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SEALINK NOTES SA GOVERNMENT RESPONSE TO CONTRACT EXTENSION

In 2015, SeaLink Travel Group Limited (SeaLink) requested that the South Australian Government consider

extension of SeaLinkÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s existing arrangements for use of the port facilities at Cape Jervis and Penneshaw to

underpin further investment by SeaLink in both vessels and South Australia.

 

SeaLink has been verbally advised by the South Australian Minister for Transport and Planning, Stephan

Knoll that the Government has reached a decision in response to that request and decided the use of port

infrastructure and facilities will involve a competitive tender to take effect from 1 July 2024 as part of these

arrangements.

 

SeaLink is currently continuing discussions with the Government regarding future arrangements and will

update the market as information is available. The current contractual arrangements remain in place until

July 2024.

 

We welcome the GovernmentÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s decision to move the process forward and provide clarity to SeaLink, its

shareholders and the 370 staff we employ in South Australia

.

SeaLink has an extensive and growing national footprint including ferry and other operations on Sydney

Harbour, several locations in Queensland and Northern Territory, Western Australia and South Australia.

Most recently it won the competitive tender to operate the Bruny Island ferry service in Tasmania.

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Low $A a 'sweet spot' for Aussie tourism

But for Mr Ellison, the chief executive of SeaLink Travel Group, it was just more good news. The low dollar has played a "fundamental" role in the growth of the ASX-listed aqua-tourism company over the past year.

 

"The dollar definitely helps. It makes it cheaper for tourists to come over here," Mr Ellison said between meetings. "But also, domestically, to go overseas it costs more, so we get more local tourists enjoying our country as a holiday destination."

read more - https://www.afr.com/news/low-a-a-sweet-spot...20181205-h18rmw

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Incat Crowther designs new Ro-Pax ferry for Australia

The vessel will be operated by Sealink Travel Group ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâہ¡ÃƒÆ’‚ one of AustraliaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s largest vessel operators ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâہ¡ÃƒÆ’‚ and will be built by Richardson Devine Marine in Hobart, Australia. The first vessel will go into service in December 2019.

https://www.workboat.com/news/shipbuilding/...erry-australia/

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Rottnest Express all at sea as SeaLink rivalry bites

Sean SmithThe West Australian

Friday, 1 February 2019 11:11AM

The owner of Rottnest Express has for the first time laid bare the cost of SeaLinkâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s arrival on the ferry route 15 months ago, disclosing a $26.7 million hit against the WA business.

 

SeaLink launched on the Rottnest service against Rottnest Express and the Hillarys-based Rottnest Fast Ferries in November 2017, offering six extra daily trips to the island and cutting ticket prices by as much as 30 per cent.

 

SeaLink, which also operates Captain Cook cruises on the Swan River, last year put combined start-up costs for its Rottnest route and a new Sydney service at $400,000, disclosing also that the services posted trading losses totalling $1.8 million for 2017-18.

 

However, it told shareholders at its annual meeting in Adelaide in November that the Rottnest route recorded positive EBITDA for the year.

 

read more - https://thewest.com.au/business/rottnest-ex...-ng-b881091176z

Total short positions as at 25th January, 2019 = 0.68%

https://www.shortman.com.au/stock?q=slk

 

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Solid report but suggestion of "subdued trading conditions" probably contributed to today's SP decline - down1.73% @ $3.98

SEALINK TRAVEL GROUP ANNOUNCES INTERIM RESULT FOR HALF YEAR ENDED 31 DECEMBER 2018

Highlights

Financial

ïâ€Å¡Ãƒ‚§ Total income of $130.4m, up $31.7m or 32.1%

ïâ€Å¡Ãƒ‚§ Net Underlying Profit After Tax of $13.1m, up $1.7m or 15%

ïâ€Å¡Ãƒ‚§ Strong Net Operating Cashflow of $28.9m, up 63% from $17.7m in the first half of FY 2018.

ïâ€Å¡Ãƒ‚§ Underlying EBITDA up 8.0% to $25.7m compared to $23.8m in 1H FY 2018 primarily attributable to a

pleasing Fraser Island contribution, offset by weaker Captain Cook Cruises performance in NSW and

WA.

ïâ€Å¡Ãƒ‚§ Lower tax expense associated with benefit of marine training incentives.

ïâ€Å¡Ãƒ‚§ Net debt reduced by $12.5m or 11.8%.

ïâ€Å¡Ãƒ‚§ Basic EPS for 1H FY 2019 increased 14.3% to 12.8 cents per share from 11.2 cents per share in 1H

FY 2018.

ïâ€Å¡Ãƒ‚§ Interim dividend of 6.5 cents per share in line with 1H FY 2019, representing a 50.7% return of aftertax net profit to shareholders.

ïâ€Å¡Ãƒ‚§ Underlying net profit after tax for the second half of FY 2019 to be higher than the first half of FY 2019,

assuming average seasonal and current business conditions.

The Board has declared a fully franked interim dividend of 6.5 cents per share, payable on 2 April 2019, which

is in line with previous interim dividend.

 

Outlook

SeaLinkâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s strategy of creating a strong geographic diversified tourism and transport operator to iconic tourism

destinations, with solid commuter markets, continues to position it well for sustainable earnings and growth.

Despite more subdued trading conditions in the tourism sector, we anticipate that SeaLinkâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s 2H FY 19 NPAT will

be higher than that which was achieved in 1H FY 19, assuming average seasonal and current business

conditions remain over the remainder of FY 2019.

