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CEC Group Announces Significant Non Core Land Sale and Further Debt Reduction
Wednesday June 4, 2008, 12:16 pm

Original Announcement: Significant Non Core Land Sale and Further Debt Reduction

CEC Group announced the consummation of a significant non-core land sale amounting to $22m. The contract of sale is unconditional with settlement to occur prior to the end of June 2008. Further, non-core asset sales previously announced would have decreased debt from $165m as at 31 December 2007 to less than $115m by the end of June. Funds generated from this sale will be applied to further reduce this figure and is expected to result in total debt at 30 June 2008 for the Group of less than $95m. The Company also reported, sale of this non-core land sale parcel is expected to generate a profit after tax of in excess of $2m in the current fiscal year.

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