Announcement • Oct 11
DRA Global Intents to Delist from ASX and JSX DRA Global Limited (DRA or Company) announced its intention to delist from both the Australian Securities Exchange (ASX and ASX Delisting) and the Johannesburg Stock Exchange (JSE and JSE Delisting) (together, the Delisting's) and undertake an off-market equal access share buy-back (Buy-Back), subject to obtaining the required shareholder approvals. Delisting from the ASX (primary exchange) and the JSE (secondary exchange) and the Buy-Back will be put forward for shareholder approval at an extraordinary general meeting that is proposed to be held on 7 November 2024. The Delisting's are considered by DRA's Board (Board) to be in the best interests of DRA in light of, amongst
others, the low level of trading of DRA's shares on the ASX and the JSE. The Delisting's are conditional on obtaining shareholder approval for the Buy-Back. A key reason for DRA seeking to delist from the ASX and JSE is the relatively low level of trading compared to DRA's current share capital. Further, given the size of DRA and the low level of trading on the ASX and the JSE, the Board believes that the financial, administrative and compliance obligations and costs associated with maintaining an ASX listing and a JSE listing are no longer justified nor is the high level of compliance costs in the best interests of all shareholders. A significant proportion of the Company's management time is currently being dedicated to time-intensive matters relating to the Company's ASX listing and JSE listing. If the Company delists, management's time will be able to be spent on other value- adding matters for the benefit of the Company and its shareholders. DRA has formally applied to the ASX for its removal from the official list of the ASX (Official List) pursuant to ASX Listing Rule 17.11. DRA previously sought in-principle advice from the ASX for its removal from the Official List. ASX advised that it would be likely to agree to DRA's removal, subject to compliance with the following conditions: the request for removal of DRA from the Official List is approved by a special resolution of DRA's shareholders; the notice of meeting seeking shareholder approval for the Company's removal; the removal does not take place any earlier than one month after the date on which the resolution to approve the delisting is passed; DRA must apply for its shares to be suspended from quotation at least 2 business days before its proposed removal date; and DRA releases the full terms of ASX's decision to the market upon making a formal application to ASX to remove DRA from the Official List. The JSE has also provided its approval for the removal of DRA's secondary listing from the securities exchange operated by the JSE pursuant to paragraph 1.14 of the JSE Listings Requirements, subject to compliance with the following conditions: the request for removal of DRA from the list of securities admitted to trading on the JSE is approved by a special resolution of DRA's JSE shareholders2 (that is, at least 75% of shareholders on DRA's South African branch share register who vote on the resolution must vote in favour of the JSE Delisting); the Board confirming that the Buy-Back price is fair, and that the Board has been so advised by an independent expert acceptable to the JSE (with a copy the independent expert's report to be attached to the notice of meeting); and the Buy-Back scale back not being triggered for any shareholders on DRA's South African branch share register. Suspension Date (Date on which shares are suspended from trading on Exchanges): For ASX purposes, from commencement of trading on 2 January 2025; For JSE purposes, from commencement of trading on 31 December 2024. Delisting Record Date (Date for determining Shareholders who will hold unlisted DRA shares): For ASX purposes, 5.00pm (Perth time) 3 January 2025; For JSE purposes, the practical time is market close on the JSE on 3 January 2025. Delisting Date (Date on which delisting from Exchanges is expected to take effect): 6 January 2025 (in respect of the JSE, from commencement of trading). Announcement • Oct 10
DRA Global Limited (ASX:DRA) announces an Equity Buyback for 11,088,080 shares, representing 20% for AUD 23.06 million. DRA Global Limited (ASX:DRA) announces a share repurchase program. Under the program, the company will repurchase 11,088,080 shares for AUD 23.06 million of its issued share capital. The buyback is intended to provide shareholders exit as the company is getting delisted from ASX and JSE .The buyback record date for ASX is November 21, 2024 and for JSE it is November 22, 2024. The buyback is subject to shareholder approval. The program is valid till December 12, 2024. As of October 9, 2024, the company had 55,440,399 shares issued. New Risk • Aug 31
