Rakon confirms sale of France property

Rakon 29 March 2018 9:00:00 AM
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RAKON LIMITED (NZX: RAK)

Rakon today announces the sale of its Argenteuil, France property for a total consideration of EUR 2.7 million, before costs.

Argenteuil had previously been the main operational site for the manufacture of discrete OCXOs, which in recent years has shifted to Centum Rakon India. The property sale has been achieved following a lengthy re-zoning process.

Rakon will continue to maintain a research & development centre in the area, with employees relocated to a leased building in Gennevilliers, France.

An accounting gain that results from the sale of the property, will be reported in the FY2018 Annual Report. There is no adjustment to full year earnings guidance for FY2018, with the accounting gain having been included in forecasts provided to the market.

Brent Robinson
Chief Executive Officer & Managing Director

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About Rakon
Rakon is a global high technology company and a world leader in its field. The company designs and manufactures advanced frequency control and timing solutions that provide the heartbeat of much of today’s communications and positioning technology. Rakon was founded in Auckland in 1967 and is listed on the New Zealand stock exchange. For more information visit 
www.rakon.com