Hargreaves Services PLC Sale of Underground Mining Equipment (5417F)

TIDMHSP

RNS Number : 5417F

Hargreaves Services PLC

18 May 2017

 
 For immediate release   18 May 2017 
 

Hargreaves Services plc

("Hargreaves" or "the Group")

Sale of Underground Mining Equipment

Hargreaves 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.

The 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.

Gordon 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."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

For further details:

 
  Hargreaves Services 
  Gordon Banham, Chief Executive 
  Officer 
  Iain Cockburn, Finance 
  Director                               0191 373 4485 
  Buchanan 
   Mark Court / Anna Michniewicz 
   / Sophie Cowles                       020 7466 5000 
  N+1 Singer (Nomad and 
   Joint Broker) 
   Sandy Fraser / Nick Owen              020 7496 3000 
  Investec (Joint Broker) 
   Sara Hale / Robert Baker              020 7597 5970 
 
 
 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

DISGCGDUBBBBGRI

(END) Dow Jones Newswires

May 18, 2017 05:20 ET (09:20 GMT)