AI assistant
LENDLEASE GROUP — Capital/Financing Update 2015
Apr 14, 2015
65243_rns_2015-04-14_8bc7bed3-8e6a-448f-a764-a1a41c7d2033.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [98 x 36] intentionally omitted <==
ASX Announcement
Lend Lease consortium announces progress on resolution for East West Link Project
15 April 2015
Lend Lease today announces that the East West Connect consortium has reached an agreement (‘the agreement’) with the Victorian Government in the form of a non-binding Heads of Agreement providing a resolution to the East West Link project.
The agreement enables the Victorian Government to acquire the Project Companies for a nominal consideration.
The agreement also enables the sponsors of the Project Companies to cease work on the East West Link project and to be kept whole for fees and costs that have been incurred.
Once finalised, the agreement will result in a reduction in Lend Lease’s construction backlog revenue of circa $1.4 billion, representing its share of the Design & Construction contract, and Lend Lease’s committed equity of $115m to the Project Companies will be released.
No material impact to FY15 earnings is expected to arise from the agreement.
About the East West Link Project
Lend Lease, as part of the East West Connect consortium, which included Capella Capital, Bouygues and Acciona, reached financial close on the East West Link Project in October 2014. Following the November 2014 election in Victoria, the Government directed the construction joint venture group to suspend work on the East West Link project. The suspension was highlighted in Lend Lease’s 1H15 reporting materials released on 23 February 2015.
ENDS
For further information, please contact:
Investors: Suzanne Evans Tel: 02 9236 6464 Mobile: 0407 165 254
Media: Natalie Campbell Tel: 02 9236 6865 Mobile: 0410 838 914
Lend Lease Corporation Limited ABN 32 000 226 228; and Lend Lease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lend Lease Trust ABN 39 944 184 773 ARSN 128 052 595
Level 4, 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia
Telephone +61 2 9236 6111 Facsimile +61 2 9252 2192 www.lendlease.com