|
Murray & Roberts - Acquisition Of Clough Limited
Murray & Roberts Holdings Limited
(Incorporated in the Republic of South Africa)
Registered number 1948/029826/06
JSE Share Code: MUR
ISIN Code: ZAE000008983
(Murray & Roberts" or "the Group")
ACQUISITION OF CLOUGH LIMITED
Shareholders are referred to the Group"s 2005 preliminary results announcement
and 2005 annual report where it was stated, inter alia, that Murray & Roberts
had reached agreement, subject to certain conditions precedent, to acquire a
further interest leading to control in Australian engineering and contracting
group Clough Limited ("Clough").
The latest transaction was effected on Friday 11 November 2005 following
satisfaction of all regulatory conditions precedent and approval from Clough
shareholders at its annual general meeting ("AGM") held on Wednesday 9 November
2005.
Mr RW Rees, an executive director of the Group, was appointed a non-executive
director of Clough on completion of the transaction.
In terms of the transaction, Murray & Roberts acquired 30 million new Clough
ordinary shares issued by Clough for a consideration of AUD15 million and
McRae Investments Pty Limited (representing the Clough family interest in
Clough) disposed on 60 million Clough ordinary shares to Murray & Roberts for a
consideration of AUD30 million, reducing its shareholding to 20%. This
increases the Group"s shareholding in Clough from 30,3% to 47%. Murray &
Roberts has secured the right to a further 30 million shares to be issued by
Clough within two years in return for a convertible credit facility limited to
AUD15 million. The Information Memorandum containing full details of the
motivation and terms of the transaction is available on the Clough website
www.clough.com.au
Clough updated its shareholders at the AGM on the status of its Bassgas
arbitration and announced that it is experiencing progress and payment delays on
some major projects that will result in a loss in its financial half-year to 31
December 2005. The Group is partnering Clough management with independent
reviews of these and other issues in Clough, some of which are classified as
pre-acquisition in the accounts of Murray & Roberts. Shareholders will be kept
informed of the possible outcome on Murray & Roberts in this financial year.
The Group is satisfied that Clough offers good strategic opportunity in an
important marketplace into the future and is working with Clough management to
establish a performance framework for Clough that will deliver acceptable
returns to shareholders within the next few years. Approximately AUD145million
(ZAR700 million) has been invested into the acquisition of close to 50% of
Clough over the past 18 months.
Johannesburg
14 November 2005
Sponsor:
Merrill Lynch South Africa (Pty) Ltd
Date: 14/11/2005 05:51:02 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
