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BRIEF-McAleese tenders for new LPG cartage contract with Elgas

Published 23/12/2015, 07:20 pm
© Reuters.  BRIEF-McAleese tenders for new LPG cartage contract with Elgas
MCS
-

Dec 23 (Reuters) - McAleese Ltd MCS.AX :

* Business, financing and strategic process update

* Oil and gas division has successfully tendered for a new LPG cartage contract

with Elgas Limited

* Says the sales will occur above book value and are expected to complete by

the end of January 2016

* McAleese Group will sell approximately $9 million of LPG tankers to Elgas

with the proceeds to be applied to debt reduction

* Says increased volumes are expected to deliver total revenues of

approximately $50 million per annum and improved EBITDA

* Approximately $4 million of capital expenditure over next six months will

reduce the oil and gas division's average prime mover age to 3.2 years

* Source text for Eikon ID:nASX7dZwQw

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