ASX Announcement
15 August 2014
Director - CEO
Glyn Dawkins - Non Executive
Director
Geoff Garside - Executive Director
Company SecretaryGeoff Garside
Principal ContactStephen Bizzaca - Managing
Director - CEO Phone: 02 4629 0300
Geoff Garside - Company Secretary
Phone: 02 4629 0300
Registered office Delta SBD Limited (ACN 127 894 893) Suite 220, Centric4 Hyde Parade
Campbelltown NSW 2560
Telephone: 02 4629 0300
Facsimile: 02 4629 0399
Website: www.deltasbd.com.au
To : Australian Securities Exchange
Company Announcement
Debt Reduction Update
Delta SBD Ltd has previously advised shareholders and the market of its intention to further reduce debt and improve cash flow by selling a number of pieces of equipment from the current longwall mobile fleet and mining equipment assets.
Delta SBD is please to advise that asset sales have successfully realised sufficient funds to reduce equipment debt to a minimal amount (not greater than $1m). Details of the sales will be more extensively advised in the annual report.
Mr Gordon Galt, Delta SBD's Chairman, commented: "The asset sale program has significantly reduced debt and costs and improved cash flow by approximately $500,000 per month. The Company is now in a position where the positive cash flow generated from operations will not be reduced by debt repayments and interest. We can now rebuild the company's forward work book with a view to once more being a regular dividend payer as soon as possible. ."
Yours Faithfully
Geoff Garside
Company Secretary
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