We have been advised of the following announcement:
As you are aware, earlier this year the Parcel Direct Group (PDG) Board announced that it was undertaking a review of its investments with a potential outcome of divesting all or parts of the group.
I am now in a position to update you on the progress of this process.
Today we announce that Allied Overnight Express Pty Ltd has entered into an agreement to purchase the businesses of VicFast Parcel Direct and Hills Parcel Direct.
This includes the VicFast operation, the Hills operation in NSW and Queensland, and the Parcel Overnight Direct (POD) business in NSW, Queensland and Victoria.
This transaction is due to take effect on 18 July 2011.
Source: CEO Parcel Direct Group