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SRG GLOBAL LIMITED Capital/Financing Update 2017
65852_rns_2017-10-30_3cbe07f2-52cb-4f3e-bd54-2e07f2790f75.pdf
Capital/Financing Update
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ASX MEDIA ANNOUNCEMENT
31 October 2017
GCS Completes Sale of Equipment Hire Division to Onsite
Construction Services group Global Construction Services Limited (ASX:GCS) today announced that settlement of the sale of its plant and equipment hire division (GCS Hire Pty Ltd) to Onsite Rental Group (Onsite) will be completed effective 2 November 2017.
Under the sale agreement, Onsite will purchase 100 per cent of the plant and equipment hire divisions assets for a cash consideration of $29m subject to final completion adjustments. The market will be further updated should there be any material adjustment to the final consideration.
With the completion of the transaction GCS will be in a net cash position of circa $30m and positions the Group to capitalise on future growth opportunities as they arise.
GCS will now work closely with Onsite and customers to commence a smooth transition to the new ownership.
Mr Enzo Gullotti, Group Managing Director sincerely thanked the GCS Hire division management and team members for their contribution and efforts over the last 9 years and is pleased that many of the existing employees will continue with Onsite or within the GCS business.
-ENDS-
ABOUT GCS
The GCS Group is an Australian construction and maintenance services company that offers a diverse range of integrated products, services, and solutions covering the Infrastructure; Energy; Oil & Gas; Resource & Industrial; Commercial; and Residential sectors. The GCS Group's strategy for growth is to continue to capitalise on opportunities in the sectors it currently services, explore new markets and products, diversify into related industry sectors, and acquire selected new businesses that create value for shareholders.
Further Information:
Enzo Gullotti Group Managing Director Ph: +61 8 9479 7990 E: [email protected]
Greg Slade Investor Relations Ph: +61 488 917 882 E: [email protected] Or Visit: http://www.gcs.group
GLOBAL CONSTRUCTION SERVICES LIMITED ABN 81 104 662 259
ASX CODE GCS
Ph: 139 GCS www.gcs.group
GLOBAL CONSTRUCTION SERVICES LIMITED
2 Redcliffe Road, Redcliffe WA 6104 Australia
Phone: (08) 9479 7990 Fax: (08) 9479 7789 Email: [email protected]