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    23 April 2018

    Godfreys Group Limited (Godfreys or the Company) provides the following update in relation to
    the senior debt facility (the Facility), provided by 1918 Finance Pty Ltd (Lender) under the terms
    of the Facility Agreement between Godfreys and the Lender dated 29 May 2017 (Facility
    In February 2018, the Company approached the Lender and sought a waiver of the leverage ratio
    covenant as at the end of the financial year ended 29 June 2018, contained in the Facility
    Agreement. The waiver was sought and granted by the Lender to provide Godfreys with greater
    flexibility as to the steps it could potentially implement in pursuit of its turnaround strategy.
    At the time the waiver was obtained, Godfreys believed that it would still be able to satisfy the
    leverage ratio covenant at the testing date of 29 June 2018 and would not need to rely on the
    While good progress has been made on the five key focus areas of the turnaround strategy
    described in the half year results and CEO update on 20 February 2018, trading conditions have
    remained subdued resulting in underlying EBITDA, prior to any restructuring and one-off costs,
    now expected to be around the lower end of the $5-6 million range previously advised and net debt
    higher than previously forecast.
    In light of the above, the Company believes that it will need to rely on the waiver granted by the
    Godfreys also notes that the Lender has advised that it does not intend to vary any of the
    covenants applicable to the Company under the Facility Agreement nor does the Lender intend to
    grant to the Company any further waiver with respect to the Company’s compliance with those
    covenants. However, the Company currently believes that it will be able to satisfy the Facility
    Agreement’s covenant requirements as at 28 December 2018, the next covenant testing date
    following 29 June 2018, and that no such further waiver or relief will be required from the Lender.

    courtesy of Bell Direct

    ( DYOR )

    i hold GFY

  2. 14

    Trading is a good way to make money, especially today when everything runs online. To start trading you need to have some extra money so getting a loan to start this activity is not a bad idea. I am thinking about that too. I have some doubts about getting a loan, a friend of mine told me that a lot of people complain about being bullied of loan companies, he works on ,southwest credit systemsand knows a lot about that.

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