Evolve Education Group Limited (NZX: EVO) Announces Settlement of 5 Centres and Retirement of CEO

Monday 29th March 2021

Listed New Zealand and Australian childcare and education centre operator Evolve Education Group Limited announced on 5 March 2021 that it had contracted to acquire 10 child care centres in Australia with total licence capacity of 816 children per day. EVO is pleased to announce that 5 of the 10 contracted centres have now completed. Annualised underlying EBITDA for these five centres is expected to be $3.6m – excluding any allowance for a EBITDA contribution under the contracted earnout provisions. EVO expects that the remaining five centres will settle by May 2021.

Retirement of CEO NZ

EVO advises the retirement of Tim Wong as CEO NZ. For much of Tim’s time in NZ COVID-19 has placed severe restrictions on cross Tasman travel and Tim is leaving to return to his family in Australia.

The Board wishes to thank Tim for his tireless work since his appointment in October 2019. Tim joined under the new Board and set about the challenging but rewarding task of rebuilding EVO in NZ. Significant change and positive progress was made from October 2019 and throughout the COVID-19 period.

The Board thanks Tim for his contribution during his time with EVO NZ and sincerely wishes Tim all the best for his future roles.

Appointment of NZ COO

EVO is delighted to announce the appointment of Craig Presland as Chief Operating Officer, New Zealand. Craig has a very strong background as CEO in previous New Zealand childcare businesses. Craig will commence on 12 April and will report directly to Managing Director Chris Scott.

Please see the links below for details:

EVO announces settlement of 5 centres and retirement of CEO (NZ)

EVO Notice of Issue of Share Options

EVO Notice of Issue of Share Options ASX Appendix 3B

Source: Evolve Education Group Limited

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