Murray & Roberts says Clough shareholders approve acquisition - CNBC Africa

Murray & Roberts says Clough shareholders approve acquisition


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“Murray & Roberts is pleased to advise that Clough Limited shareholders today voted in favour of the proposed Scheme of Arrangement under which Murray & Roberts, through its Australian wholly owned subsidiary, Murray & Roberts Pty Ltd, is to acquire all of the ordinary shares in Clough that Murray & Roberts does not already own,” Murray & Roberts said in a statement.

Clough shareholders also approved the resolution to provide financial assistance to Murray & Roberts in the form of a loan which will part fund the Proposed Acquisition as outlined in the Circular dated 7 October 2013.

In addition, the board of Clough today determined to pay a fully franked special dividend of 0.14 Australian dollars per Clough share, subject to the Scheme becoming effective, to all shareholders, including Murray & Roberts.

The receipt of these approvals represented the last material conditions precedent to completion of the Proposed Acquisition with any remaining conditions being procedural in nature. As such, it is anticipated that Clough will apply to the Federal Court of Australia for approval of the Scheme at a hearing scheduled for Wednesday, 20 November 2013.

If approved, the Scheme will become effective on Thursday, 21 November 2013.

Implementation of the Proposed Acquisition is expected to occur on or about 11 December 2013 after which Clough will become a wholly owned subsidiary of Murray & Roberts.