18/09/2008 - 14:23

Harold Clough sells stake for $21m

18/09/2008 - 14:23

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The Clough family, including patriarch Harold Clough, has sold its remaining shareholding in the engineering and construction company Clough Ltd, pocketing over $21 million from an on-market sale.

Harold Clough sells stake for $21m

The Clough family, including patriarch Harold Clough, has sold its remaining shareholding in the engineering and construction company Clough Ltd, pocketing over $21 million from an on-market sale.

In a notice to the stock market, family companies McRae Investments and Glenmere Pty Ltd as well as Mr Clough jointly sold nearly 29 million shares and ceased to be a substantial shareholder in the listed company.

Late last year the family reduced its stake in Clough Ltd from 11.14 per cent to 5.65 per cent after Mr Clough resigned from the board following a career spanning more than 50 years.

Last year's sale followed progressive sales of the family's shareholding over several years, delivering control to South African company Murray & Roberts.

Mr Clough's father founded the company in 1919.


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