maca seeks $58 million to fund growth

February 19, 2013, 4:43 PM
MACA Seeks $58 Million to Fund Growth
Article Comments Deal Journal Australia HOME PAGE »

By Gillian Tan
Perth-based mining and civil construction contractor Maca Ltd. MLD.AU -1.04%seeking around 56 million Australian dollars (US$57.8 million) through the issue of new shares, a person familiar with the matter said Tuesday.

MACA The raising is being conducted by Hartleys at A$2.50 a share, representing a 12.3% discount to the stock’s last-traded price. It will include the company’s fully franked interim dividend of 4.5 cents a share.

Moves by Maca to raise fresh capital come after the company announced a record profit for the six months to Dec. 31 of A$22.6 million. Maca, which sought a halt to trading in its shares on Monday ahead of the raising, also said it has work in hand in excess of A$1.8 billion after landing contracts from miners including Atlas Iron Ltd. AGO.AU -1.67%and Regis Resources Ltd. RRL.AU +0.91%in recent months.

Since its initial public offering in November 2010, Maca’s stock has more than doubled to A$2.85 a share, giving it a market value of A$427.5 million.

http://blogs.wsj.com/dealjournalaustralia/2013/02/19/maca-seeks-58-million-to-fund-growth/