Adacel Technologies hits to near 2-year low; signs new credit facility deal

Adacel Technologies

10/10/2022 04:06

** Shares of Australian aviation simulator developer Adacel
Technologies Ltd  ADA.AX  slip as much as 7.9% to A$0.670, their
lowest since November 2020 
    ** Co says it has signed a new credit facility agreement
with Bank of Montreal for $13.2 mln, replacing its existing
credit facility of C$4.2 mln ($3.06 mln) urn:newsml:reuters.com:*:nFWN3180OD
    ** Co reported net debt as at June 20 of about A$3.5 mln 
($2.23 mln)
    ** Says new credit to be used to fund M&A activities and
working capital, among others 
    ** Shares on track for their biggest intraday pct fall since
Feb. 25
    ** Stock has fallen 42.2% this year, as of last close 
($1 = 1.3725 Canadian dollars)
($1 = 1.5708 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))