M&R's shares rise as Clough subsidiary exits voluntary administration
The share price of JSE-listed Murray & Roberts (M&R) rose by more than 18% late on February 15, after the group announced that its Clough subsidiary had exited voluntary administration.
M&R announced in December last year that Clough and its subsidiaries were placed into voluntary administration in Australia with immediate effect, together with the JSE-listed group’s Australian holding company, MRPL, after the proposed disposal of Clough to Webuild was terminated.
M&R reported that a second meeting of creditors in relation to Clough’s voluntary administration process had been held on February 15 and that the creditors followed the recommendation of the administrators and voted in favour of the proposed Deed of Company Arrangement (DOCA).
"This brings a conclusion to Clough’s voluntary administration. The DOCA recognises the agreement between the administrators and Webuild in terms of which Webuild will take effective control of Clough entities and projects with effect from Thursday, February 16.
"MRPL’s administration process is progressing, and it is the group’s expectation that there should be more clarity on the outcome of MRPL’s voluntary administration, during March," M&R informed shareholders.
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