AI assistant
CENTURIA CAPITAL GROUP — Capital/Financing Update 2008
Mar 4, 2008
64677_rns_2008-03-04_3ed8cb20-6aa7-49bc-a2d1-60113d95325f.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [78 x 68] intentionally omitted <==
Citrofresh[®]
International Ltd
Citrofresh[®] - The only natural choice.
5[th] March 2008. Page 1 of 1
Australian Securities Exchange Company Announcements Office Level 45, South Tower Rialto 525 Collins Street MELBOURNE VIC 3000
CITROFRESH INTERNATIONAL LIMITED (ASX Code: CTF) EXPANDS INTO THE HEALTH AND AGED CARE SERVICES MARKET
Citrofresh International Limited (CTF) announced its Half Yearly Report on 28 February 2008 and advised “ the Board has identified a specific industry opportunity that will add value to the Company and in a market that will provide the Company with long term sustainable growth ”.
The Company is pleased to announce that it has reached an “in principle” agreement with the Over Fifty Group Limited to purchase all of the assets of Lifetime Planning Pty Ltd.
Lifetime Planning Pty Ltd is a wholly owned subsidiary of Over Fifty Group Limited (ASX:OFG) and has specialised in assisting with the financial arrangements of people of pension age who are considering a move into aged care and retirement village accommodation. The need to provide expert advice to this growing section of our community has never been greater, as the population continues to age, with an estimated prediction that the population of Australians aged 65 and over is projected to grow substantially in coming years.
The consideration offered by CTF for these assets is $600,000 which will be funded by a combination of cash and bank debt. No new securities are to be issued as a result of this transaction. It is expected that this business will be earnings positive from in the year ended 30 June 2009.
In addition to this transaction, CTF has developed a six point strategic plan which offers complementary services to the health and aged care market, and is currently pursuing several opportunities in this regard.
The Company will convene a general meeting of shareholders in coming months to seek approval of a change in the nature of the Company’s business and approve a name change for the Company. Details will be advised to shareholders in the near future.
Shane Tanner Chairman
Citrofresh International Limited (ACN 064 551 426) Level 1, 71 Queens Road, Melbourne VIC 3004 Tel. (03) 9520 3060. Fax (03) 9520 3050