Australia's Silver Chef slumps to over 2-mth low after co ends deal with Next Capital

Siv Capital

02/09/2019 04:11

** Shares of Silver Chef Ltd  SIV.AX  drop as much as 29.6%
to A$0.50, their lowest since June 28
    ** Co, which provides restaurant equipment funding options
to small business, terminates scheme implementation agreement
with Australian private equity firm Next Capital  urn:newsml:reuters.com:*:nFWN25S05Z
    ** Termination of agreement to trigger a "waiver review
event", which could possibly lead to significant uncertainty
that Silver Chef will continue as going concern, co says
    ** Co intends to engage with fund manager Blue Stamp
Company, a key shareholder of Silver Chef, in relation to its
recapitalisation proposal
    ** Next Capital was looking to take the company private
through the scheme implementation agreement
    ** Silver Chef stock posts biggest intraday pct fall since
June 21
    ** Around 283,400 shares change hands, compared with the
30-day average volume of 140,347 shares
    ** Stock down 71% this year, as of last close

 (Reporting by Nikhil Subba in Bengaluru)
 ((Nikhil.Subba@thomsonreuters.com))