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PPK GROUP LIMITED — Capital/Financing Update 2016
Feb 28, 2016
65603_rns_2016-02-28_b8b5aa76-01f1-40ec-9fbd-d7791275868d.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
FOR IMMEDIATE RELEASE TO THE MARKET
PPK Group Limited – ASX Code: PPK
Monday 29 February 2016
Market Update and Half Year Results
PPK Group Limited (PPK) advises that it is continuing negotiations with a number of interested parties with reference to a prospective, merger, sale or equity injection alternatives in relation to its mining services businesses and PPK itself.
One of the parties with whom PPK is dealing, a major state owned Chinese mining equipment manufacturer is in the process of appointing legal and accounting firms to continue a detailed due diligence on PPK generally and the PPK mining services businesses in particular.
Until such time as it is clear whether there will be a sale or merger of the PPK mining services businesses the PPK directors are not in a position to determine:
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an appropriate carrying value for the mining services assets; and
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if the mining services businesses will continue to operate in their current structure.
Accordingly, PPK is not in a position to complete and lodge accounts for the half year ended 31 December 2015.
PPK however can and does advise that it has sustained a loss of $4,276,000 before tax ($4,144,000 after tax) for the six months to 31 December 2015:
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with trading conditions in the mining services businesses continuing to be difficult in line with the general downturn in the resources sector; and
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income and capital gains generated by the PPK property and investment division continuing to support the mining services businesses.
A further update will be provided, and accounts finalised and lodged, as soon as a final outcome has been confirmed in relation to the prospective merger, sale or equity injection alternatives.
For further information contact:
Robin Levison Chairman Tel: (07) 3054 4500
PPK GROUP LIMITED
ABN: 65 003 964 181
Level 27, 10 Eagle St, Brisbane QLD 4000 GPO Box 754, Brisbane Qld 4001 Tel: +61 7 3054 4500 Fax: +61 7 3054 4599