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Broo (ASX: $BEE) lodges outstanding ASX reports and provides business update

Broo (ASX: $BEE) Company Update


Broo Limited (ASX: $BEE) has announced the lodgement of outstanding ASX reports, including quarterly cashflow reports and corporate governance statements. The new Board and Management team are committed to improving the Company's compliance culture and meeting all ASX reporting and statutory reporting deadlines. The Company's operations and business activities have been impacted due to the ongoing restructure involving its subsidiaries, affecting its ability to operate and generate sales. The Board is working on securing an additional supplier to manufacture beer products and plans to re-initiate existing product distribution channels, as well as penetrate new channels for the sale and distribution of its range of beverage products.

Executive Commentary


The new Board and Management team have been diligently working on bringing the Company's ASX reporting up-to-date and improving the compliance culture. We are committed to meeting all ASX reporting and statutory reporting deadlines going forward. The ongoing restructure has impacted our operations, but we are in discussions with key stakeholders to resume operations following the completion of the Group Restructure. We are also working on securing an additional supplier to manufacture beer products and planning to expand our product distribution channels. The Board is focused on fully recapitalizing the Company and strengthening its balance sheet through a funding plan, with more details to be provided to the market once available. We are close to finalizing the restructure with the expected completion date of 31 December 2023, which will enable us to recommence operations and engage with ASX for the proposed reinstatement to the official list.

Summary


Broo Limited (ASX: $BEE) has taken significant steps to bring its ASX reporting up-to-date and improve its compliance culture under the new Board and Management team. The ongoing restructure has impacted the Company's operations and business activities, but it is actively working on securing an additional supplier for beer products and planning to expand its product distribution channels. The Board is also focused on fully recapitalizing the Company and strengthening its balance sheet through a funding plan. The expected completion of the group restructure by 31 December 2023 will enable the Company to recommence operations and engage with ASX for the proposed reinstatement to the official list. Shareholders can expect further updates on these developments in due course.

Sourcehttps://announcements.asx.com.au/asxpdf/20231211/pdf/05yfkcq0zkhw40.pdf

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