Orbital Corporation Limited (OBTEF) Inactive
Filed: 23 Feb 11, 12:00am
ORBITAL CORPORATION LIMITED ABN 32 009 344 058 | 4 WHIPPLE STREET BALCATTA WA 6021 AUSTRALIA TELEPHONE: +61 8 9441 2311 FACSIMILE: +61 8 9441 2133 http://www.orbitalcorp.com.au | |||
| ASX Code: OEC | |||
FOR IMMEDIATE RELEASE: 21 FEBRUARY 2011 | OTCBB Code: OBTMY | |||
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SETTLEMENT OF PROPERTY SALE
PERTH, AUSTRALIA– 21 February 2011: Orbital Corporation Limited (ASX: OEC – “Orbital”) announced today that it has completed the sale and lease back of its land and buildings in Balcatta, Western Australia to Balcatta Properties Pty Ltd. The key terms and conditions of the transactions are as follows:
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Sale Price – $8.65 million
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Lease Term – 10 years (plus two 5 year options)
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Rental - $745k per year (subject to fixed increases of 3% per year and market value reviews on exercise of the options)
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Profit on sale – Approximately $4.4 million
“We are pleased to have completed the sale and leaseback of our facilities”. Commented Keith Halliwell, Orbital’s Chief Financial Officer.
“This transaction provides cash reserves which will be used for strategic acquisitions and will support the organic growth opportunities already underway” added Mr Stinson, Orbital’s Chief Executive Officer.
ENDS
CONTACTS | Mr Keith Halliwell CFO | Telephone +61 8 9441 2311 Email Info@orbitalcorp.com.au Website www.orbitalcorp.com.au |
About Orbital
Orbital is an international developer of innovative technical solutions for a cleaner world. Orbital provides innovation, design, product development and operational improvement services to the world’s producers, suppliers, regulators and end users of engines and engine management systems for application in motorcycles, marine and recreational vehicles, automobiles and trucks. Orbital's principal operations in Perth, Western Australia, provide a world class facility with capabilities in design, manufacturing, development and testing of engines and engine management systems. Headquartered in Perth, Western Australia, Orbital stock is traded on the Australian Stock Exchange (OEC) and the OTC Bulletin Board (OBTMY).
Forward Looking Statements
This release includes forward-looking statements that involve risks and uncertainties. These forward-looking statements are based upon management's expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company, that could cause actual results to differ materially from such statements. Actual results and events may differ significantly from those projected in the forward-looking statements as a result of a number of factors including, but not limited to, those detailed from time to time in the Company’s Form 20-F filings with the US Securities and Exchange Commission. Orbital makes no undertaking to subsequently update or revise the forward-looking statements made in this release to reflect events or circumstances after the date of this release.