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.8% Last year net profit margin: 1.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Profit margins are more than 30% lower than last year (0.8% net profit margin). Market cap is less than US$100m (AU$111.4m market cap, or US$75.4m). Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AU$2.15, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 19x in the Construction industry in Australia. Total loss to shareholders of 40% over the past three years. New Risk • Apr 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Shareholders have been diluted in the past year (3.3% increase in shares outstanding). Market cap is less than US$100m (AU$123.1m market cap, or US$80.4m). Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: AU$0.36 (vs AU$0.44 loss in FY 2022) Full year 2023 results: EPS: AU$0.36 (up from AU$0.44 loss in FY 2022). Revenue: AU$885.2m (down 1.1% from FY 2022). Net income: AU$19.7m (up AU$41.6m from FY 2022). Profit margin: 2.2% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to AU$2.05, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 15x in the Construction industry in Australia. Total loss to shareholders of 2.4% over the past year. Announcement • Mar 08
DRA Global Limited Appoints Val Coetzee as Director Process & Technology DRA Global Limited announced that Director Val Coetzee, who is currently a Non-Execuve Director, has accepted the position of Director Process & Technology with the Company commencing immediately. Mr. Coetzee will connue as an Execuve Director of the Company. Mr. Coetzee will assume oversight of process technical excellence with a key focus on front-end project soluons, and support of the Process teams across key regions, in parcular EMEA and SAMER. Term: Ongoing under an execuve services agreement with no fixed term but subject to periodic performance reviews. Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: AU$0.36 (vs AU$0.44 loss in FY 2022) Full year 2023 results: EPS: AU$0.36 (up from AU$0.44 loss in FY 2022). Revenue: AU$885.2m (down 1.1% from FY 2022). Net income: AU$19.7m (up AU$41.6m from FY 2022). Profit margin: 2.2% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Board Change • Feb 15
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). CEO, MD & Director James Smith is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Jan 19
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). CEO, MD & Director James Smith is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Nov 18
DRA Global Limited Announces Executive Changes DRA Global Limited Working alongside existing members of the ExCo, the expanded Executive Committee will include: JC Heslinga as Executive Vice President, Global Project Excellence; Rashid Kader as Executive Vice President, Global O&M Capability and Managing Director Minopex; Pierre Julien as Executive Vice President, Global Origination and Managing Director North America; and, Darren Naylor as Executive Vice President, APAC. Announcement • Oct 25
DRA Global Limited Announces Executive Changes DRA Global Limited announced the appointment of Ms Lindiwe Mthimunye and Mr. Valentine (Val) Coetzee as Non-Executive Directors of the Company, both with commencement dates of 25 October 2023. Ms Mthimunye will also serve as the Chair of the Audit & Risk Committee and Mr. Coetzee will chair the Board's Major Projects Approval Committee. Jonathan Velloza has tendered his resignation as a director, effective immediately. Ms Mthimunye is an experienced company director who serves on the boards of various listed and unlisted companies in South Africa. Mr. Coetzee is a well respected leader in the mining and mineral services industries, and has a long association with the Company having previously served in a number of senior management positions over 15 years. Mthimunye is a Chartered Accountant (SA) and has extensive governance, finance and business experience, having worked in investment banking and also as chief financial officer in the Oil & Gas industry. She previously served on the boards of various listed and unlisted companies including; Woolworths, Group 5, Torre, Sea Harvest, PetroSA, Hyundai Automotive South Africa and Liquid Capital. Val holds a Bachelor of Engineering in Chemical Engineering from the University of Stellenbosch, South Africa, and a Master of Engineering: Mining (Mineral Economics) from the University of the Witwatersrand, South Africa. He worked at Impala Platinum and De Beers Consolidated as a metallurgist and technical manager tasked with overseeing new greenfield projects. Until recently Val was DRA's Senior Vice President of Process Engineering and has played a vital role in the global expansion of the Group during his 15 years with the Company. Board Change • Oct 18
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). Independent Non-Executive Director Johnny Velloza is the most experienced director on the board, commencing their role in 2022. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Oct 07
DRA Global Limited Appoints Darren Naylor as Executive Director DRA Global Limited announced that the appointment of an executive Director to Company's Board of Directors. Effective immediately, Darren Naylor has been appointed by the Board, as an executive Director to fill a casual vacancy. Darren Naylor is a seasoned executive with over 25 years' experience across various industrial sectors, of which more than 15 are specialised in the engineering, mining and metals industry across Africa and Australia. In this time Darren has managed numerous multidisciplinary mining studies and projects and has operated at both senior executive and board levels. Darren is a commercially astute leader with excellent interpersonal skills and holds an undergraduate degree from the University of Johannesburg as well as an MBA (with distinction) from Henley Business School. Announcement • Oct 06
