Sims : Sims Limited Sells Surplus Land for $31.5M

19 December 2022 NEW YORK – Sims Limited (ASX : SGM), a global leader and enabler of the circular economics, announced today that 8.2 acres of land at 250 Doremus Avenue, Newark, New Jersey, was being sold for $31.5 million. The proceeds of 85% will be received by Sims Limited in December 2022 and the remainder will be received by Sims Limited before June 30, 2023. This sale is a tangible step in the company’s ongoing review of finding unproductive or noncore assets to dispose of and then redeploying the proceeds for core growth assets. This review identified Sims Municipal Recycling as a non-core asset. It was sold previously at 50.5 percent. Recyclers Australia, Atlantic Recycling Group were funded largely with proceeds from the sale. Alistair Field, managing director, chief executive officer of Sims Limited, stated that the sale of this land in New Jersey shows our commitment to disciplined capital administration. The proceeds will be used to fund core growth assets that provide returns at or above our IRR threshold of 15%. Without significantly altering our capital profile, we can sell non-core and unproductive assets to make capital available to continue funding transformative assets such as Pinkenba land in FY21. We have had excellent results through the recycling of capital and we anticipate more divestments," Mr. Field said. Sims Limited was founded in 1917. It is a global leader and enabler of the circular economic. Sims Limited employs over 4,400 people from more than 200 locations in 15 countries. Sims Limited's ordinary shares are listed at the Australian Securities Exchange (ASX): SGM, and its American Depositary Shares can be found on the Over-the–Counter market in the United States of America (USOTC : SMSMY). Their purpose is to create a world that doesn't waste in order to save our planet. This drives them to continually innovate and offer new solutions to the circular economy to consumers, businesses and governments around the globe. Visit URL for more information. Disclaimer Sims Limited published the content on December 19, 2022. It is solely responsible. Duration: Auto. 2 months 3 months 6 month 9 months 1 year 2years 5 years 10 years max. Mean consensus UNDERPERFORM Number Analysts 13 Average Target Price 12,27 AUD Spread/Average Target -7.11%