PwC begins sale of Flow Systems following collapse

07 January 2019 - 12:00 am UTC

Binding bids for the troubled and Brookfield-owned Flow Systems could be requested for early February after the company’s administrator began sale preparations last month. 

The Australian Securities and Investment Commission said on 21 December it had appointed PwC administrator of the business. 

The first creditors meeting was held on 4 January.

Sources familiar with the process said expression of interest would be called for on Tuesday (8 January) with binding bids due on 4 February.

As reported, Brookfield was attempting to sell its 55% stake in the company as were other shareholders, with indicative bids due in mid October.

One bid source at the time said the IM released by sale adviser KPMG had very little detail to bid on. 

As reported, Flow Systems is thought to be worth less than AUD 100m (USD 71.1m).

Brookfield owns its stake in Flow Systems through subsidiary Enwave Australia. Other owners include company director and founder Terry Leckie.

Self-declared as ‘Australia’s first sustainable water utility’, Flow Systems provides drinking and recycled water as well as wastewater services. It also provides thermal energy including bespoke thermal networks for new housing developments, mostly across New South Wales and Queensland.

 

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