StockMarketWire.com - Nature Group has announced that it has entered into a non-binding letter of intent relating to the sale of its wholly-owned subsidiary, Nature Port Reception Facilities Limited (NPRF).

It said that owing to the outstanding conditionality, neither the proposed counter party nor the indicative sale price are being disclosed at this time.

NPRF operates the Group's reception, treatment and storage facility for maritime waste in Gibraltar. It was created as part of a long-term agreement with the Government of Gibraltar. NPRF reported a loss on ordinary activities before taxation for the year to 31 December 2014 of £1,843,751.

Nigel Sandy, Chairman of Nature, commented:

"After a long relationship providing port reception facilities in Gibraltar, it is with regret that the Board have decided that it is in the best interests of shareholders to progress the proposed sale, having received what we believe is a good offer for the local Nature business. After revisiting the local market opportunities and considered the cost of rebuilding the storage and treatment facilities, it was clear that this would not be a profitable use of shareholder funds when compared to alternative opportunities available to the Group."




At 12:27pm: [LON:NGR] Nature Group PLC share price was +0.38p at 11.5p



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