MACA completes $58m placement
MACA says its capital management measures have been concluded after raising $58.5 million from investors to fund a special dividend.
The mining and civil contractor has declared a fully franked dividend of 25 cents a share after completing the placement, predominantly to institutional investor clients of Hartleys.
It was the second time this year MACA has raised funds in order to distribute franking credits without affecting its cash balance.
"This completes our capital management initiative," managing director Chris Tuckwell said.
"The placement will result in improved liquidity in MACA's ordinary shares whilst maintaining a strong balance sheet to pursue opportunities for growth," Mr Tuckwell said.
The share placement was priced at $1.95 a share. The new investors will be eligible to receive the special dividend but not the contractor's final dividend.
MACA's total dividends for the calendar year amount to 69 cents a share.
The stock was down 1 cent to $2.17 at 11.32am.
