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MCS Services (ASX: $MSG) to sell security business for $3 million

MCS Services announces conditional agreement to sell security business


MCS Services Ltd (ASX: $MSG) has entered into a conditional agreement to sell its security business, MCS Security Group Pty Ltd, for a cash consideration of $3 million. The decision was made after thorough evaluation by the Board of Directors to preserve value for shareholders amidst the shift towards national security contracts, increased workforce pressures, and the reality of maintaining a business of this size as an ASX listed public company essentially based at state rather than national level in the security sector.

Executive Commentary on Proposed Sale


The sale of MCS Security business to Vibrant Service Pty Ltd is a strategic decision aimed at reshaping our company's strategic direction. This move will allow us to re-evaluate our operations, inject funds, and refocus on ensuring that shareholders are rewarded going forward. We believe that Vibrant Service's extensive security operations and comprehensive risk management services will create a competitive national organization, providing a positive outcome for both companies and their stakeholders.

Summary of Proposed Sale and Outlook


MCS Services Ltd (ASX: $MSG) has announced the conditional sale of its security business to Vibrant Service Pty Ltd for $3 million. The sale aims to reshape the company's strategic direction, allowing it to re-evaluate operations, inject funds, and refocus on rewarding shareholders. The move comes amidst the continued shift towards national security contracts and increased workforce pressures. The company plans to use the funds to repay debt and allocate the balance to working capital. The sale remains highly conditional, subject to various due diligence enquiries and shareholder approval. The company will provide further details and developments regarding the Proposed Sale to shareholders. There are no anticipated Board or senior management changes as a result of the sale, and Vibrant Service is an arm's length non-related third party purchaser. The company will work closely with Vibrant Service to ensure a smooth transition, safeguarding the welfare of employees and the continuous supply of services throughout the process.

Sourcehttps://announcements.asx.com.au/asxpdf/20240202/pdf/0601f22sb43d69.pdf

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