News: BWX BWX Says Australian Operations Entered Voluntary Administration

April 3 (Reuters) - BWX Ltd (BWX) :

• AUSTRALIAN OPERATIONS HAVE ENTERED VOLUNTARY ADMINISTRATION
• VOLUNTARY ADMINISTRATION WILL HELP PROGRESS RESTRUCTURING PROCESS ALREADY UNDERWAY
• RANGE OF ISSUES CONTINUED TO IMPACT AUSTRALIAN OPERATIONS OF BWX, INCLUDING CUSTOMER DESTOCKING AND INVENTORY AND WORKING CAPITAL ISSUES
• AUSTRALIAN OPERATIONS OF BWX LTD ENTERED VOLUNTARY ADMINISTRATION
• OPERATIONS OF BWX OUTSIDE OF AUSTRALIA AND GO-TO BUSINESS ARE NOT INCLUDED IN ADMINISTRATION
• ADMINISTRATORS INTEND TO TRADE AUSTRALIAN OPERATIONS OF BWX ON A BUSINESS-AS-USUAL BASIS
• DIRECTORS ACTIVELY WORKING TO FIND A COMPATIBLE BUYER FOR BWX’S 50.1% SHAREHOLDING IN GO-TO
• ADMINISTRATORS INTEND TO CONTINUE SALE PROCESS FOR BWX'S 50.1% SHAREHOLDING IN GO-TO
• OPERATIONS OF BWX OUTSIDE OF AUSTRALIA AND GO-TO BUSINESS ARE NOT INCLUDED IN ADMINISTRATION

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