Brief: Silver Chef Announces Sale Of Hospitality Business

Siv Capital

30/09/2019 01:36

Sept 30 (Reuters) - Silver Chef Ltd  SIV.AX :
    * ANNOUNCES SALE OF HOSPITALITY BUSINESS
    * NEXT CAPITAL WILL BUY SILVER CHEF'S HOSPITALITY BUSINESS
FOR
$18.25 MILLION THROUGH AN ACQUISITION
    * DIRECTORS UNANIMOUSLY RECOMMEND THAT ALL SHAREHOLDERS VOTE
IN
FAVOUR OF PROPOSED TRANSACTION
    * CO WILL RETAIN ALL OF ASSETS AND LIABILITIES IN RELATION
TO
GOGETTA BUSINESS AND WILL CONTINUE WITH AN ORDERLY RUN DOWN OF
BUSINESS
    * EXISTING SYNDICATED DEBT FACILITY AND WAREHOUSE
SECURITISATION
FACILITY WILL BE NOVATED TO HOSPITALITY GROUP AND AMENDED
    * SILVER CHEF'S FINANCIERS HAVE GRANTED AN EXTENSION TO
EXISTING
WAIVERS UNTIL 30 NOVEMBER 2019 TO IMPLEMENT PROPOSED TRANSACTION
    * IF SHAREHOLDER APPROVAL NOT OBTAINED FOR PROPOSED DEAL, A
WAIVER
REVIEW PERIOD OF 15 DAYS WILL BE TRIGGERED TO NEGOTIATE WITH
FINANCIERS
    * IF NEGOTIATIONS ARE UNSUCCESSFUL, FINANCIERS MAY REQUIRE
ALL
FACILITIES TO BE REPAID IMMEDIATELY
    * IF NEGOTIATIONS ARE UNSUCCESSFUL, THERE IS UNCERTAINTY CO
WILL
BE ABLE TO CONTINUE AS A GOING CONCERN

Source text for Eikon:  urn:newsml:reuters.com:*:nASXb3HJky
Further company coverage:  SIV.AX 

 (Reuters.Briefs@thomsonreuters.com)