# Northbridge Industrial Services completes sale of its Tasman operations in Australia and New Zealand

- Link: https://www.directorstalkinterviews.com/northbridge-industrial-services-completes-sale-of-its-tasman-operations-in-australia-and-new-zealand/4121055140
- Published: 2022-03-01T10:04:29+00:00
- Author: Amilia Stone

**Northbridge Industrial Services Plc** ([LON:NBI](https://www.directorstalkinterviews.com/company/crestchic/load.l)),
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 [georgec@buchanan.uk.com](https://www.directorstalkinterviews.com/northbridge-industrial-services-completes-sale-of-its-tasman-operations-in-australia-and-new-zealand/georgec@buchanan.uk.com).

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