REL: 0920 HRS Rakon Limited
GENERAL: RAK: Rakon confirms sale of France property
29 March 2018
RAKON LIMITED (NZX: RAK)
Rakon confirms sale of France property
Rakon today announces the sale of its Argenteuil, France property for a total
consideration of EUR 2.7 million, before costs.
Argenteuil had previously been the main operational site for the manufacture
of discrete OCXO's, which in recent years has shifted to Centum Rakon India.
The property sale has been achieved following a lengthy re-zoning process.
Rakon will continue to maintain a research & development centre in the area,
with employees relocated to a leased building in Gennevilliers, France.
An accounting gain that results from the sale of the property, will be
reported in the FY2018 Annual Report. There is no adjustment to full year
earnings guidance for FY2018, with the accounting gain having been included
in forecasts provided to the market.
Chief Executive Officer & Managing Director
Simon Bosley (Chief Financial Officer)
+64 9 571 9206
Louise Howe (Media Liaison)
+64 21 206 0985
End CA:00316186 For:RAK Type:GENERAL Time:2018-03-29 09:20:27