Australia: Clough Shareholders Approve Acquisition by Murray & Roberts

Clough Limited announced that the proposal by Murray & Roberts to acquire all of the outstanding shares in Clough that it does not already own, was approved by the requisite majority of Clough shareholders, at the General and Scheme Meetings, held on Friday in Perth.

This result satisfies two of the final conditions to implementation of the Proposed Acquisition under the Clough Scheme of Arrangement.

In addition, the board of Clough has determined to pay a fully franked special dividend of $0.14 per Clough share, subject to the Scheme becoming effective.

Clough will seek the Federal Court’s approval of the Scheme at a hearing scheduled for Wednesday, 20 November. If the Federal Court approves the Scheme, Clough intends to lodge the orders of the Court with the Australian Securities and Investments Commission on 21 November 2013 and the Scheme will become effective on that date. If this occurs, Clough’s shares will cease trading on the Australian Securities Exchange on 21 November.

If the Scheme becomes effective, Clough shareholders will receive a total cash payment of $1.46 per Clough share, comprising:

• Scheme consideration: a cash payment of $1.32 per Clough share paid by Murray & Roberts Pty Ltd; and
• Special dividend: the fully franked special dividend of $0.14 per Clough share.

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LNG World News Staff, November 18, 2013