MADRID, 26 Abr. (EUROPA PRESS) -
Iberpapel has signed with the investment fund manager Winterbotham, in its capacity as trustee of the Eucalyptus del Sur financial trust, the earnest money contract for the sale of its forest assets in Uruguay for 55 million dollars (about 50 million euros), as reported this Wednesday by the company to the National Securities Market Commission (CNMV).
On October 20, Iberpapel reported that Los Eucaliptus, a 100%-owned subsidiary of Ibereucaliptos, and in turn, the latter 100%-owned by Iberpapel, granted a purchase option on its forest assets located in Uruguay in the departments of Canelones, Maldonado and Lavalleja.
The forest assets subject to the operation cover an area of 11,178 hectares and account for approximately 40% of the forest assets of the Iberpapel group.
The company has explained that the deed of sale must be granted within a period of 90 business days from the date of signing the contract, provided that the appropriate registration information and documentation procedures are met to carry out the operation.
Otherwise, the 90-day period will be extended until the registration information and the corresponding documentation are obtained.
In the event of non-compliance, by any of the parties, with the obligations of the aforementioned earnest money contract, a fine of just over 5.27 million dollars (about 4.79 million euros) has been established.
The effective acquisition of the forest assets that are the object of the earnest money contract will be subject to compliance with the conditions precedent to the offer of sale to the Uruguayan National Institute of Colonization, which has a preferential right of acquisition over the forest assets, and the mandatory authorization of the Uruguayan Executive. .
As reported by Iberpapel at the time of announcing the operation, in the event that the transaction is successful, "the already powerful balance sheet of the company would be strengthened, which would further reinforce the growth programs that the group is studying ".
