30/06/2008 - 15:24

Oz Brewing drops purchase of Shedco

30/06/2008 - 15:24

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Boutique brewing company Oz Brewing Ltd has stopped short of entering the shed and accommodation manufacturing sector after it terminated agreements to buy Shedco Group Pty Ltd.

Boutique brewing company Oz Brewing Ltd has stopped short of entering the shed and accommodation manufacturing sector after it terminated agreements to buy Shedco Group Pty Ltd.

Below is the full announcement.

Oz Brewing Limited (Company or Oz Brewing) advises that the Share Sale Agreement and Asset Transfer Agreement (together the Agreements) whereby the Company agreed to buy, and Shedco Group Pty Ltd (Shedco) agreed to sell, 80% of the issued share capital of Portable Building Solutions Pty Ltd (holder of the Shedco and Eco Transportable Pty Ltd assets), are deemed to be at an end on the basis that certain conditions precedent to the Agreements have not been satisfied.

The Company has reserved its rights against each of the parties to the Agreements.

Resignation of Director

The Company advises that Mr David Ah Chee has resigned as a Director of the Company.

Appointment of Director

The Company is pleased to advise the appointment of Michele Roget as a Non Executive Director. Michele has over nine years experience in a variety of senior management roles within the hospitality industry.

Proposed Capital Raising The Company is in discussions with a broking firm and is seeking to finalise terms for a capital raising. The pricing and structure of the capital raising will be announced to the market as soon as the terms are settled. Funds raised from the proposed capital raising are intended to provide working capital for the existing business activities and to enable the Board to expand on current operations and assess and pursue any other opportunities that may arise. The focus of the Board, after the termination of the Shedco transaction, is directed towards the management and marketing of the Mad Monk Café.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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