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| Clough Limited |
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Murray & Roberts consolidated Clough into its accounts from 1 July 2007 and underwrote
a recapitalisation of the business in November 2007, including support for the acquisition of
new specialist deepwater construction vessels.
The Group held 56,2% of the issued shares in Clough at 31 December 2007 at a cost per
share of AUD 48 cents compared to a ruling market price above AUD 70 cents.
The company has stabilised its core performance over the past year and disposed of most
of its non-core businesses and assets for an exceptional profit of R130 million in the period
under review.
Settlement of the legacy G1/GS15 project in India has proved a challenge to the company,
but the possibility has increased following recent direct engagement by Murray & Roberts
with the client ONGC. The Group and Clough remain committed to resolution of this matter
through direct personal engagement. |
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