Investor Relations - News
On - Market Bid for RCR Tomlinson Ltd
On 1 May 2003, MTQ Corporation Limited ("MTQ") announced that an on-market bid would be made by MTQ Holdings Pty Ltd ("Bidder"), its wholly owned subsidiary, for all of the fully paid ordinary shares ("Shares") of RCR Tomlinson Ltd ("RCR") that MTQ, or its wholly owned subsidiaries, do not already hold ("Offer").
The Offer closed at 5.00 p.m. Australian Eastern Standard Time on 16 June 2003.
The Directors of MTQ are pleased to announce that at the close of the Offer, the Bidder received acceptances for 2,481,976 Shares and a total consideration of A$620,494 has been/will be paid in cash for such Shares. MTQ and its wholly owned subsidiaries now hold 28.30% of the total number of Shares on issue in RCR.
The said acquisition of 2,481,976 Shares by the Bidder, assuming that it had been completed on 1 April 2002, and the same accounting treatment had been adopted, would not have had a material impact on the consolidated earnings per share nor the consolidated net tangible asset value per share of MTQ for the financial year ended 31 March 2003.
As announced on 1 May 2003, the Directors of MTQ have no interest, direct or indirect, in the transaction, other than Mr. Kuah Kok Kim and Mr. Ian Wayne Spence being directors of RCR. Mr. Kuah is a controlling shareholder of MTQ.
Other than disclosed, MTQ has not received any notification from any of its controlling shareholders that it has any interest, direct or indirect, in the transaction.