anyone holding savcor?, page-2

Well they apparently are trying to sell ART. It looks interesting but I want to see their solution to the debt problem before jumping in


MORE TO FOLLOW) Dow Jones Newswires
June 19, 2013 19:36 ET (23:36 GMT)
DJ Savcor's ART Unit Expected to Fetch Up to A$45 Million -Source

By Gillian Tan

SYDNEY--Savcor Group Ltd. (SAV.AU) has put its Advanced Rehabilitation Technology
division up for sale, a person familiar with the matter said Thursday.
The division provides repair, rehabilitation, protection and maintenance services to
building, infrastructure and industrial assets owned by participants in sectors including
mining, wastewater and power.
Its services include concrete repair, acid proofing, structure strengthening and
pipeline maintenance, and clients include BHP Billiton Ltd. (BHP.AU) and Woodside
Petroleum Ltd. (WPL.AU).
ART is forecast to deliver fiscal 2013 revenue of 120 million Australian dollars
(US$111 million), and earnings before interest, tax, depreciation and amortization, or
Ebitda, of A$8.9 million. At a multiple of five times, the business is expected to fetch
around A$45 million.
Sydney-based advisory firm TMT Partners has been appointed to handle the sale, and a
flyer has been circulated to potential buyers.
Savcor said last week that it remained in negotiations with ANZ Banking Group (ANZ.AU)
around its financing arrangements, after breaching debt covenants for the period ended
Dec. 31.