Seeka Northland Orchard Sales Progress and Guidance Confirm

Seeka Northland Orchard Sales Progress and Guidance Confirmation Seeka Limited [NZX:SEK] provides a progress update on its Northland Strategy and earnings guidance. In 2018 Seeka acquired a portfolio of Northland orchards through the purchase of Turners and Growers Horticulture Limited's KeriKeri based post-harvest and orchard business. In line with Seeka's Northland strategy Seeka embarked on a process of rejuvenating those orchards and selling them, with a long term fruit packing commitment to Seeka. Seeka is recording the sales once the sale conditions have been met. Most conditions relate to title and subdivision. Sales progress is as below. During the year ended 31 December 2018, Seeka sold and had settled $7.0m of its Northland orchard portfolio releasing a $0.6m gain on sale. In the six months ended 30 June 2019, Seeka sold and had settled $5.4m of its Northland orchard portfolio releasing a $1.2m gain on sale. In July 2019, Seeka has sold and expects to be settled $11.710m of its Northland orchard portfolio releasing a $1.5m gain on sale. In addition, $7.0m in conditional sales have been agreed that are expected to be settled before 31 December 2019. These sales will result in a gain on sale of $1.6m when completed. Seeka still holds $21.646m in orchards for sale, and is actively engaged in sale negotiations. It is expected that these orchards will substantially be sold and settled before 31 December 2019. Seeka will update the market on sales progress as they occur. Consistent with the strategy, proceeds from sale will be used to repay debt. Seeka reconfirms EBITDA earnings guidance for the FY2019 year of between $32.5m and $33.5m. Ends. For further information, please contact: Michael Franks Seeka Chief Executive 021356516 Stuart McKinstry Seeka Chief Financial Officer 0212215583 End CA:00338141 For:SEK Type:MKTUPDTE Time:2019-07-25 16:34:03