Agribusiness

AA Co announces property revaluation

Beef Central, 24/04/2017

The Australian Agricultural Co has today announced a $44.3m increase in the value of the company’s property portfolio at 31 March 2017 from $615.1m to $659.4m, following an independent valuation by CBRE Valuations.

An AA Co statement to the ASX today said the revaluation reflected increased activity and sale prices for recent property sales in Northern Australia.

“When formally approved the portfolio revaluation will contribute to the carrying value of the company’s property and improvements held at value at 31 March 2017,” the AA Co statement said.

“Announcing the latest increase in AA Co property values is an appropriate opportunity for the company to recognise the contribution of Henry and Bernadette Burke, who are leaving the business in late May. During 37 years with the company, Henry led the management and development of many AA Co northern properties.”

Reader Beef Central’s earlier salute to Henry Burke here.

AA Co’s 2017 full year Net Tangible Assets per share will be made available with the release of the company’s annual results for the year ended 31 March to the Australian Securities Exchange, on 10 May.

 

Source: AA Co

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