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Aveng - Announcement Made By Mcconnell Dowell Corporation Limited
Release Date: 25/07/2003 10:50:05 Code(s): AEG
Aveng - ANNOUNCEMENT MADE BY McCONNELL DOWELL CORPORATION LIMITED
Aveng Limited
Incorporated in the Republic of South Africa
(registration number 1994/018119/06)
ISIN: ZAE 000018081 Code: AEG
("Aveng")
ANNOUNCEMENT MADE BY McCONNELL DOWELL CORPORATION LIMITED ("MDC") TO THE
AUSTRALIAN AND NEW ZEALAND STOCK EXCHANGES
SHAREHOLDERS OF MDC APPROVE THE SCHEMES OF ARRANGEMENT
The Shareholders of McConnell Dowell today approved the Scheme of Arrangement
under which Aveng will acquire all of the shares in McConnell Dowell for A$1.54
cash per share.
The Optionholders in McConnell Dowell also approved the Scheme of Arrangement
for Aveng to purchase outstanding options at 20 cents (Australian) cash per
option.
Both schemes remain subject to approval of the Federal Court at a hearing set
for 1 August 2003.
Particulars of the voting were:
(1) Resolution - To approve the Shareholders Scheme of Arrangement
Number of % of Number % of
votes Votes of Voters
Voters
Votes cast "FOR" the 11,083,266 87.44% 492 83.25%
motion 1,591,805 12.56% 99 16.75%
Votes cast "AGAINST"
the motion
Total Votes Cast 12,675,071 100.00% 591 100.00%
The resolution was carried by the required majority.
(2) Resolution - To approve the Optionholders Scheme of Arrangement
Number of % of Number % of
votes Votes of Voters
Voters
Votes cast "FOR" the 1,129,000 100.00% 80 100.00%
motion 0 0 0 0
Votes cast "AGAINST"
the motion
Total Votes Cast 1,129,000 100.00% 80 100.00%
The resolution was carried by the required majority.
Shareholders are advised that in respect of the proposed dividend of 10Cents
(USD) (Australian) per share, the Dividend payment date shall be the same date
as the payment date for the schemes if they are approved. If the schemes are
approved by the Court on 1 August 2003, the Record Date for determining dividend
entitlements will be 8 August 2003, with payment expected shortly after that
date.
McConnell Dowell Corporation Ltd is an Australian based engineering and
construction company offering specialised heavy and marine civil, pipeline
construction and mechanical and electrical services to a geographically diverse
selection of quality clients.
For and behalf of
McConnell Dowell Corporation Limited
D.G. Robinson
Chief Executive Officer
25 July 2003
Enquiries
D.G Robinson
McConnell Dowell Corporation Limited
Tel: (03) 8805 5200
Fax: (03) 8805 5375
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