News: SIV Silver Chef Announces Sale Of Hospitality Business

Sept 30 (Reuters) - Silver Chef Ltd (SIV) :

• ANNOUNCES SALE OF HOSPITALITY BUSINESS
• NEXT CAPITAL WILL BUY SILVER CHEF'S HOSPITALITY BUSINESS FOR $18.25 MILLION THROUGH AN ACQUISITION
• DIRECTORS UNANIMOUSLY RECOMMEND THAT ALL SHAREHOLDERS VOTE IN FAVOUR OF PROPOSED TRANSACTION
• CO WILL RETAIN ALL OF ASSETS AND LIABILITIES IN RELATION TO GOGETTA BUSINESS AND WILL CONTINUE WITH AN ORDERLY RUN DOWN OF BUSINESS
• EXISTING SYNDICATED DEBT FACILITY AND WAREHOUSE SECURITISATION FACILITY WILL BE NOVATED TO HOSPITALITY GROUP AND AMENDED
• SILVER CHEF'S FINANCIERS HAVE GRANTED AN EXTENSION TO EXISTING WAIVERS UNTIL 30 NOVEMBER 2019 TO IMPLEMENT PROPOSED TRANSACTION
• IF SHAREHOLDER APPROVAL NOT OBTAINED FOR PROPOSED DEAL, A WAIVER REVIEW PERIOD OF 15 DAYS WILL BE TRIGGERED TO NEGOTIATE WITH FINANCIERS
• IF NEGOTIATIONS ARE UNSUCCESSFUL, FINANCIERS MAY REQUIRE ALL FACILITIES TO BE REPAID IMMEDIATELY
• IF NEGOTIATIONS ARE UNSUCCESSFUL, THERE IS UNCERTAINTY CO WILL BE ABLE TO CONTINUE AS A GOING CONCERN