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EXCELSIOR CAPITAL LTD — Capital/Financing Update 2009
Aug 20, 2009
64816_rns_2009-08-20_fff6dc4c-002d-4c00-833f-519f0231ca68.pdf
Capital/Financing Update
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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
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21 August 2009
Australian Stock Exchange Limited Level 6, Riverside Centre 123 Eagle Street BRISBANE QLD 4000
COMPLETION OF SALE OF FINANCE DIVISION
CMI Limited (‘CMI’) has completed the sale of its 49% shareholding in Capitalcorp Finance & Leasing Pty Ltd (Capitalcorp) to an industry investor. CMI previously sold its majority stake in Capitalcorp as announced on 26 November 2008. The sale will result in CMI exiting its remaining stake in its poorly performing finance division. The current book value of this stake is nil.
CMI will receive approximately $300,000 for its shares, less certain adjustments based on the ongoing trading and liabilities of Capitalcorp. CMI’s directors consider the sale is in the best interests of the Company as it has minimised CMI’s exposure to ongoing losses in relation to the division as well as reducing CMI’s exposure to restructuring costs.
The company will continue to focus on the growth of its Electrical and TJM divisions.
Yours Faithfully
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Sharyn Williams Company Secretary