MACA placement to raise $58.5m

Welshpool contractor MACA says it will raise up to $58.5 million through the placement of 30 million shares.

The company said its $1.95 per share offer would be made to institutional investor clients of Perth stockbroking firm Hartleys.

“Post completion of the placement, MACA will retain a substantial cash balance,” MACA said in a statement.

“The placement will maintain financial capacity to drive further growth and provide increased liquidity in MACA’s ordinary shares.”

It also declared a fully franked special dividend of 25 cents per share, bringing its total dividends paid in the calendar year to 69 cents per share.

“The placement will result in improved liquidity in MACA’s ordinary shares whilst maintaining a strong balance sheet to pursue opportunities for growth,” MACA managing director Chris Tuckwell said.

“The placement was significantly oversubscribed with very strong support from existing and new institutional investors.”

Last week, MACA said it raised its full-year net profit by 12 per cent to $55.4 million and increased revenue by 25.2 per cent to $595.4 million, in its latest financial report. 

MACA's share price rose by 0.46 per cent to $2.19 per share at 10:50am.