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AMA GROUP LIMITED — Capital/Financing Update 2009
Jun 9, 2009
64372_rns_2009-06-09_93e96d7b-4517-4bdb-b2c6-9c139fba0151.pdf
Capital/Financing Update
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ASX RELEASE
Wednesday 10 June 2009
LP GAS BUSINESS RESTRUCTURE
As part of the Board’s ongoing review of operations and restructuring to improve efficiencies and profitability of the company, the directors have decided to sell the LP Gas group of businesses owned by Allomak Limited. The Board’s review concluded that these businesses are not part of the go-forward strategy of the company and accordingly needed to be actioned.
The Board’s view is that this decision will not have a direct impact on the parent company, other than to improve net profit and assist the group to move forward with its restructuring plans.
In order to achieve this in an orderly manner, and ensure the best possible result, Mr David Hurst and Mr Andrew Wily of Armstrong Wily (Chartered Accountants) have been appointed as voluntary administrators of LP Gas 1 Pty Ltd, LP Gas 1 Franchising Pty Ltd, Dual LPG Pty Ltd, Dual LPG Conversions Pty Ltd and Multipoint LPG Systems Pty Ltd, effective 9 June 2009.
The contact details of the Joint Administrators are:
Mr David Hurst and Mr Andrew Wily Armstrong Wily (Chartered Accountants) Level 5 75 Castlereagh Street Sydney. NSW 2000
Further updates in relation to the recapitalisation plan will be made when information becomes available.
For further information please contact:
Enquiries Tom McDonald CFO and Joint Company Secretary Allomak Limited (02) 8244 9200