Verbrec completes divestment of Competency Training

• Verbrec has completed the divestment of Competency Training Pty Ltd
• The proceeds from the sale total $11.2 million
• This strategic divestment strengthens Verbrec's balance sheet, allowing for further investments to deliver shareholder value

Verbrec Limited (ASX:VBC) is pleased to announce that it has completed the divestment of Competency Training Pty Ltd. The proceeds from the sale have been receipted by Verbrec, totalling $11.2 million (after adjustments for working capital & net debt estimates). This strategic divestment strengthens Verbrec's balance sheet, allowing for further investments that deliver shareholder value, including organic growth to improve traction in energy transition, provide further geographic expansion and capital investment to reduce ongoing costs, as well as acquisitions which complement Verbrec's strategy, leading to increased revenues through improved client access for capability that is in demand in the energy transition and automation space. Verbrec bids farewell to the Competency Training team as they embark on an exciting new chapter under the stewardship of RelyOn, a leading international training provider.