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GENUSPLUS GROUP LTD — Capital/Financing Update 2022
Mar 16, 2022
65005_rns_2022-03-16_814b5a19-65a8-4ece-9695-1b9c4efa2055.pdf
Capital/Financing Update
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ASX Release 17 March 2022 For immediate release to the market
GENUSPLUS INCREASES FINANCE FACILITIES
National essential power and communications infrastructure provider GenusPlus Group Ltd (ASX: GNP) ( GenusPlus , or the Company ) today announced it has secured a $25 million increase to its bank guarantee facility and completed arrangements for the establishment of a new $10 million surety bond facility.
The enhanced bank guarantee facility reflects a further expansion of the groups Commonwealth Bank of Australia banking arrangements.
The new surety bond facility has been established with a leading global insurer, and adds to our facility already in place with an alternate global insurer.
GenusPlus Managing Director, David Riches, said the new arrangements are testament to the Company’s operational and financial resources, capacity and credibility. “The new and enhanced facilities provide further options and flexibility in providing requisite performance security to clients.”
“With the group continuing to grow nationally, the new arrangements enhance GenusPlus’ capacity for growth and pursuit of opportunities.”
GenusPlus’ core Commonwealth Bank finance facilities now comprise $88 million facility, up from $50 million, including a $60 million bank guarantee facility, $10 million working capital facility, and acquisition and asset finance facilities of $18m.
Together with surety bond facilities now totalling $100 million, currently drawn to $48 million, the group has substantial available capacity in its various performance security arrangements.
GenusPlus’ tender pipeline remains strong, and together with the transformation of the power grid to cope with the rate of change in the energy mix and the speed required by the shift to renewable energy, the industries in which GenusPlus operates provides strong growth potential for the Company.
The Board of the Company has authorised the release of this announcement to the market.
For more information:
INVESTOR ENQUIRIES
David Riches Damian Wright [email protected] [email protected] +61 8 9390 6999 +61 8 9390 6999
ABOUT GENUSPLUS
GenusPlus Group Ltd is an end-to-end specialist service provider for essential power and communications infrastructure. GenusPlus provides an integrated service offering to its customers in the resources, power, utilities and communications sectors across Australia. For further information, go to www.genusplusgroup.com.au
Level 1, 63 Abernethy Road, Belmont WA 6104
P: (08) 9390 6999
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