Ausdrill to sell waterwell drilling assets to Vysarn

11-Apr-2019 Intellasia | | 9:11 AM Print This Post

Diversified mining services company Ausdrill Limited (ASX: ASL) (“Ausdrill”) is pleased to announce it has entered into a binding agreement with Pentium Hydro Pty Ltd (Pentium) and Vysarn Limited (ASX:VYS) (“Purchaser”) to sell the Company’s hydrogeological drilling assets which historically operated as “Connector Drilling” for cash consideration of $16 million (“Asset Sale Agreement”).

The Asset Sale Agreement includes various waterwell drilling assets and associated inventory currently used by Ausdrill’s waterwell business.

Completion of the Asset Sale Agreement is subject to the satisfaction of various conditions precedent, including ASX and Purchaser shareholder approval, and the Purchaser obtaining finance to satisfy the purchase price under the agreement.

Ausdrill Managing Director Mark Norwell said: “I am very pleased that we have entered into this binding agreement to sell the assets of Connector Drilling which delivers against the plan we outlined in our half year results.

“Its sale is part of a considered portfolio review being undertaken to assess which businesses fit within the new strategic direction of Ausdrill.”

Please click here to view the ASX Announcement.

(Source: FTI Consulting, Strategic Communications Perth)


Category: FinanceAsia

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