10/03/2009 - 15:21

JV Global to offload subsidiary

10/03/2009 - 15:21

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JV Global says it expects to finalise the sale of its subsidiary Component Homes by the end of this month and has identified two existing businesses as potential acquisition targets.

JV Global to offload subsidiary

JV Global says it expects to finalise the sale of its subsidiary Component Homes by the end of this month and has identified two existing businesses as potential acquisition targets.

 

The announcement is below:

 

The Directors of JV Global Limited advise that negotiations are proceeding in respect to a capital raising through the issue of ordinary shares in the capital of the Company and the sale of assets.

The Company is currently negotiating with several parties in respect to the sale of Component Homes and envisage being able to be in a position to announce the sale of the business before the end of March, 2009.

The Company has taken steps to reduce monthly overhead expenditure by reducing staff numbers and will be vacating its existing premises on Friday the 13th March, 2009.

As announced on the 9th March 2009 the Company's registered office will change as of the Monday the 16th March, 2009 to :-

Burns & Baker Accountants Pty Ltd
Suite 5, 1st Floor,
23 Richardson Street
SOUTH PERTH WA 6151

There will be no change to JV Global Limited telephone numbers and email addresses.

The Company further advises that it has identified two existing businesses as potential acquisition targets and discussions are continuing. It is anticipated that the purchase consideration for any future acquisition would be through the issue of the Company's securities. Further announcements in this regard will be made if and when appropriate.

As previously announced on the 16th February, 2009 a fire destroyed the factory of Arabian Profile Global Co LLC, our joint venture company in Sharjah, United Arab Emirates. The cause of the fire is still being investigated however we confirm that full and comprehensive insurance cover was in place covering the factory, plant and equipment, work in progress, loss of profits. A full schedule of the claim has been submitted to the insurance loss adjusters who are now assessing the claim. They have requested that a full written report be prepared by the original supplier of the roll forming production line, Colrol Pty Ltd, a Perth based roll forming manufacturer.

The loss adjusters have now approved the quotation from Colrol Pty Ltd to visit the Sharjah factory to prepare the report and Mr Brian Luscombe, Managing Director of Colrol Pty Ltd together with Mr Terry Opie, Managing Director of JV Global Limited will leave for Dubai on Friday the 20th March, 2009. It is expected that the assessment and report will take three full days to prepare and it will then be submitted to the loss adjusters for their evaluation.

Whilst in Sharjah, Mr Opie will also be meeting with our joint venture partners to discuss the future direction of Arabian Profile Global Co LLC.


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