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Hargreaves Services agrees sale of legacy assets

By BFN News | 02:24 PM | Thursday 18 May, 2017

Hargreaves Services said it has signed contracts for the sale of surplus underground mining equipment to an overseas buyer for an undisclosed cash amount. The Company confirmed that the equipment was originally acquired for use at the its former deep mine at Maltby and formed part of the its legacy asset disposal programme. Although the precise sale terms are subject to a confidentiality agreement, the proceeds are said to be in line with the carrying book value of the equipment on the Group's balance sheet. Hargreaves also confirmed that payment will be received in stages, with the aggregate 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." At 2:24pm: (LON:HSP) Hargreaves Services PLC share price was +7.13p at 335.13p Story provided by

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