Murray & Roberts Holdings Limited - Acquisition of strategic interest in Clough
Limited
Murray & Roberts Holdings Limited
Registration number 1948/029826/06
(`Murray & Roberts` or the `Group`)
Share code: MUR
ISIN code: ZAE000008983
Acquisition of strategic interest in Clough Limited
Shareholders are referred to an announcement released on 26 August 2004 through
the Securities Exchange News Services (SENS`) of the JSE Securities Exchange
South Africa (`JSE`) where it was stated that Murray & Roberts had reached
agreement, subject to certain conditions precedent, to acquire a strategic
interest in leading Australian engineering and contracting group Clough Limited
(`Clough`).
The Group is pleased to advise that all regulatory conditions precedent have
been satisfied and that the requisite approval for the proposed transaction was
obtained from Clough shareholders at its annual general meeting (`AGM`) held on
Wednesday 10 November 2004. Messrs BC Bruce and N Jorek, both executive
directors of the Group, were approved as non-executive directors of Clough at
the AGM, subject to completion of the transaction.
The transaction has been effected today, in terms of which McRae Investments
(representing the Clough family interests in Clough) disposed of 60 million
Clough shares to Murray & Roberts for a consideration of AUD40.8 million and
Murray & Roberts has acquired a further 60 million new Clough shares issued by
Clough also for a consideration of AUD40.8 million. This increases the Group`s
shareholding in Clough from 4.9% to 29.3%. Murray & Roberts and McRae have been
authorised to enter a shareholders` agreement that gives them a relevant
interest in 63.9% of Clough`s shares.
The Group will pursue the creep provisions as permitted by the Australian Stock
Exchange (`ASX`) which should result in its shareholding in Clough increasing
above 50% over the next three to four years.
Johannesburg
11 November 2004
Sponsor to Murray & Roberts: Merrill Lynch South Africa (Pty) Limited
Date: 11/11/2004 09:18:00 AM
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