The Board of Directors (the “Board” or the “Directors”) of AusGroup Limited (the “Company”, and together with its subsidiaries, the “Group”) refers to the circular to Shareholders dated 31 October 2018 (the “Circular”), the offer information statement dated 26 November 2018 (the “Offer Information Statement”) and the Company’s announcements dated 29 March 2018, 6 April 2018, 21 November 2018, 23 November 2018, 3 December 2018, 17 December 2018, 19 December 2018, 24 December 2018 and 3 January 2019 (the “Previous Announcements”) in relation to the Proposed Placement, the Rights Issue and the Consent Solicitation Exercise for Notes due 2016.
Unless otherwise defined in this announcement, all capitalised terms used in this announcement shall have the same meanings and construction as ascribed to them in the Previous Announcements, the Circular and the Offer Information Statement.
The Board wishes to announce that the net cash proceeds of S$46,434,994 received by the Company from
the Proposed Placement and the Rights Issue (the “Net Proceeds”) have been utilised as follows:
Net proceeds from the Proposed Placement 36,750
Net proceeds from the Rights Issue 9,685
Total Net Proceeds 46,435
Less: Use of Net Proceeds
Partial Cash Redemption (21,825)
Redemption of the outstanding principal amount of the Notes (7,435)
Working capital (transaction expenses in relation to the Proposed
Placement and Rights Issue, including professional fees) (457)
Working capital (Project related transaction payments including
Working Capital (Settlement bullet payment for lease obligations) (1,570)
Working Capital (Administration payments for SGX & secretarial
The utilisation of the Net Proceeds as disclosed above is in accordance with the intended uses as stated in the Circular and the Offer Information Statement.
The Board will continue to make periodic announcements on the utilisation of the balance of the Net Proceeds as and when the proceeds are materially disbursed.
By Order of the Board