15/07/2008 - 16:34

Macmahon clarifies Ausdrill technicality

15/07/2008 - 16:34

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Macmahon Holdings Ltd will seek a court order to remedy a technicality raised by takeover target Ausdrill Ltd in its supplementary target's statement.

Macmahon clarifies Ausdrill technicality

Macmahon Holdings Ltd will seek a court order to remedy a technicality raised by takeover target Ausdrill Ltd in its supplementary target's statement.

The court order confirmation follows a claim by Ausdrill that Macmahon had not, within seven days of the start of the bid period, applied to the ASX to have the shares it is offering as consideration under the takeover offer, admitted to quotation.

Macmahon is offering 1.45 of its shares for each Ausdrill share.

Macmahon said it has since applied to the ASX to have the maximum number of shares to be issued under the offer admitted to quotation. Meanwhile the ASX has confirmed that the quotation of shares will be granted subject to the fulfilment of standard conditions.

Macmahon said it will apply to the Federal Court to remedy this timing irregularity, so the requirement will be fulfilled notwithstanding that Macmahon did not make the application for quotation within seven days after the start of the bid period.

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