Australia-$250 Million Farm sale.

AUSTRALIA.

LARGEST LAND COMPANY SELL 5 PROPERTIES.

Australian Agricultural Co (AAC), the largest cattle producers in Australia, have sold 5 of their 26 cattle properties for AU$250 million or US$170 million, which caused their shares to take a sharp jump.

Primary Holdings International, have a firm offer on the table and the deal is ready to go through. The board intends to use the capital from the sale, to reduce current debt, they will also create a joint venture with the new owners to manage the cattle.

CEO of AAC Stephen Toms, said " A number of interested parties have been knocking on our door and in the end the decision was made on Primary Holdings International on the basis of value for Australia Agricultural Holding shareholders access to the funding and the ongoing arrangements that this relationship will bring".

This appears to be a win, win situation, for both companies and the existing management and staff