DRA Announces Changes to Its Board of Directors DRA Global Limited advised shareholders that following engagement with its shareholder, Apex Partners Holdings Pty Ltd, a number of changes to the composition of the Company's Board of Directors have occurred. Effective immediately, Peter Mansell, Lee (Les) Guthrie, Paul Lombard and Sandra Bell have resigned as Directors of the Company and Sebastiano (Sam) Randazzo has been appointed as a non-executive Director to fill a casual vacancy. Mr. Randazzo has also been elected as Chair of the Company's Board of Directors. A brief biography for Mr. Randazzo is set out below. As part of the ongoing recomposition of the Board, the Company intends to make further appointments of Directors who have the requisite skills, knowledge and experience and who will promote the best interests of DRA and ensure that it is in compliance with the Corporations Act, 2001 (Cth) requirements regarding Board composition. Sam Randazzo is a mineral resources industry professional with over 35 years' experience encompassing various senior roles including executive and non-executive directorships, chairman, CEO, CFO and company secretary in public companies listed on the ASX, TSX, JSE and AIM stock markets. He has extensive operational experience in project identification, merger and acquisitions, initial and secondary public offerings, capital raisings in international markets, corporate finance, feasibility studies and project development. His mineral industry exposure spans companies involved in mining, exploration, engineering and construction of gold, diamonds, base metals, mineral sands, coal and uranium projects. Board Change • Sep 19
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Charles Pettit was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to AU$1.40, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 14x in the Construction industry in Australia. Total loss to shareholders of 32% over the past year. New Risk • Sep 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (AU$87.4m market cap, or US$55.7m). Reported Earnings • Sep 01
First half 2023 earnings released: EPS: AU$0.32 (vs AU$0.36 loss in 1H 2022) First half 2023 results: EPS: AU$0.32 (up from AU$0.36 loss in 1H 2022). Revenue: AU$424.4m (down 11% from 1H 2022). Net income: AU$17.7m (up AU$35.7m from 1H 2022). Profit margin: 4.2% (up from net loss in 1H 2022). The move to profitability was driven by lower expenses. New Risk • Aug 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (AU$74.9m market cap, or US$48.5m). Board Change • Aug 09
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Charles Pettit was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jul 28
DRA Global Limited Announces Board Appointments DRA Global Limited announced the following appointments that were confirmed by the Board on 27 July: James Smith, DRA's CEO, has been appointed to the Board as Managing Director. Sandra Bell has been appointed to the Board as a Non-Executive Director. Sandra has also been appointed as a member of the Board's Audit & Risk Committee, Nominations & Governance Committee and People, Culture & Remuneration Committee. A Period of handover has commenced, for Sandra to take on the role of Chair of the Audit & Risk Committee from acting Chair Johnny Velloza. James is a highly experienced and qualified executive with more than 25 years' experience in the mining, industrial and financial sectors. Originally a process engineer in the mining industry, James has held various consulting, investment advisory and operational leadership positions. He has extensive experience in strategy development and execution, operational excellence, mergers and acquisitions and organisational leadership within the mining and industrial sectors. James has been a part of the executive leadership of DRA since March 2018 and was appointed CEO since March 2022, initially on an interim basis that was confirmed as a substantive appointment in October 2022. Sandra has served as a director on numerous private energy sector companies in New Zealand and the United States including upstream energy, conventional and renewable power generation, petrochemicals, and energy retailing. Sandra is a CAANZ Chartered Accountant and a CA/CPA in Alberta -Canada, a Graduate of the Australian Institute of Company Directors and a Fellow of the Institute of Chartered Secretaries and Administrators (UK). She holds a Bachelor of Business Studies (Accountancy) from Massey University New Zealand. Announcement • Jul 04
