MACA raises $59m in share placement

Welshpool-based contractor MACA has launched a $59 million capital raising and declared a special dividend to shareholders on top of last week's interim dividend.

MACA issued 26.2 million shares at an issue price of $2.25 per share to predominantly institutional clients of Hartleys.

The placement price represents a 5 per cent discount to the company's volume weighted average price of $2.44 per share.

MACA has also declared a fully-franked special dividend of 30 cents per share, in addition to the 6.5 cents per share interim dividend it announced last week.

"MACA is very pleased to declare the special dividend which will release franking credits from the company's substantial, accumulated franking credit balance to MACA shareholders," managing director Doug Grewar said.

"Our outlook remains strong, with a number of opportunities for future growth and we will retain significant financial capacity to drive that growth."

MACA last week announced a 44 per cent gain in half-year profit to $32.6 million, driven by a 47 per cent increase in contract revenue.

However it is expecting lower margins in the second half of the 2014 financial year following the suspension of operations at one of its major earthmoving contracts.

Regis Resources announced yesterday it had issued MACA with a force majeure after torrential rain caused extensive flooding of open pit gold mines at its Duketon project in the Goldfields. 

MACA has stood down the majority of its workforce at the project and will retain only the crews required to undertake remedial works.

The company's shares were trading 15 cents higher at $2.53 at 9:47am WST.