by converting the \"bran\" by-product from the Company's grain processing operations this into processed animal feed, which can be sold at a premium to farmers within the region. Further information on the operations of the pelletiser will follow in due course, following installation, commissioning and initial sales. \n \n** ENDS **\n \nFor further information please visit www.agriterra-ltd.com or contact:\n \n\n\n\n\nAndrew Groves\n\n\nAgriterra Ltd\n\n\nTel: +44 (0) 20 7408 9200\n\n\n\n\nDaniel Cassiano-Silva\n\n\nAgriterra Ltd\n\n\nTel: +44 (0) 20 7408 9200\n\n\n\n\nDavid Foreman\n\n\nCantor Fitzgerald Europe\n\n\nTel: +44 (0) 20 7894 7000\n\n\n\n\nMichael Reynolds\n\n\nCantor Fitzgerald Europe\n\n\nTel: +44 (0) 20 7894 7000\n\n\n\n\n \n\nThis ...