Experience divests GBR Helicopters

“Experience Co Limited (ASX: EXP) today announces an update on its strategic review. Experience Co has entered into a contract for the sale of the Great Barrier Reef Helicopters (“GBRH”) to the Morris Group. The GBRH transaction is anticipated to be completed in early January 2020. EXP has also completed the sale of the canyoning business and assets. When completed, these divestments will deliver net proceeds of approximately $17.5 million which will be applied to the corporate debt facility. Further, Experience Co has appointed Nash Advisory to run a divestment process for those businesses identified as non-core in the strategic review: • Raging Thunder Adventures and RnR White Water Rafting (Tully River and Barron River whitewater rafting) • Cairns Hot Air Balloon Co • Byron Bay Ballooning Co • Hunter Valley Ballooning Co The divestment of the non-core whitewater rafting and ballooning businesses, along with noncore asset realisations, is key to Experience Co’s strategy to improve return on invested capital. John O’Sullivan, Chief Executive Officer said “We are delighted to today announce an update on the key pillar of the business simplification process being the divestment of non-core businesses. It is particularly pleasing to hand the Cairns headquartered GBRH and Canyoning businesses to the Morris Group and Cairns Canyoning respectively which have established a tourism and hospitality presence in the region.””


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