MURRAY & ROBERTS HOLDINGS LIMITED
MEDIA STATEMENT
Murray & Roberts has issued an announcement through the Stock Exchange News
Service of the JSE Securities Exchange South Africa that it has submitted a
written notice to the board of directors of Concor Limited of its firm intention
to make an offer for the entire issued share capital of Concor.
The offer will be by way of a scheme of arrangement in terms of section 311 of
the Companies Act, or alternatively in terms of section 440 of the Companies
Act.
The price offered is 2230 cents in cash for each Concor ordinary share, which is
a premium to the volume weighted average share price of Concor over any period
in the last 12 months. The offer is subject to the fulfilment of certain
conditions precedent, which include due diligence on Concor and the satisfaction
of all regulatory requirements.
The Standard Bank of South Africa Limited has issued an independent
verification, as required by the Securities Regulation Panel, that Murray &
Roberts has sufficient resources available to satisfy the purchase of the entire
issued share capital of Concor.
Providing background to this announcement, Murray & Roberts Group Chief
Executive Brian Bruce says: `In August last year we approached Hochtief in
Germany, the largest minority shareholder in Concor, to determine their possible
interest in disposing of their shares in the company. We subsequently entered a
confidentiality agreement with Hochtief and have been in constant discussion on
various pricing arrangements. At no time have we engaged the company and its
executive management prior to the intended offer.`
The board of Murray & Roberts has regularly considered the strategy of acquiring
Concor as the process has developed through its various phases. Based on
analysis of Concor`s potential within the domestic strategy of Murray & Roberts,
the board has approved the framework of this offer.
Brian Bruce adds: `We believe that Murray & Roberts is offering an optimum price
to ordinary shareholders in Concor. We would wish to introduce an empowerment
partner into Concor suited to a market focus for the company agreed with
management. With Murray & Roberts as shareholder together with an appropriate
empowerment partner, management of Concor will be better equipped to engage the
opportunities presented by the domestic construction market`
Ends
ISSUED BY MURRAY & ROBERTS
Further information on Murray & Roberts available at www.murrob.com
Or contact
Ms Gwendolene Lilleike
Office of the Group Chief Executive
Murray & Roberts
Tel : + 27 11 456 6200
Fax: + 27 11 455 3524
gwen.lilleike@murrob.com
Date: 26/04/2005 05:57:42 PM
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