Pre-Reinstatement Disclosures

Key points

• Formalised variation with NAB, removing financial covenants and introducing new EBITDA covenant
• Successful completion of $3.5 million cash equity raise and renegotiation of deferred consideration
• Confirmation from NAB that all conditions for lifting suspension have been met

Full summary

Babylon Pump & Power Ltd (ASX: BPP) has provided confirmations in connection with its application for the lifting of the ASX-imposed suspension of its securities. The company has formalised a variation with its primary lender, National Australia Bank (NAB), removing financial covenants and introducing a new EBITDA covenant. The company successfully completed a $3.5 million cash equity raise and renegotiated deferred consideration terms. The Board is confident the company has sufficient working capital to meet its obligations and is in compliance with ASX Listing Rules.