Australia'a Ovato climbs after selling book printing business

Ovanti

25/05/2022 03:13

** Shares of commercial printing co Ovato Ltd  OVT.AX  climb
as much as 13% to A$0.130, mark their biggest intraday gain
since May 5
    ** Co sells its book printing business to Opus Group Pty Ltd
for A$8.5 mln ($6.03 mln)  urn:newsml:reuters.com:*:nASXVsdmH
    ** Co also enters a Convertible Note Subscription Agreement,
under which Opus has agreed to subscribe for one convertible
note in OVT with a face value of A$2.5 mln
    ** Says funds raised from the two transactions will be
applied to general working capital initiatives
    ** Shares hit their highest since May 11
    ** As of last close, stock down 56.6% this year

($1 = 1.4104 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))