May 23, 2017 / 1:07 PM / 5 months ago

BRIEF-Solon divests rest of non core real estate assets

May 23 (Reuters) - SOLON EIENDOM ASA:

* REG-SOLON EIENDOM ASA : SALE OF NON-CORE ASSETS AND BIONOR PHARMA UPDATE

* SOLON HAS NOW ENTERED INTO BINDING AGREEMENTS FOR SALE OF THREE REAL ESTATE PROPERTIES INCLUDING TWO COMMERCIAL PROPERTIES

* COMBINED GAIN ON SALE IS APPROXIMATELY NOK 19 MILLION AND WILL RESULT IN INCREASED LIQUIDITY OF APPROXIMATELY NOK 76 MILLION

* THESE SALES WILL BE RECOGNIZED IN Q2 AND Q3 THIS YEAR.

* SOLON HAS, AFTER ABOVE MENTIONED SALES, DIVESTED ALL NON CORE REAL ESTATE ASSETS

* PLANNED COST REDUCING ACTIONS WILL DECREASE ANNUAL CASH BURN FOR BIOPHARMACEUTICAL DIVISION FROM ABOUT NOK 24 MILLION TO NOK 14 MILLION Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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