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- Qube has sold its option to buy land at Beveridge to develop a rail freight terminal to National Intermodal Corporation.
- However, the company did not disclose the consideration price.
- The stock has gained over 3% in the last 12 months.
The shares of ASX-listed logistics company, Qube Holdings Limited (ASX:QUB), are trading marginally up today as the company has announced that it has sold its option to buy land at Beveridge north of Melbourne.
Qube shares traded 0.809% higher at AU$3.115 per share at 12:25 PM AEDT.
As per the release, the company has sold the option to buy thus land to develop a rail freight terminal to National Intermodal Corporation (Commonwealth Government Business Enterprise).
However, the company has kept the significant upside from upcoming development of the site.
Although QUB did not disclose the transaction price but revealed that the consideration paid to the company reflected the actual cost of options. It also includes the partial recovery of QUB’s expenses for assessing the development to date.
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As per the agreement, Qube will have the right to repurchase if National Intermodal does not exercise the option before September this year.
Apart from this, Qube also announced that it has agreed to the arrangement with National Intermodal.
Meanwhile, as part of the transaction, Qube also has an option to buy back up to 200 hectares of developable land for a consideration materially consistent with the acquisition price paid by National Intermodal for the land.
Moreover, this transaction further provides Qube with the flexibility to participate in any future development of industrial warehousing and interstate rail freight terminal at Beveridge.
Qube share price movement
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Qube shares have delivered a 3.69% return to its shareholders in the last 12 months. Meanwhile, the scrip has dropped 3% on YTD this year.
It had been trading 3% lower over the previous three months. However, some improvement can be seen as the stock has gained 1% over the last week.
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