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Australia's Forge names adviser after getting 3rd-party approaches
January 28, 2014 / 10:58 PM / in 4 years

Australia's Forge names adviser after getting 3rd-party approaches

SYDNEY, Jan 29 (Reuters) - Australian engineering firm Forge Group Ltd said it has received third-party approaches and has named an adviser to manage the approaches.

Forge also said it expected a 2014 full-year loss due to cost pressures and challenging domestic market conditions.

Forge Group, which mainly works for the resource sector, said it expects a pro-forma full-year loss of A$20 million to A$25 million ($17.55 million to $21.93 million), a sharp decrease from its previous guidance of earnings in the range of A$45 million to A$50 million.

The company said it cut the guidance due to impacted profit margins on some contracts and increasing cost pressures, as well as challenging domestic market conditions.

Forge said it had been approached by “various third parties” despite recent challenges and said it has appointed Euroz Securities as corporate adviser to manage these approaches.

Shares in Forge Group closed at A$0.90 last Thursday, and trading has been halted since then. The shares have lost nearly 50 percent in January.

$1 = 1.1399 Australian dollars Reporting by Maggie Lu Yueyang; Editing by Leslie Adler

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