DRA Global Limited Appoints Charles Pettit as A Non-Executive Director DRA Global Limited announced the appointment of Charles Pettit as a Non-Executive Director, with a commence date of 1 July 2023. Mr. Pettit is the Founder and CEO of DRA's largest shareholder Apex Partners Holdings (Pty) Ltd, and has strong experience in making long-term investments in engineering, equipment, and industrial distribution businesses. Prior to founding Apex, Charles was Founder and CEO of JSE-listed industrial businesses Torre Industries Ltd. and Stellar Capital Partners Ltd. Charles is the CEO and Founder of Apex Partners, a holding company that makes long term investments in engineering, equipment and industrial distribution businesses. Prior to founding Apex, Charles founded and was CEO of JSE -listed industrial businesses Torre Industries Ltd. (2012-2016) and Stellar Capital Partners Ltd. (2015-2017). Charles graduated from the University of Cape Town with a BCom (Hons) degree in 2004 and subsequently qualified as a CFA charter holder while working for Close Brothers Corporate Finance in London and AfrAsia Corporate Finance in Mauritius and South Africa. Reported Earnings • Feb 28
Full year 2022 earnings released: AU$0.44 loss per share (vs AU$0.87 profit in FY 2021) Full year 2022 results: AU$0.44 loss per share (down from AU$0.87 profit in FY 2021). Revenue: AU$894.7m (down 25% from FY 2021). Net loss: AU$21.9m (down 144% from profit in FY 2021). Announcement • Feb 18
DRA Global Limited, Annual General Meeting, May 09, 2023 DRA Global Limited, Annual General Meeting, May 09, 2023. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to AU$1.90, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 18x in the Construction industry in Australia. Total loss to shareholders of 39% over the past year. Board Change • Dec 21
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Non Executive Chairman Peter Mansell is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 31
DRA Global Limited Announces Resignation of Andrew Naudé as Director DRA Global Limited announced that Mr. Andrew Naudé has resigned as a Director of the Company with immediate effect. Announcement • Oct 13
DRA Global Limited Appoints James Smith as Chief Executive Officer DRA Global Limited announced the appointment of Mr. James Smith as Chief Executive Officer (`CEO'), effective on 13 October 2022. James has been acting as Interim CEO since March 2022. James is a highly experienced and qualified executive with more than 25 years' experience in the mining, industrial and financial sectors. Originally a process engineer in the mining industry, James has since held various consulting, investment advisory and operational leadership positions. He has extensive experience in strategy development and execution, operational excellence, mergers and acquisitions, and organizational leadership within the mining and industrial sectors. In 2018 James was appointed Executive Vice President of Minopex, DRA's operations and maintenance services business, where he successfully drove DRA's diversification strategy into mechanised mining and advisory services, and oversaw the expansion of Minopex across the EMEA region. Since 2021, James has also been responsible for overseeing DRA's growth in new offerings such as Advisory, Digital and Sustainability services. Before joining DRA, James held leadership roles within management consulting, private equity and various mid-sized industrial, manufacturing and distribution businesses in Southern Africa. James holds a Bachelor of Science (Chemical Engineering) (cum laude) from the University of Witwatersrand in South Africa. Announcement • Sep 12
Kaefer Integrated Services Pty Ltd completed the acqusition of G&S Engineering Services Pty Ltd and G&S Support Services Pty Ltd from DRA Global Limited (ASX:DRA). Kaefer Integrated Services Pty Ltd executed an agreement to acquire G&S Engineering Services Pty Ltd and G&S Support Services Pty Ltd from DRA Global Limited (ASX:DRA) for AUD 8 million on July 29, 2022. The sale price is subject to adjustments including in respect of employee entitlement balances transferred at completion, restoration estimates on leased properties transferred, and no material change to the condition and existence of relevant plant and equipment. The sale comprises certain key contracts, assets and liabilities of G&S Engineering Services Pty Ltd and G&S Support Services Pty Ltd. Under the terms of the agreement, Kaefer Integrated Services will offer continued employment to the majority of G&S Engineering Services Pty Ltd and G&S Support Services Pty Ltd employees.
The transaction was approved by the Board of Directors of DRA Global Limited. The sale is subject to customary conditions precedent: execution of a transitional services agreement; novation of key contracts; Kaefer Integrated Services receiving approval for key regulatory licenses held by G&S Engineering Services Pty Ltd and G&S Support Services Pty Ltd and replacement of existing financial guarantees or other financial securities. The transaction is expected to complete before the end of the September 2022 quarter. Net proceeds from the sale will be applied to the funding of remaining net working capital and to reduce the residual liabilities of G&S Engineering Services Pty Ltd and G&S Support Services Pty Ltd.
