Ausgroup

Ausgroup: to lift trading halt at 10.45am. Responds to media enquiries and analyst speculation. The group confirms that: - the recent 1Q results led to a breach on lending covenants which have now been successfully resolved through the repayment of senior debt and full cash backing for all bank guarantees on issue, - Existing facilities are due to expire in mid-Jan '14 and the group is undergoing a planned mkt led process for participants to provide working capital and contract bonding facilities in early 2014 , - Ausgroup has cash to meet its working capital needs over and above that used to back all its guarantees. The group has work-in-hand of A$219m (up A$40m), as the increase in orders from the oil and gas sector help offset its exposure to the increasingly competitive and slowing mining sector.