Macmahon, Leightons extend MOU
November 2, 2009
Macmahon Holdings Limited (MAH) said it had extended its Memorandum of Understanding (“MOU”) with Leighton Holdings Limited (LEI) to extend its business co-operation agreement first signed in 2007. The MOU helps Macmahon expand its business in Australia and overseas the company said.
The MOU, the company added, gave Macmahon exposure to a range of additional, larger infrastructure projects that otherwise would not be available to it.
At the same time the two companies said the ‘Standstill Agreement’, which required Leighton to obtain Macmahon's written consent before acquiring a shareholding beyond 19.9% of the issued capital of Macmahon and formed part of the previous MOU signed in 2007, has not been extended.
At 1057 AEDT, Macmahon Holdings shares were trading up 3c to 56.5c, while Leightons shares were up 44c to $34.79.
The MOU, the company added, gave Macmahon exposure to a range of additional, larger infrastructure projects that otherwise would not be available to it.
At the same time the two companies said the ‘Standstill Agreement’, which required Leighton to obtain Macmahon's written consent before acquiring a shareholding beyond 19.9% of the issued capital of Macmahon and formed part of the previous MOU signed in 2007, has not been extended.
At 1057 AEDT, Macmahon Holdings shares were trading up 3c to 56.5c, while Leightons shares were up 44c to $34.79.
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