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MTQ sells RCR stock

SINGAPORE-BASED MTQ Corporation has sold its 16.5 per cent stake in engineering company RCR Tomlinson Ltd for $45 million. Stockbroking firm Hartleys placed the 18.9 million shares with a range of institutional investors at a price of $2.40 per share, representing a big profit for MTQ. The sale brings to an end an awkward relationship, which included MTQ making an unsuccessful takeover offer and opposing RCR’s capital raising plans. RCR has achieved raid growth in recent years, helped by a spate of acquisitions, with net profit increasing to $17.6 million last year. However, earnings per share actually fell because of the large volume of share issues used to pay for the acquisitions.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 29/06/18

1 year TSR5 year TSR
345thSeven West Media21%-9%
386thMonadelphous12%6%
420thAustal4%22%
499thNavitas-5%-1%
543rdRCR Tomlinson-11%8%
722 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

03/04/18
$0 Issued
13/11/17
$10.1m Sold
21/09/17
$15k Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

4th-Seven West Media$1,679.0m
5th↑Austal$1,325.3m
6th↑RCR Tomlinson$1,294.6m
7th↓Monadelphous$1,252.1m
8th-Navitas$967.8m
239 listed industrial companies ranked by revenue.
Source: Morningstar

Remuneration from RCR Tomlinson

245thGraham Salter$443k
568thRoderick Brown$218k
533rdEva Skira$133k
Ranked by total remuneration from all listed WA companies

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