| 22-07-2004 |
| MURRAY & ROBERTS EXPANDS ITS GLOBAL MINING REACH |
| In a joint announcement this morning, Murray & Roberts and Cementation
advise shareholders that an agreement has been concluded between Murray &
Roberts and Skanska for the acquisition by Murray & Roberts of Skanska’s 79,13%
shareholding in Cementation plus 57,44% of Cementation’s issued preference share
capital.
The value of the transaction is R 114 million representing 759,63 cents per share. “This represents a premium of 69% on the ruling price of Cementation shares at the time the parties announced the transaction on 18 November 2003” says Brian Bruce Group Chief Executive of Murray & Roberts. He adds “Murray & Roberts will now prepare the process for extending the offer to the remaining 20,87% of shareholders in terms of the requirements of the JSE Securities Exchange South Africa.” Bruce confirms it is the intention of Murray & Roberts to apply for a delisting of Cementation from the JSE once the criteria for such a move have been achieved. “Thereafter, we will commence the consolidation of our various mining contracting assets“ he says. Murray & Roberts has previously stated that its strategy is to offer an integrated services package to local and global resources clients in the construction and development of their underground mining facilities. Group Financial Director Roger Rees has led the due diligence and transaction process over the past eight months. He says “In a separate but linked transaction, Murray & Roberts International has acquired 100% of the Cementation mining business in Canada. The price is CAD 10 million (R 46 million) including loan accounts.” He adds that the Cementation assets in Australia have been excluded from the transaction, but that appropriate rights to the Cementation name in that market have been secured. Bruce has announced that Murray & Roberts executive director Sean Flanagan
has been appointed to lead the integration and development of Cementation in the
Group. The Canadian business will report into the United Kingdom through
international executive director Peter Adams and the Australian market will
continue to be served through the international arm of Murray & Roberts RUC. ISSUED BY MURRAY & ROBERTS Further information contact Ms Gwendolene Lilleike
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