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Agri-business sale completed

13 November 2012

Agri-business sale completed

Solid Energy has completed the sale of the agribusiness division of Biodiesel New Zealand Ltd. The purchaser, Pure Oil New Zealand Ltd, is owned by Southern Packers, Midlands Seed, and a manager and agronomist who previously worked for Biodiesel New Zealand.

Solid Energy said in August that as part of its response to the impact on its business of the extremely challenging global coal market, the company would sell its biodiesel business which operates in two parts – one manufacturing and marketing biofuel and the agri-business division which contracts with farmers to grow oilseed rape, processes the seed at an oil extraction plant at Rolleston and sells the oil into the food industry and meal as animal feed. In early October Solid Energy announced the consortium led by Southern Packers was the preferred bidder.

Solid Energy is pleased that Pure Oil New Zealand plans to develop the existing agri-business, including the amount of oilseed rape crop it contracts.

Solid Energy is now in negotiations with potential purchasers of the fuel division of Biodiesel New Zealand and expects to complete a sale by the end of the year.

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