Ann: SGH FY17 Results Presentation, page-54

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Caduceus

178 Posts.

31/08/17

22:25

Post #: 26914173
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Originally posted by Caduceus ↑

Aug 31 (Reuters) - Slater & Gordon Ltd (SGH)

Entered into an amended binding restructure support deed with 100% of its secured senior lenders in relation to a recapitalisation of co

Senior lenders have committed to increase company's existing a$40m working capital by a further a$50m

Directors continue to hold view that current levels of bank debt materially exceed total enterprise value

Company's directors unanimously support revised terms of recapitalisation

On implementation of senior lender scheme, senior lenders will be issued with approximately 95% of equity of co

Additional funding will comprise an a$25 million aud denominated tranche and a gbp-equivalent a$25 million denominated tranche

All uk operations and uk subsidiaries will be separated from company and transferred to a new uk holding company

Directors unanimously support entry into rsd and proposed terms of recapitalisation

Existing shareholders will hold approximately 5% of company post recapitalisation

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The 350 mil SOI will soon make up 5% of the equity in SGH
After a SP decline of 99%, a 20x dilution is on the horizon
At current MC the recapitalised SGH minus UK operations will be worth about $500 million, with 7 billion shares, so I would imagine there will be a 70:1 consolidation

at 70:1 consolidation, 1 million shares now will become 14,300 shares
SGH Price at posting: 7.8¢ Sentiment: None Disclosure: Not Held
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Ann: SGH FY17 Results Presentation, page-54

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