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| Company |
Code |
Released |
Type |
Headline |
| Northland Port Corporation (NZ) Limited (NS) |
NTH |
25 Sep, 2007, 15:25 |
ASSET |
NORTHLAND PORT SELLS INTEREST IN MARSDEN COVE |
| Full Text of Announcement |
NORTHLAND PORT SELLS INTEREST IN MARSDEN COVE
Northland Port Chairman, Mike Daniel announced today
that the Company had reached agreement with joint
venture partners, Hopper Developments Ltd to sell its
50% shareholding in marina and waterway developer,
Marsden Cove Ltd.
He explained that the sale price of $10.6 million
(which includes a gain in excess of $7 million) would
be paid in two installments, the first of $4.6 million
on 20 October 2007, with the balance of $6 million,
secured by mortgage, on 20 October 2008. In addition
advances made to Marsden Cove of $1.7 million would
also be repaid on 20 October 2007.
In deciding to sell the interest Mr Daniel commented
that Directors were of the view that with the initial
development phase completed, and the likely length of
time until the completion of stage two, the time was
appropriate for NPC to exit the investment.
He remained confident of the long term success of the
project, and of the benefits which would flow to the
One Tree Point and Marsden Point areas.
ENDS
Mike Daniel
Chairman
Whangarei
25 September 2007
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