16 Sep 2011

Mercer Group obtains funding waiver

6:03 am on 16 September 2011

Mercer Group has secured a waiver from Westpac bank until December of a breach of its banking covenant as well as a temporary $300,000 overdraft active until 11 October.

The stainless steel fabricator also says its board has approved a new $1.3m second ranking shareholder funding facility.

Chief executive Rodger Shepherd says the funding package allows the company to complete its restructure programme and move forward with strength.