Murray & Roberts has received correspondence from ATON regarding ATON’s intention to make a firm offer to Murray & Roberts to acquire all the issued and to be issued ordinary shares of the company it does not currently own.
ATON has indicated its intention to implement the offer by way of a general offer directly to Murray & Roberts shareholders in terms of Parts B and C of Chapter 5 of the Companies Act of 2018.
In February 2017 and May 2017, Murray & Roberts advised shareholders that ATON had acquired a substantial minority interest in the company.
ATON is a private investment holding company, headquartered in Germany, with a diverse portfolio of investments in the mining, engineering, aviation and health technology sectors.
ATON initially acquired approximately 4.5% of the then entire issued ordinary share capital of Murray & Roberts between June and September 2015.
Subsequently, it materially increased its shareholding between February and April 2017.
The company is currently the beneficial owner of approximately 133.4 million Murray & Roberts’ ordinary shares or approximately 29.9% of Murray & Roberts’ ordinary share capital.
During the period February to April 2017, approximately 78% of traded volumes in Murray & Roberts ordinary shares was at a price range of R15 to R15.50 per Murray & Roberts’ ordinary share.
As part of the proposed offer, it has advised that it has entered into an
agreement to purchase a further approximately 13.7 million Murray & Roberts’ ordinary
shares (or approximately 3.1% of Murray & Roberts’ ordinary share capital), which, once
completed, will increase its shareholding to approximately 33.1% of Murray & Roberts
ordinary share capital.
In addition, ATON has advised that it has obtained an irrevocable undertaking from Allan Gray, acting not as principal but on behalf of its clients, representing approximately 10.9% of Murray & Roberts’ ordinary share capital, to accept the proposed ATON offer, if made.