In April 2016, FirstFarms A/S og AP Pension entered a letter of intent regarding a long-term strategic framework agreement about sale of agricultural land and buildings in East Romania, cp. FirstFarms' company announcement no. 4/2016 of 21 April 2016.
The preliminary Due Diligence process is now carried out and the legal foundation for final agreement is under preparation and negotiation.
The process of the legal agreement has had a long process time, due to high complexity.
The legal negotiations are expected to be finished before the end of third quarter 2017.
The economic effect of the agreement with AP Pension is not recognised in the company's expectations for 2017, and thus FirstFarms maintains the previously announced expectations of an EBIT result of DKK 18-22 million in 2017.
Best regards
FirstFarms A/S
For further information:
Please visit our website www.firstfarms.com or
contact CEO Anders H. Nørgaard on telephone +45 75 86 87 87.
