News: MMS Eclipx Group Says 5 Months NPATA Down 42.4 Pct

March 20 (Reuters) - Eclipx Group Ltd (ECX) :

• NO LONGER EXPECT TO ACHIEVE REPORTED NPATA CONSISTENT WITH FY18
• WILL NOT BE PROVIDING FULL YEAR GUIDANCE FOR GROUP AT THIS TIME
• 5 MONTHS NPATA DOWN 42.4% COMPARED WITH FIRST 5 MONTHS OF FY18
• AS AT 28 FEB 2019, TOTAL GROUP ASSETS UNDER MANAGEMENT OR FINANCED (AUMOF) IS AT $2.46 BILLION
• COMMENCED A REVIEW OF ITS OWNERSHIP OF RIGHT2DRIVE AND GRAYS
• RECENTLY BECOME AWARE OF INTEREST IN ACQUIRING BOTH RIGHT2DRIVE AND GRAYS BUSINESSES
• HAS NOT BEEN ABLE TO REACH AGREEMENT WITH MMS ON TERMS OF SCHEME BOOKLET
• "ECLIPX CONSIDERED THAT IT MAY NOT BE POSSIBLE FOR MMS SCHEME TO BECOME EFFECTIVE BY 30 APRIL 2019 END DATE"
• MMS REJECTED ECLIPX'S REQUEST TO EXTEND END DATE
• SEES COST REDUCTION PROGRAMME TO RESULT IN ANNUALISED COST REDUCTION OF ABOUT $20 MILLION OVER COURSE OF NEXT 18 MONTHS

Source text: (http//bit.ly/2FlctZI)

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