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The market seems to be happy with today's announcement:


IMD1003.59667.2
ASX and Media Announcement
SALE OF A 100% INTEREST IN SURTRON TECHNOLOGIES
Statement by I F Burston, Chairman, Imdex Limited
Imdex Limited (Imdex) has executed a conditional agreement to sell 100% of the shares
in Surtron Technologies Pty Ltd, Surtron Technologies (UK) Ltd and Surtron
Technologies US Inc (together Surtron) which operates the business relating to the
provision of geophysical logging, down hole surveying and directional steering.
The sale price can be summarised as follows:
1. A$17.5 million cash, $875,000 of which has been received as a deposit with
the balance payable at settlement; and
2. A further A$2.3 million (approximately) representing the repayment of loans
by Surtron to Imdex from existing cash reserves of Surtron. This loan is to be
paid at settlement.
Settlement is scheduled to occur in November 2007.
Imdex's core business is the supply of drilling fluids and chemicals and down hole
instrumentation to the global drilling industry. Surtron is deemed non core to this
strategy.
The purchaser is a consortium of the existing Surtron management team and private
equity group Viburnum Funds Pty Ltd (Viburnum). Viburnum is a Perth based alternative
asset fund manager backed by the Wyllie Group and manages funds on behalf of the
Wyllie Group and third party investors. Viburnum’s private equity focus specialises in WA
orientated expansion and replacement equity opportunities with experienced
management teams.
About Imdex
Imdex is a Perth based public company listed on the Australian Securities Exchange, whose core business
is the supply of drilling products and services in Australia and internationally to the oil & gas, mining, water
well, horizontal directional drilling and civil industries
For further information, please contact:
Ian Burston, Chairman; Bernie Ridgeway, Managing Director; Paul Evans, Chief Financial Officer and
Company Secretary