Company News: MMA Offshore, Indiore, Aveo and Paragon Healthcare
MMA Offshore announced that it has appointed a new chief executive officer (CEO), as part of an orderly succession. Mr David Ross will act as CEO from the 1st of July, having previously acted as the company’s deputy chief executive officer. Former CEO Mr Jeffery Weber will remain as Managing Director until the conclusion of the company’s 2019 Annual General Meeting.
Indiore (soon to be named Elmore) announced that it has signed a memorandum of understanding (MOU) for a second processing agreement with a private company, Trendsheer Holdings.
This is highly positive as it gives the company the ability to process a higher volume of ore, sooner, generating a larger amount of cash flow from the same amount of invested capital.
In response to media speculation, Aveo Group confirmed that the preferred party in its strategic review process is alternative asset manager Brookfield. As mentioned last week, the review process has evolved into a confidential, non-binding and conditional indicative proposal for a full takeover of the business.
Aveo remains in negotiations and will provide a further update on or after the 22nd of July of this year.
Paragon Healthcare announced that it has successfully completed the sale of its legacy capital equipment business. The company will receive $4.5m cash for this business which is being bought by Cabrini Health.
This exceeded expectations, as the company previously indicated it was unlikely to achieve a 'whole of entity' sale (and would be breaking up this part of the business).
We see the transaction as a testament to the quality of the company’s management who have under-promised and over-delivered.