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- EVZ (EVZ) places its shares in a trading halt in regards to a proposed capital raising
- While it has been announced the capital raising will be undertaken as an institutional placement, it hasn’t been disclosed how much is being raised
- On April 7, EVZ’s subsidiary, Brockman Engineering, secured a further three bulk storage tank design and construction contracts worth $17 million
- These storage tanks are in Newport, the Northern Territory and Sydney
- Shares in EVZ last traded at 16.5 cents on April 8
Engineering services company EVZ (EVZ) has placed its shares in a trading halt in regards to a proposed capital raising.
The capital raising will be undertaken as an institutional placement but it hasn’t been disclosed how much EVZ is intending to raise or what it will use the funds for.
EVZ’s shares will remain in the halt until the earlier of April 14 or when an announcement with further details is released to the market.
On April 7, EVZ’s wholly-owned subsidiary, Brockman Engineering, secured a further three bulk storage tank design and construction contracts worth $17 million.
These contracts include the design and construction of a new 10 megalitre liquid fuel tank at a Newport facility and the construction of two three megalitre underground storage tanks in the Northern Territory.
The third contract includes the design and construction of one new six megalitre water storage tank in Sydney.
A month earlier, Brockman secured a contract with Viva Energy for the design and construction of three 30-megalitre diesel storage tanks at the Geelong refinery.
The three tanks will be located within the greenfield construction area of the refinery and will form part of the Federal Government’s Boosting Australia’s Diesel Storage Program.
The contract is valued at around $40 million and is expected to be completed in Q3 of the 2024 financial year.
Shares in EVZ last traded at 16.5 cents on April 8.
