Company News Summary
Macmahon Holdings Announces New Strategy
Original announcement: New Strategy
Macmahon Holdings announced its new strategy to become a dedicated full service mining contractor after confirming the planned exit from its Construction business. To support its new strategy the Company has also announced a fully underwritten 2 for 3 pro rata accelerated non-renounceable Entitlement Offer to raise $80.7m. The Company had signed a Memorandum of Understanding with Leighton Holdings to transfer the majority of its current Construction projects to Leighton, including equipment and people associated with those projects. Following completion of the sale to Leighton, a range of one-off costs of around $10m will be incurred by the Company for restructuring, redundancy and closure costs.
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