 

We are pleased with our disciplined cost management, which we anticipate will enable SeaLink to build profit

margin in a normal operating environment, and we are continuing to actively pursue value-accretive acquisition

opportunities that have a strong strategic fit with our transport and tourism focus.

https://www.shortman.com.au/stock?q=slk

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Sealink now faces competition on its mainstay Kangaroo Island route after KI Connect started operating a high-speed catamaran in June last year. So far Sealink reports no effect on its own sales but losing a monopoly position tends to be unhelpful in terms of maintaining margins, to say the least.

 

Sealink has less to worry about with a $5 billion proposal, championed by Nick Xenophonâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s SA Best, to link the island to the mainland with a 14 kilometre bridge. As the islandâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s mayor muses, the plan is viable if an extra three million visitors a year were willing to pay $100 each in tolls.

- One way to redefine "populism "
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ASX-listed cruises and ferries operator SeaLink Travel Group is set to unveil a company-changing acquisition to broaden its portfolio and will ask investors to help fund the deal.

 

It is understood SeaLink is set to acquire Transit Systems, which is a family-owned bus company. It is expected to acquire the whole business, while the vendor will take a signifcant stake in SeaLink.

 

SeaLink is expected to seek to raise $150 million in a placement via Macquarie Capital, Ord Minnett and Taylor Collison to help fund the acquisition. The transaction is expected to be worth more than $300 million.

 

It comes as SeaLink has flagged its intention to expand its passenger transport operations to "create a multi-modal provider of transport".

Transit Systems has operations across the country including a metropolitan bus networks in Sydney, Perth, Adelaide and Melbourne. Among its operations, Transit Systems operates about 70 per cent of the passenger bus services in Adelaide for local commuters, after most routes were privatised in 2000

capital hungry. And on the Gov drip

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Might have to have a name change? Transit Systems Group would be more appropriate

 

SEALINK ANNOUNCES STRATEGIC ACQUISITION OF TRANSIT SYSTEMS GROUP AND LAUNCHES CAPITAL RAISING

ï¬ SeaLink to acquire 100% of Transit Systems Group for an enterprise value of A$635 million plus an earnout component of up to A$63 million

ï¬ Strategically compelling acquisition creating a leading Australian multi-modal transport provider, with

established international operations in Singapore and United Kingdom

ï¬ Transit Systems Group is a highly scalable operating platform, with a strong track record of contract wins

and renewals and an experienced management team operating typically long-term, low-risk, CPI indexed

government service contracts

ï¬ Proposed transaction expected to be over 20% EPS accretive to SeaLink shareholders,1 pre-synergies and

before transaction and implementation costs

ï¬ Attractive acquisition multiple of 8.2x EV / FY19A pro forma normalised EBITDA pre-synergies2 or 7.8x

including net synergies of ~A$4.0 âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ 4.6 million3

ï¬ Pro forma net debt / FY19A normalised EBITDA of 2.5x4 expected prior to completion adjustments, mediumterm net debt / LTM EBITDA target of <2.0x4

ï¬ Current Transit Systems Group CEO, Clint Feuerherdt, to replace Jeff Ellison as SeaLink CEO

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they probably will change name. SLK market cap of $400mill with Transit backing in with $635mill ! Reverse TO

 

Also new CEO will be from Transit. ... I would assume considerable degree of complexity in running Transit (despite long running Govt contracts)

 

other synergy I see .... Sydney Harbour tourism -> the SLK fleet and shuffling passengers around

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My thoughts exactly - reverse T/O for Transit Systems Group - an easy way onto the ASX. Remember also they divested their marine business to SLK back in 2015. More like coming back home :biggrin:

 

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“The Board of Directors of SeaLink believe that Clint is uniquely positioned to lead the combined SeaLink and

Transit Systems Group business. Clint has worked with Transit Systems Group for 10 years and throughout this

time has acquired significant experience in managing a large passenger transport business delivering reliable and

safe services to large-scale government contracts. Clint also has an extensive background in marine transport

operations having built Transit Systems Groupâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s marine operations into Australiaâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s largest private operator of

passenger and vehicle ferries before divesting the business to SeaLink in 2015.âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ÂÂ

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SP up 18.16% - currently $4.62/share - could be retail investors getting onto the register to qualify for entitlement offer. Massive gap created

 

SEALINK SUCCESSFULLY COMPLETES THE INSTITUTIONAL ENTITLEMENT OFFER AND PLACEMENT

SeaLink Travel Group Limited (ASX:SLK) (SeaLink) is pleased to announce the successful completion of the fully

underwritten institutional placement and the institutional component of the 1 for 4 pro rata accelerated nonrenounceable entitlement offer (Entitlement Offer) of new fully paid SeaLink ordinary shares (New Shares) at an

offer price of A$3.50 per New Share.

 

KEY HIGHLIGHTS

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ The institutional placement (Placement) will, on settlement, raise gross proceeds of approximately A$65 million

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ The institutional component of the Entitlement Offer (Institutional Entitlement Offer) will, on settlement,raise gross proceeds of approximately $43 million

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ Strong support shown by both existing and new institutional shareholders

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ Retail component of the Entitlement Offer (Retail Entitlement Offer), which is expected to raise approximately A$46 million, opens on Tuesday, 15 October 2019

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