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COVENTRY GROUP LIMITED Capital/Financing Update 2020

Mar 24, 2020

64742_rns_2020-03-24_6e96e4d7-8348-43e5-a3a6-d65c4c0c38e9.pdf

Capital/Financing Update

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ASX RELEASE

COVID-19 (coronavirus)

Coventry commences suspension of New Zealand operations and postpones H.I.S. Hose acquisition

25 March 2020

Coventry Group Ltd (ASX:CYG) announced today it had commenced the necessary activities to suspend its operations in New Zealand by 11.59 pm (NZDT) this evening and deferred the completion of its recently announced acquisition of H.I.S. Hose in Australia.

Coventry’s CEO & Managing Director, Robert Bulluss said:

“In accordance with the directions of the New Zealand government in relation to its COVID-19 Alert Level 4 restrictions, the Board has determined that all Coventry operations in New Zealand will be suspended. The safety and well-being of our staff, customers, suppliers and the community is our key goal as we implement this suspension in accordance with the government’s guidelines. As New Zealand’s largest specialty fastener supplier, we will be ready to begin trading again immediately Alert Level 4 restrictions are eased.

On 10 March 2020 Coventry announced the acquisition of Victorian based H.I.S. Hose. Completion was expected on 1 April 2020. H.I.S. Hose remains a compelling acquisition for Coventry but due to current market volatility and uncertainty the Board has determined it would be prudent not to complete at this point in time. The H.I.S. Hose vendors and Coventry have therefore agreed to postpone completion for a period of 3 months.”

Authorised for release by the Board of Directors of Coventry Group Limited.