Australia's United Malt Group rises most in 1-1/2 weeks on additional funding arrangement, outlook

United Malt

07/09/2022 04:15

** Shares of commercial maltster United Malt Group  UMG.AX 
rise as much as 2.8% to A$3.495, eyeing their best session since
Aug. 26
    ** Says https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02564985-2A1396975?access_token=83ff96335c2d45a094df02a206a39ff4
 agreement with banks to amend Net Debt/EBITDA ratios as of
September 2022 and March 2023 for additional inventory funding
capacity 
    ** Will not need to raise additional capital, says co
    ** Sees return to Net Debt/ EBITDA target range of 2-2.5
times by Sept. 30, 2023
    ** Further, crop outlook remains positive across barley
sourcing regions, says co
    ** Improvement expected in volume and quality of North
American barley crop as compared to last year
    ** Canadian barley production expected to be 10.2 mln
tonnes, up 47%
    ** Stock down ~22% this year, as of last close

 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))