Brief: Evolve Education Group Announces Sale Of New Zealand Business

Embark Education

29/08/2022 21:33

Aug 30 (Reuters) - Evolve Education Group Ltd  EVO.NZ :
    * ANNOUNCES SALE OF NEW ZEALAND BUSINESS
    * ANNOUNCES A SIGNIFICANT STRATEGIC REALIGNMENT OF ITS
OPERATIONS
    * VIA UNIT ENTERED INTO A CONDITIONAL SALE AGREEMENT
RELATING TO
EVOLVE'S NEW ZEALAND BUSINESS
    * UNIT ENTERS CONDITIONAL SALE AGREEMENT WITH SHINE BIDCO
LIMITED
    * SEES SUBSTANTIAL OPPORTUNITY IN AUSTRALIAN MARKET
    * LOLLIPOPS EDUCARE WILL SELL 100% OF SHARES IN LOLLIPOPS
EDUCARE
CENTRES TO BIDCO FOR ENTERPRISE VALUE OF NZ$46M, LESS NET DEBT
    * BELIEVES SALE FUNDS FROM DEAL CAN BE BEST ALLOCATED IN
AUSTRALIAN MARKET
    * BOARD'S UNANIMOUS RECOMMENDATION THAT SHAREHOLDERS VOTE IN
FAVOUR OF TRANSACTION

Further company coverage:  EVO.NZ 

 ((Reuters.Briefs@thomsonreuters.com;))