placement of shares in AZX at a 10% discount to the five days VWAP.
AZX will spin out its non-Bullabulling assets and its shareholding
each GGG and AZX with Nigel Clark and Chris Baker acting as co-Chairman
GGG and AZX have agreed to each lend OpCo half of three months
of completion of a capital raising by AZX and will keep OpCo funded for
number of existing GGG and AZX directors during the transition
GGG and AZX have entered into a Binding Heads of Agreements
In the meantime AZX will spin out its non-Bullabulling assets and its
AZX has concession contracts in Mendoza and Buenos Aires, Argentina along with Cancun, Mexico.
Wessex Water provides AZX a strong core of experience and expertise in the water industry.
The positive outlook reflects Standard &Poor's expectations that the financial profile of AZX will improve, predicated upon additional lower risk water business acquisitions.