Sale of the Sydney warehousing and office facility
On 28 August 2015, Cavalier Corporation reported on a number of key strategic initiatives aimed at reducing debt and costs. These included the outsourcing of its Australian broadloom carpet logistics and the consequent release of its Sydney-based warehousing and office facility for sale.
Cavalier Corporation now advises that an agreement for the sale and purchase of the Sydney property has been concluded, with settlement expected towards the end of October. Cavalier Corporation expects the sale to release around $9.5 million, after taking into account Australian capital gains tax, towards its debt reduction programme.
Chief Executive Officer
For and on behalf of the Board of Directors
11 September 2015
For more information regarding this announcement, please contact Paul Alston on 021 918 033 or 09 277 1135.