By Phil Boeyen, ShareChat Business News Editor
Tuesday 11th December 2001
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The cinema operator says it has entered into a conditional sale and purchase agreement with another shareholder, Chrysalis, for the sale of its one-third interest in South Pacific Pictures for a total sale price of GBP500,000 (NZ$1.725 million).
Force says it has received a deposit of GBP50,000 but notes that the deal is conditional on Chrysalis reaching a shareholder agreement with the other partner in South Pacific Pictures, Endeavour Entertainment.
Force has already sold a number of other non-core assets such as properties and is using the proceeds to repay debt. Casino operator, Sky City (NZSE: SKC), is company's major shareholder.
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