Aj Lucas Group Limited · ASX:AJL
Aj Lucas — Shareholder Meeting (November 2012)
7 slides from Aj Lucas's shareholder meeting presentation, Nov 30, 2012
Slide 1: Restructuring Update Presentation
For personal use only AJ Lucas Group Limited Restructuring Update Presentation Mark Summergreene, Group Chief Financial Officer 30 November 2012
Slide 2: Present Restructuring Situation
Present Restructuring Situation For personal use only • As outlined by the CEO, the Group has been undertaking a comprehensive review of its financial position and its operations. This review has recently accelerated and has involved a detailed analysis of the entire Group. • The restructuring objec
Slide 3: Restructuring Implementation
Restructuring Implementation For personal use only • Balance sheet improvements: – New funds of > $215m have been raised over the past 18 months, $90m as new equity, $100m in new loans and $25m from asset sales – Maturity profile of liabilities has been extended to better match expected free cash fl
Slide 4: Restructuring Implementation (cont.)
Restructuring Implementation cont. For personal use only Transaction Description Amount Raised Application of funds Sale of underground drilling business, March 2011 $25.5m $ 3.8m to fund Cuadrilla $21.7m to fund working capital Private Equity Placement, September 2011 $13.9 m $9.9m to fund Cuadrill
Slide 5: Operational review and cost reductions
Restructuring Implementation cont. For personal use only • A thorough review of the Engineering & Construction (E&C), Drilling business (LDS) and Corporate Office (LSS) was conducted as part of the initial FY13 budgeting processes • Further significant ongoing reviews have been conducted in light of
Slide 6: Refinancing Status
Refinancing Status For personal use only • A refinancing of the Group’s senior bank facilities is required. The present date for repayment of the Group’s banking facilities is 30 November 2012. Based on the most recent discussions with the Group’s senior lender, the bank has indicated that it is fav
Slide 7: Summary
Restructuring Summary For personal use only Restructuring of non-bank financial creditors Detailed operational review of business Refinancing of senior financial creditor Work in progress. Group is in active discussions with a number of Secure Cuadrilla development funding prospective financiers to