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Jarvis plc announces that it has entered into a conditional sale agreement with regard to its interest in Baltic Rail Services01/07/2004 Jarvis plc announces that it has entered into a conditional sale agreement with regard to its interest in Baltic Rail Services OU, the majority shareholder in Estonian Railways (AS Eesti Raudtee). The transaction will be completed by the sale of Jarvis' interest in its Dutch joint venture, Jarvis Estonia BV, to EEIF Rail BV, an affiliate of Jarvis' joint venture partners in Jarvis Estonia BV, for a cash consideration of £6.75 million. The disposal of this overseas investment reflects the Group's refocusing its activities following the withdrawal from rail maintenance. The proceeds of the sale will be used for working capital in the Group. The net asset value of Jarvis' investment in Jarvis Estonia BV at 30 September 2003 was £5.8 m inclusive of equity accounted profits and its contribution to group earnings in the year to 31 March 2003 was £0.7 m after minority interests. It is expected that the conditions will be fulfilled and the sale agreement completed on or before 9 August 2004. For media enquiries please contact: Paul Ravenscroft Or Andrew Honnor at Tulchan |
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