Mining contractor MACA has strengthened its balance sheet through a $56 million share placement priced at $2.50 per share, which is slightly below recent highs but above the price at which it had been trading for most of the year.
MACA’s five founding shareholders have also agreed to sell a combined 14 million shares to a group of institutional investors at $2.50 per share, with the founders retaining a combined 32 per cent stake in the company.
The sale was in response to “overwhelming institutional demand in the placement and provides additional liquidity for MACA shares,” the company said.
The placement was made predominantly to institutional clients of Hartleys.
MACA managing director Doug Grewar said the placement ensured the company was well placed to pursue new contract opportunities.
The Perth-based company last week reported a record after-tax profit of $22.5 million for the half-year to December 2012.
Revenue was also up 47 per cent to $207.5 million.
The company has about 800 employees and is looking to diversify beyond contract mining by building its civil contracting business.
