FirstFarms A/S and AP Pension has earlier today release the following company announcement:
FirstFarms A/S and AP Pension has chosen to interrupt the dialogue regarding the trade of 3,000 hectares and appurtenant buildings in East Romania. The parties unfortunately have to conclude, that it has not been possible to reach a mutual satisfactory agreement.
"We had jointly set a deadline as to when we would agree on the matter. Unfortunately, we did not succeed to reach an agreement before that deadline. Therefore, by mutual agreement, we have decided to break off the dialogue in full harmony", says CEO in FirstFarms, Anders H. Nørgaard and CEO in AP Ejendomme, Peter Olsson.
FirstFarms A/S regrets that the cooperation with AP Pension does not become a reality. We have tried to reach an agreement for a long time, but we have had to realise that this has not been possible. It has been difficult to find a distribution key on the profit of sale of land that we could agree on. Among other things, since we began negotiations with AP Pension, land prices in Romania have increased significantly. The interruption of the negotiations is with due care. It would not have been reasonable to continue, as we do not want to risk removing focus from our daily operations and ongoing investments.
The interrupted negotiations will have no influence on FirstFarms' strategy and objectives. Our financial situation is healthy and solid, and the interest in cooperating with - and invest in - FirstFarms is large. We will now use the coming time to partly evaluate the course with AP Pension, and partly consider the interest from potential collaborators/investors. Last but not least, we will continue to operate, develop and invest for the benefit of our investors.
Questions can be directed to the undersigned on tel: +45 75 86 87 87. Just as there will be an opportunity to get questions answered and the general meeting on 24 April 2018.
Best regards,
FirstFarms A/S
Anders H. Nørgaard
