Elders cattle farm horses

Pulpwood Land and Asset Sale Agreement Announcement

Elders (ASX:ELD) announces that all commercial conditions precedent to the forestry asset sale agreement announced to the ASX on 18 April 2012 have now been satisfied.

The agreement, which remains subject to customary regulatory approvals, provides for the divestment of the large majority of Elders’ pulpwood forestry assets in the Albany, Bunbury and Green Triangle regions to Global Forest Partners.

Net cash proceeds to Elders are expected to approximate $60 million at completion, which is now expected to occur on 18 July 2012.