Brief: EML Payments Ltd To Exit 'PCSIL' Business

EML Payments

18/01/2024 24:24

Jan 18 (Reuters) - EML Payments Ltd  EML.AX :
    * EML PAYMENTS TO EXIT 'PCSIL' BUSINESS
    * LIQUIDATOR HAS BEEN PROVISIONALLY APPOINTED BY HIGH COURT
OF
IRELAND WITH IMMEDIATE EFFECT TO CONDUCT WIND DOWN
    * GOING FORWARD, EML'S REMAINING EXPOSURE TO PCSIL IS
LIMITED TO
A$20 MILLION OF CASH OUTFLOW BEING REPAYMENT OF INTERCOMPANY
BALANCES
    * GOING FORWARD EML'S REMAINING EXPOSURE TO PCSIL IS LIMITED
TO
ABOUT A$25 MILLION NON-CASH IMPAIRMENT TO FY24 FINANCIAL
ACCOUNTS
    * FOLLOWING CONCLUSION OF LIQUIDATION & REPAYMENT OF
INTERCOMPANY
BALANCES, EXPECTS FREE CASH FLOW TO MATERIALLY IMPROVE
    * PCSIL WILL BE DECONSOLIDATED FROM EML GROUP EFFECTIVE 16
JANUARY
2024
    * WIND DOWN OF PCSIL NOT EXPECTED TO IMPACT ON PREVIOUSLY
STATED
FY24 GUIDANCE

Source text for Eikon:  ID:nASX41bxG9 
Further company coverage:  EML.AX 

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