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Update on sale of Industrea Mining Services

Supplier News

Global mining products and services provider Industrea Limited (Industrea) announces that the sale process for Industrea Mining Services (IMS) is expected to commence this week as contemplated under the previously announced transaction with General Electric Company.

As announced on 16 May 2012, the separate sale of the IMS division is permitted as part of the recommended cash offer from General Electric Company (GE) to acquire 100% of the shares of Industrea by way of scheme of arrangement (Proposal).

Under the Scheme Implementation Agreement with GE, in the event of the sale of IMS, shareholders are entitled to receive the net proceeds above an agreed value in addition to the $1.27 per share offered by GE. If IMS is not sold, then GE will retain IMS as part of the Proposal and shareholders will receive $1.27 per share.

Industrea Managing Director and CEO, Robin Levison explains that the IMS business represents a strong growth platform with the benefit of substantial capital investment over the last 12 months resulting in both the renewal of existing contracts and the signing of a new contract along with
the recent return to normal operations at the Baralaba site.

All enquiries regarding the sale of IMS should be directed to Record Point as Industrea’s exclusive financial adviser or the Company directly.

Industrea  specialises in the global supply of mining products and services, with diversified revenue streams from asset management and engineering services for the mining industry.

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