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OMNIA HOLDINGS LIMITED - Collaborative Engagement with Debt Providers

Release Date: 23/04/2019 07:10
Code(s): OMN     PDF:  
 
Wrap Text
Collaborative Engagement with Debt Providers

OMNIA HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1967/003680/06
JSE code OMN
ISIN ZAE000005153
(“Omnia” or “the Group”)


COLLABORATIVE ENGAGEMENT WITH DEBT PROVIDERS


Shareholders are referred to the Omnia trading statement for the year ended 31 March 2019
(“FY2019”) published on SENS on 20 March 2019 (the “trading statement”).

Shareholders are advised that the decrease in earnings resulting from, inter alia, adverse market
conditions and increased finance charges, as detailed in the trading statement, prompted Omnia to
engage in a collaborative process with its principal debt providers prior to the end of FY2019. These
engagements were initiated to devise and implement a restructuring of the existing debt in order to
ensure the Group’s long-term sustainability. All of these debt providers have agreed to progress
alongside the Group in considering a revised debt structure.

The Group expects that the engagement with its debt providers will culminate in an acceptable
solution and the Group intends informing its shareholders of the outcome of its engagements with its
debt providers when the financial results for FY2019 are published on or about 25 June 2019. At this
stage, the Group and these debt providers are still assessing the appropriateness of the required debt
package in light of the Group’s operational cycle and industry-specific requirements, and there is no
requirement for any unscheduled repayment or recapitalisation.

The Group will publish a further trading statement once it has the reasonable degree of certainty
required to confirm the extent of the difference in the FY2019 results from that of the previous
corresponding period.

23 April 2019


Sponsor

Merchantec Capital

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