VIENTO GROUP LTD
12 November 2014
Viento Group Limited (Viento, ASX: VIE) has disposed of its investment in the land subdivisions for
$2.628 million (excluding GST).
The total consideration consists of an immediate cash receipt of $2.2 million plus deferred consideration of $428,000 to be received 12 months from settlement.
The total sale price of the Unlisted Investment in the Southern River Property Syndicate results in a loss on sale of $7,000 before costs.
As a result of the transaction Viento will relinquish the management rights of the property business. Viento Executive Chairman Ray Munro said "the disposal of the property investment and
relinquishment of the management of the property business provides certainty of the value of the asset and allows Viento to focus its efforts on the core business of mining services."
Viento is a growing mining services business specialising in civil contracting on rail embankments, access roads and general mine infrastructure projects, mine pre-stripping, contract mining and utility services to the mining, oil and gas industries. Viento is a diverse and experienced specialist manufacturer of transportable switchrooms including design and delivery of electrical switchgear and service solution used for mining, oil and gas, and industrial projects. Viento provides equipment and labour hire to established mining and civil projects, heavy duty mechanical repairs and mine site shutdowns.
For further information contact: Ray Munro, Executive Chairman Viento Group Ltd
T: 61 8 6145 2400 www.vientogroup.com
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