BRIEF-Visual International Says Progress On Implementing Deal, Final Restructure Taken Longer Than Expected

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BRIEF-Visual International Says Progress On Implementing Deal, Final Restructure Taken Longer Than Expected
Credit: © Reuters.

April 1 (Reuters) - Visual International Holdings Ltd VISJ.J :

* VOLUNTARY UPDATE ON SUSPENSION

* APPROACHED BY MANY PARTIES RELATING TO INTENDED INVESTMENT & HAD SIGNED AGREEMENTS, IMPLEMENTATION WAS OUTSIDE CONTROL OF CO

* PROGRESS ON IMPLEMENTING DEAL, FINAL RESTRUCTURE TAKEN LONGER THAN ANTICIPATED, ALONG WITH INTENDED CAPITAL RAISE

* AUDIT FOR YEAR ENDED 28 FEBRUARY 2019 HAS BEEN FURTHER DELAYED

* IMPLEMENTED SALE OF STELLENDALE JUNCTION, RESTRUCTURED, DOWNSIZED CO & SETTLED LARGE NUMBER OF CREDITORS IN 2019

* OPERATING COSTS HAVE ALSO BEEN SUBSTANTIALLY REDUCED

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