Trading update and EGM date

Trading update and EGM date

Calibre Group Limited (“Calibre”) advises that its first quarter trading results have been in line with expectations delivering revenues of $107m and an EBITDA of $5m. Calibre’s longer-term order book is increasing in line with expectations and the growing infrastructure and resources sector expenditures in the private and government sectors. Similarly, Calibre’s committed and secured FY19 work on hand and work delivered is solid at $420m or 84% of the Group’s $500m FY19 revenue target.

Unaudited net assets as at 30 September 2018 have increased substantially to $50.5m (from $18.4m at 30 June 2018) as a result of improved operating performance across all businesses and the raising of $17.1m in new equity.

Combined with the sale of G&S Engineering in the period, with sale proceeds applied to repay borrowings, this has resulted in net debt levels reducing substantially. It is anticipated that new working capital facilities, which are well advanced, will be finalised with Calibre’s financiers by December 2018 and will provide the business with increased bank guarantee and working capital facilities to meet growth expectations.

Across both Calibre Professional Services and Diona, increased levels of cross selling, clear growth strategies and streamlined organisation structures are anticipated to result in a clearer focus on clients, improved employee engagement and greater levels of operational excellence.

Extraordinary General Meeting

On 25 September 2018, Calibre announced the conclusion of a new agreement for the raising of $17.1m in new equity through the issuance of 2.45bn Series B Preference Shares, replacing the Series A Convertible Notes (Series A Notes) debt instruments.

It was also announced that a resolution to approve any potential future issue of ordinary shares upon any conversion of the Series B Preference Shares or the Series B Convertible Notes would be put to shareholders at the AGM, which will be held on 30 November 2018.

Calibre announces today that it will instead be holding an Extraordinary General Meeting (EGM) on 17 December 2018 to put the above resolution to shareholders. An EGM Notice of Meeting will be issued to shareholders this Friday, 23 November 2018.

Calibre’s major shareholder, First Reserve, has confirmed its current intention is to vote in favour of these resolutions at the EGM.

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Communication Enquiries

Monique Roberts

General Manager – Marketing & Communications

+61 7 3895 3444
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