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| Subject: Proton changed from contingent to non current audited no qual Iinvestable weight March | |
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Author: anonymous |
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Date Posted: 01:54:16 10/01/02 Tue Proton acquisition has been changed from a contingent liability due and payable within one year---to a non current liability--amortised for goodwill over the years--this frees up working capital approximately 38 million liberated. ----------------------------------------------------------- Proton acquisition has been changed from a contingent liability (due and payable withing one year)---to a non current liability--amortised for goodwill--this frees up working capital---to the tune of approximately 38 million. ---------------------------------------------------------------------------------- ERG LIMITED 2002-10-01 ASX-SIGNAL-G HOMEX - Perth +++++++++++++++++++++++++ We attach the Financial Statements in relation to the year ended 30 June 2002. The audit report, which is unqualified, refers to the emphasis of matter. The Directors have retained the emphasis of matter in relation to the significant uncertainty in the business included in the Financial Statements for the half-year ended 31 December 2001. Due to the delays in tender awards and finalisation of contract awards in the transit industry, there is uncertainty as to timing of contracts and revenue generation from them. The Directors believe this is an issue which investors should be made fully aware of as it has impacted the financial position of the Group during the 2002 financial year. The Directors have also elected to take up as a non-current liability the deferred consideration for the Proton World acquisition. This amount was disclosed as a contingent liability in the Preliminary Final Report (Appendix 4B) lodged with the Australian Stock Exchange. The Directors believe this treatment provides a better disclosure of this obligation to the market. The recognition of this liability has not affected the reported earnings and has been added to the goodwill in relation to the Proton World acquisition. At the time of the Preliminary Results release inearly September, the Company advised that it had put in place and was negotiating further financing arrangements. We confirm that final agreement has been signed with Babcock & Brown on the provision of financing. ERG has signed a loan agreement for a $30 million stand-by facility with Babcock & Brown where the initial funds can be drawn down once legal formalities, which are expected to be completed this week, have been satisfied. As part of these arrangements, the Board of ERG will be strengthened by the appointment of Mr Robert Topfer as a Director. Mr Topfer is a Director of Babcock & Brown and has extensive international experience as a project and infrastructure financier, qualities that will assist significantly in the Group's ongoing restructuring and strengthening of the balance sheet. In addition, the Group has appointed Babcock & Brown as advisors to assist in the restructuring and strengthening of the Group's balance sheet and future funding requirements. Babcock & Brown is an international Investment firm specialising in corporate finance, project financing and development, and structured finance and has successfully completed over US$190 billion of innovative financing for the world's largest corporate and government bodies. One of their particular areas of expertise is funding for large transit projects globally. Full details are available at www.babcockbrown.com. The Directors also advise that finalisation of the settlement documents for the Melbourne scope creep claim is expected this week. Details of the settlement in respect of the Melbourne Automated Ticketing System were announced in June 2002. This will release the next tranche ($20 million) of payments to the Group. P J Fogarty CHIEF EXECUTIVE MORE TO FOLLOW [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| 31.5 16/10Proton changed from contingent to non current audited no qual Iinvestable weight March | anonymous | 02:32:18 10/01/02 Tue |
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