Nov 5 (Reuters) - Ridley Corporation Ltd RIC.AX :
* Ridley sells dry creek RIC.AX
* Sale following an extensive and competitive sale process conducted over the last nine months
* 100 percent of the share capital of the legal entity has been sold for gross proceeds of $35 million
* Says "a taxable profit on the transaction is expected to be generated"
* Proceeds are receivable $7 million upon execution of ssa, $12 million on completion and $16 million receivable in tranches up to December 31, 2017
* Source text (http://bit.ly/1WDRvVP)