Northbridge Industrial Services Plc (LON:NBI), has announced that, further to its announcement on 18 February 2022, the sale of its Tasman operations in Australia and New Zealand has completed and the initial payment of A$6.0m (£3.16m) has been received, with the balance of the A$7.85m (£4.13m) total consideration to be paid in three additional instalments, with the final instalment due in 12 months. The purchase agreement contains a mechanism to adjust the total consideration according to the actual net debt and working capital at Completion, but this is not expected to be material and will not affect the loss on disposal.
Following the completion of this transaction, the only remaining asset of the Tasman division is the operation in the Middle East and the disposal of this business will now be progressed.
Capital Markets Event
As also announced on 18 February 2022, Northbridge Industrial Services will host a virtual capital markets event on 10 March 2022 where it will make a presentation in which management will outline the strategic direction and exciting future prospects of the Group, followed by an interactive Q&A session.
Please contact Buchanan if you wish to attend the event at firstname.lastname@example.org.