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BRIEF-ELB Sells Australian Equipment Unit As Restructuring Progresses As Plan

Published 29/02/2020, 12:21 am
© Reuters.  BRIEF-ELB Sells Australian Equipment Unit As Restructuring Progresses As Plan

Feb 28 (Reuters) - ELB Group Ltd ELRJ.J :

* JSE: ELR - TERMS ANNOUNCEMENT, DISPOSAL OF ELB AUSTRALIA, CANCELLATION OF EMPLOYEE SHARE SCHEME, WITHDRAWAL OF CAUTIONARY

* ELB GROUP - OPERATIONAL RESTRUCTURING INITIATIVES PROGRESSING AS PER PLAN, EXPECTED TO BE COMPLETED WITHIN CURRENT FINANCIAL YEAR

* ELB - SECURED BRIDGE LOAN OF R100 MILLION TO FINANCE RESTRUCTURING INCLUDING EXIT OF ONEROUS CONTRACTS & HEADCOUNT REDUCTION

* ELB - AGREED TO SELL ITS AUSTRALIAN EQUIPMENT BUSINESS

* ELB- SALE OF AUSTRALIAN EQUIPMENT BUSINESS AT TOTAL PURCHASE CONSIDERATION OF AUD19.25 MILLION

* ELB - PROCEEDS OF DISPOSAL WILL BE UTILISED TO SETTLE BRIDGE LOAN

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