MUL:Updated Information in relation to transactions with ANZ
Tue 01 Oct 2002
Published: Tue 01 Oct 2002 10:32:31
Document No: 195626
Document part: A
Market Flag: N
Classification: Issued Capital - Other
MULTIEMEDIA LIMITED 2002-10-01 ASX-SIGNAL-G HOMEX - Melbourne +++++++++++++++++++++++++ Further to the Company's announcement on 26 September, 2002, the Company now provides an update on the position with respect to the settlement of the transactions with Australia and New Zealand Banking Group Limited (ANZ). Settlement of those transactions was not able to be effected prior to 1 October, 2002. In order to satisfy a condition precedent to settlement, the Company remains in the final stages of negotiations with a third party to secure purchase of 35,486,827 shares at a price of 1 cent each, which would be held by ANZ upon exercise of an option agreement disclosed to the market on 3 October, 2001. From 1 October, 2002, the Company is not in compliance with a covenant in its loan facility with ANZ. The Company entered into further discussions with ANZ to obtain a temporary waiver of the non-compliance with this covenant in order to allow the Company to complete those settlement transactions with ANZ in the near future, and ANZ has granted a temporary waiver of the non-compliance until 31 October, 2002. ANZ has reserved its rights under the loan facility to take action after that date in respect of non-compliance with the covenant or at any time in respect of any other default The directors will continue to keep the market fully informed of developments in this matter. For additional information please contact: Adrian Ballintine CHIEF EXECUTIVE OFFICER & GROUP MANAGING DIRECTOR (03) 9603 3200 email email@example.com.