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WRF Securities Ltd - 18-Jun-04

WRF Securities Ltd - 18-Jun-04

Due diligence has been completed on the sale of the company's land on Kangaroo Island and the  purchaser has committed to proceed with the purchase subject to the granting of development approvals on four of the properties being sold.  Completion of the transaction will result in net receipts of approximately $8 million and a profit on sale of approximately $2.5 million before tax.

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