02/12/2003 - 21:00

RCR gains $5.5 million in orders

02/12/2003 - 21:00


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RCR gains $5.5 million in orders

RCR Tomlinson has received new orders worth about $5.5 million to supply two large scrubbers to an iron ore project in the Pilbara and ancillary equipment for a gold project in Western Australia.

These new orders follow the successful fabrication and delivery of a large headframe and will ensure continuity of work for the company’s Bunbury and Welshpool workshops.

The news follows the announcment that the company had completed the $3.3 million purchase of the business and business assets of Austheat.

The listed engineer’s managing director John Linden said the Austheat acquisition would establish RCR as the dominant supplier of heat treatment services in Australia and increase its leverage in the oil and gas sector.

The company has also concluded its $2 million capital raising through the placement of 4,878,09 shares at 41 cents each.

The shares were placed to institutional and retail clients of Hartleys Limited.

MTQ Corporation Limited, the Singaporean company that launched an $11 million unconditional takeover bid for RCR in May, subscribed for 1,365,854 shares to maintain its 28 per cent holding.

Documentation for RCR’s previously announced share purchase plan is with shareholders.

The plan offers existing shareholders up to $5,000 worth of shares at 41 cents each to raise a total of $2 million.


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