- Enero Group (EGG) secures a $50 million loan from Westpac to fund general corporate and working capital requirements
- The three-year revolving bank facility came into effect yesterday and is on terms the company considers “market standard”
- Last month, Enero sold its Leading Edge and Digital Edge businesses for $1.3 million, in line with plan to refine its portfolio
- Following this, EGG ended May with a cash balance of $41.7 million, which it says provides flexibility for future acquisitions and capital management
- Company shares last traded at $2.74 on June 23
Enero Group (EGG) has secured a $50 million loan from Westpac.
The three-year revolving bank facility came into effect yesterday and is on terms the company considers “market standard”.
The creative technology company told the ASX today that the new facility will be accessed for general corporate and working capital requirements.
The group operates a global collective of marketing and communications specialist agencies, including digital agency Orchard, creative agency BMF, and brand, marketing and public relations communications consultancy Hotwire.
Last month, Enero sold its Leading Edge and Digital Edge businesses for $1.3 million, in line with plans to “refine its portfolio” to include complimentary brands and services.
Following this, EGG ended May with a cash balance of $41.7 million, which it said provides flexibility for future acquisitions and capital management.
At the start of June, Enero announced it expects to deliver net revenue for the 2022 financial year of between $192 to $193 million, representing a 20 per cent increase year on year. Full year results are scheduled for release on August 12.
Company shares last traded at $2.74 on June 23.