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EXCELSIOR CAPITAL LTD — Capital/Financing Update 2011
Oct 16, 2011
64816_rns_2011-10-16_d770f504-80f8-45d0-bb48-e88aeacf0060.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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17 October 2011
Australian Stock Exchange Limited Level 6 Riverside Centre 123 Eagle Street Brisbane QLD 4000
CMI Industrial Pty Ltd Loan
CMI Limited (ASX:CMI) today announces that the $17 million vendor loan advanced by it to CMI Industrial Pty Ltd ( Industrial ) which was due for repayment on 16 October 2011 has not been repaid. The loan was advanced to Industrial in connection with the sale of CMI's former engineering business as was announced to the market on 18 February 2008.
The loan was originally due for repayment on 16 April 2011 but, as was announced to the market on 18 April 2011, the date for repayment of the loan was extended to 16 October 2011.
CMI and Industrial are in discussions in relation to the repayment of the loan. CMI has reserved its rights under the loan agreement and its securities and is considering the options available to it.
The principal amount of the loan together with accrued interest is presently $17.2 million. In addition, costs related to the sale of the engineering business in the amount of $246,377 are due to CMI pursuant to the sale documents.
As announced on 24 June 2010, CMI has impaired the value of the loan in its books to $8.5 million.
Yours faithfully
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Sharyn Williams Company Secretary