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Clough Limited |
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Murray & Roberts has recorded an associate loss of R114 million from its 49,1% investment
in Australia-based Clough Limited. This arises from a provision of A$131 million raised by
Clough against the future completion of the G1 project in India and final settlement of the
BassGas dispute in Australia. This provision has contributed to an attributable loss in the
company of
A$105,3 million
(2006: A$15,1 million loss).
Excluding the provision, ongoing operations in Clough delivered an attributable profit of
A$25,4 million on turnover of A$761 million in the year.
The Group reviewed its investment in Clough following three years of losses including the
significant provision this year. An impairment has been taken as an exceptional item that
appropriately reduces the Group’s holding cost in the company.
Murray & Roberts will consolidate Clough into its accounts from 1 July 2007 and has
undertaken to underwrite a recapitalisation and support package for the company. Subject
to Clough shareholder approval, the Group will consequently hold above 60% of the shares in
Clough at an average price of A$0,46 cents per share. The Clough Board is being restructured
under the independent chairman;
a new managing director with global oil & gas engineering
and contracting experience has been appointed; and the Group’s Australian chief executive
resumes his role as a non-executive director of the company.
Full details on the Clough financial results for the year to 30 June 2007 and its prospects
statement are available on www.clough.com.au |
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