In continuation of company announcements 8/2009 of 3 November 2009 and 12/2009
of 18 December 2009, it is hereby informed, that FirstFarms A/S' subsidiaries,
FirstFarms Rumænien ApS and S.C. FirstFarms s.r.l. has today completed the sale
of the operation centre in Western Romania close to Timisoara.
The agreement comprises sale of the shares in the companies, FirstFarms Agro
s.r.l. and S.C.
Cistapibe s.r.l., including among other things the land owned by the companies
(approx. 1,983 hectares), buildings and approx. 50 percent of the companies'
machinery. The part of the machinery that is not included in the agreement has
been entrusted to other FirstFarms companies. The agreement also comprises sale
of further approx. 73 hectares of land, which is under acquirement by S.C.
FirstFarms s.r.l. according to existing agreements, and will be handed over to
S.C. Cistapibe s.r.l. before the completion of the transaction.
The purchase price is DKK 61 million, of which DKK 58 million is paid cash at
the completion of the transaction. The purchase price can be adjusted based on
the companies' accounts per 31 December 2009. In addition to the purchase price,
up to DKK 8 million will be paid if certain terms are fulfilled.
As informed in company announcement 8/2009 of 3 November 2009, the sale
influences FirstFarms A/S' income statement positively with DKK 18 million
before tax and at the same time increases the financial resources with DKK 58
million. The sale does not influence the company's expectations for the year, as
the sale was included in the expectations in Q3 (company announcement 9/2009 of
25 November 2009).
After the sale, FirstFarms owns 7,135 hectares of land in total in Romania.
Best regards,
FirstFarms A/S
For further information:
Please see our homepage www.firstfarms.com <http://www.firstfarms.com/> or
contact Managing Director Kim Stokholm på telephone +45 75 86 87 87.
[HUG#1367142]
