For total consideration of $8.0 million, the company has recently completed the sale of its largest parcel of surplus land at Lara. At the date of sale, the terms of the two separate sale agreements include the payment of $1.15 million, with the balance to be received in four installments with amounts and dates as $2.35 million by no later than June 30, 2019, $2.35 million by no later than June 30, 2020, $2.30 million by no later than June 30, 2021 and $1.35 million by no later than June 30, 2022.
The sales follow the 28 June 2018 ASX announcement of the sale for gross consideration of $5.0 million. Based on a cost base of the two parcels of land of $0.95 million and after allowing for commission and legal costs, the estimated pre-tax profit on sale is $8.2 million. To complete the contract of sale for total consideration of $1.5 million, the purchaser has twelve months in which it needs to conduct due diligence and determine whether it wishes to exercise its option.
Ridley Corporation (ASX: RIC) was trading at a market price of $1.302 with -0.61% drop as at July 24, 2018. Overall the stock has seen a positive return of 23.41% since the time of inception.
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