Harvey Norman updates settlement of securities for Coomboona

Company News

by Rachael Jones

Retailer Harvey Norman (ASX:HVN) have released an update on the administration sale of Coomboona Dairy.

At the end of October last year the Administrators advised Harvey Norman that Coomboona Dairy operation in Northern Victoria had been sold for $44.1 million.

Yesterday, the administrator sale was completed.

On completion Harvey Norman and its subsidiaries received $40,000,000 for a discharge of the NAB Securities and Harvey Norman Galaxy Securities.

The aggregate of the respective net carrying amounts of e the NAB Debt and the HNM Galaxy Debt, exceeds the aggregate of the expected recoverable amounts of both the debts by approximately $8.7 million.

Shares in Harvey Norman (ASX:HVN) closed 0.31 per cent higher at $3.21 yesterday.