Strategic Review of NAPCo

RNS Number : 1641S

M. P. Evans Group PLC

05 November 2013

 



M.P. EVANS GROUP PLC

 ("M.P. Evans" or "Group")

Strategic review of The North Australian Pastoral Company Pty Ltd ("NAPCo")

The board refers to the announcement made on 13 May 2013 in relation to the controlling shareholder of NAPCo undertaking a strategic review in relation to its shareholding in NAPCo. 

The board confirms that, as part of this strategic review, third parties were approached to gauge interest in acquiring a controlling interest in NAPCo.  The board was willing to sell MP Evans' shares in NAPCo if an acceptable proposal emerged. 

The board has been advised that NAPCo's controlling shareholder has concluded its strategic review and an acceptable proposal for a change of control has not emerged.  Consequently, the controlling shareholder will no longer be pursuing a transaction resulting in a change of control.  The board supports this decision given the difficult conditions currently being faced by the Australian beef industry.  However, NAPCo is well placed to face these challenges in view of the quality of its assets and its management team and the longer-term outlook for the Australian beef-cattle industry remains positive.

The board will continue to review any opportunities that arise in respect of the Group's shareholding in NAPCo.

5 November 2013

Enquiries:

M.P. Evans Group PLC	Telephone: [phone]
Peter Hadsley-Chaplin, chairman
Philip Fletcher, managing director
Tristan Price, finance director
Peel Hunt LLP	Telephone: [phone]
Dan Webster
Matthew Armitt
Richard Brown
Hudson Sandler	Telephone: [phone]
Charlie Jack
Katie Matthews

 

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