AI assistant
EXCELSIOR CAPITAL LTD — Capital/Financing Update 2008
May 15, 2008
64816_rns_2008-05-15_f1e412cb-5b4e-435d-89a3-822072c8aea0.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
CMI Limited ABN 98 050 542 553 150 Robinson Road Geebung Qld 4034 Australia Postal address: PO Box 716 Virginia Qld 4014 Australia Telephone: (07) 3865 9969 Facsimile: (07) 3865 3677 Email: [email protected] Web: www.cmilimited.com.au
==> picture [82 x 46] intentionally omitted <==
16 May 2008
Australian Stock Exchange Limited Level 6, Riverside Centre 123 Eagle Street BRISBANE QLD 4000
FURTHER ANNOUNCEMENT – FINANCE DIVISION
This further announcement is to clarify the earlier announcement about the company’s finance division on 12 May 2008.
As previously announced, the company has commenced a process to sell the company’s finance division. This followed a review by the board of the performance of the division and its prospects within the CMI group. The division has performed poorly and its ongoing losses, and their impact on CMI, are unlikely to be stemmed without significant attention to the division.
The board has formed a view CMI’s focus should be on its other divisions - the electrical division and TJM Products.
In the circumstances, the board believes that the value of its finance division to a buyer in the same or similar industry (and therefore the price CMI may achieve on the sale of the division) is greater than its value to CMI within the CMI group. The company will keep the market informed about the sale.
The company will continue to focus on the growth of its electrical division and TJM and currently, CMI has not further plans to dispose of any of its divisions but, as is prudent, it will always assess attractive potential offers for any of its assets.
Yours Faithfully
==> picture [112 x 29] intentionally omitted <==