Kaefer Integrated Services Pty Ltd completed the acqusition of G&S Engineering Services Pty Ltd and G&S Support Services Pty Ltd from DRA Global Limited (ASX:DRA) on September 10, 2022. This transaction was completed with all conditions precedent met, along with agreement and execution of a transitional services agreement (‘TSA’) between G&S and KAEFER. Announcement • Sep 10
DRA Global Limited Announces Retirement of Kathleen Bozanic as Independent Non-Executive Director DRA Global Limited announced that Ms Kathleen Bozanic, an independent non-executive Director, has advised that Kathleen will retire as a Director of the Company following Kathleen appointment as Chief Financial Officer of IGO Limited. Ms Bozanic was appointed as a Director of DRA in January 2020, and is currently the Chair of the Audit and Risk Committee, and a member of DRA's Nomination and Governance Committee and People, Culture and Remuneration Committee. DRA will commence a search process to identify a replacement independent non- executive Director with the requisite skills and experience to also serve as Chair of the Audit and Risk Committee. Ms Bozanic will continue to serve as a Director and Chair of the Audit and Risk Committee until the earlier of completing a handover of responsibilities to her replacement or 31 December 2022. Reported Earnings • Sep 02
First half 2022 earnings released: AU$0.36 loss per share (vs AU$0.23 profit in 1H 2021) First half 2022 results: AU$0.36 loss per share (down from AU$0.23 profit in 1H 2021). Revenue: AU$477.1m (down 16% from 1H 2021). Net loss: AU$18.0m (down 219% from profit in 1H 2021). Announcement • Aug 31
DRA Global Limited Appoints Michael Sucher as Chief Financial Officer, Effective on and from 1 September 2022 DRA Global Limited announced the appointment of Michael Sucher as Chief Financial Officer, effective on and from 1 September 2022. Mr. Sucher has a career spanning more than 20 years in the accounting and resources sectors, and possesses extensive skills and experience in financial accounting, reporting, governance and business process improvement. Before joining DRA in 2021 as General Manager - Corporate Finance, he held senior leadership roles in the corporate and divisional finance teams at BHP and South32 in Australia and North America. Mr. Sucher has been Acting Chief Financial Officer since May 2022. Mr. Sucher is a Chartered Accountant (CAANZ) and holds a Bachelor of Commerce from the University of Melbourne. Announcement • Jul 30
Kaefer Integrated Services Pty Ltd executed an agreement to acquire G&S Engineering Services Pty Ltd and G&S Support Services Pty Ltd from DRA Global Limited (ASX:DRA) for AUD 8 million. Kaefer Integrated Services Pty Ltd executed an agreement to acquire G&S Engineering Services Pty Ltd and G&S Support Services Pty Ltd from DRA Global Limited (ASX:DRA) for AUD 8 million on July 29, 2022. The sale price is subject to adjustments including in respect of employee entitlement balances transferred at completion, restoration estimates on leased properties transferred, and no material change to the condition and existence of relevant plant and equipment. The sale comprises certain key contracts, assets and liabilities of G&S Engineering Services Pty Ltd and G&S Support Services Pty Ltd. Under the terms of the agreement, Kaefer Integrated Services will offer continued employment to the majority of G&S Engineering Services Pty Ltd and G&S Support Services Pty Ltd employees.
The transaction was approved by the Board of Directors of DRA Global Limited. The sale is subject to customary conditions precedent: execution of a transitional services agreement; novation of key contracts; Kaefer Integrated Services receiving approval for key regulatory licenses held by G&S Engineering Services Pty Ltd and G&S Support Services Pty Ltd and replacement of existing financial guarantees or other financial securities. The transaction is expected to complete before the end of the September 2022 quarter. Net proceeds from the sale will be applied to the funding of remaining net working capital and to reduce the residual liabilities of G&S Engineering Services Pty Ltd and G&S Support Services Pty Ltd. Announcement • Jun 01
DRA Global Limited Appoints James Smith as Interim Chief Executive Officer DRA Global Limited announced that further to its announcement dated 11 March 2022, the terms of employment of Mr. James Smith as Interim Chief Executive Officer have been agreed. Ongoing until a new permanent Chief Executive Officer commences in the role, at which time Mr. Smith will resume his role of Executive Vice President, Operations and Managing Director, Advisory. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorated over the past week After last week's 23% share price decline to AU$2.00, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 16x in the Construction industry in Australia. Announcement • May 12
DRA Global Limited Provides Revenue Guidance for the Fiscal Year 2022 DRA Global Limited provided revenue guidance for the fiscal year 2022. Revenue for fiscal year 2022 is anticipated to be in the range of $900 million to $1 billion (fiscal year 2021: $1.2 billion). Board Change • Apr 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Non Executive Chairman Peter Mansell is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: AU$0.59 (up from AU$0.28 in FY 2020). Revenue: AU$1.19b (up 26% from FY 2020). Net income: AU$50.0m (up 116% from FY 2020). Profit margin: 4.2% (up from 2.5% in FY 2020). Revenue was in line with analyst estimates. Announcement • Feb 25
DRA Global Limited, Annual General Meeting, May 17, 2022 DRA Global Limited, Annual General Meeting, May 17, 2022. Agenda: To adopt the remuneration report. Board Change • Feb 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Non Executive Chairman Peter Mansell is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to AU$3.20, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 16x in the Construction industry in Australia. 
