Ausgrouup has agreed to sell a property in Westerm Australia to a third party for A$16.2 million ($15.7 million) in a sale-and-leaseback. After deducting transaction-related expenses of approximately A$200,000, the sale will provide the Group with A$13.4 million to bolster working capital and assist with debt management. The remaining A$2.6 million cash will be utilised for bank guarantees relating to the lease.
The monies will help in the company’s debt management, in particular for the multi-currency notes which are due on Dec 3, 2022. The cash injection will also reduce interest obligations.
The sale price is a significant portion of Ausgroup’s market capitalisation of A$63.4 million, and its net asset value of A$42.2 million.
According to CBRE, the market value of the property an a vacant possession basis is A$13.9 million,
