Ann: Barminco Acquisition & Equity Raising Investor Presentation, page-7

From the Australian


BRIDGET CARTER 28 MINUTES AGO | 1.26PM
Ausdrill, Barminco execs to reap windfall

A mooted tie up between Ausdrill and Barminco has finally come to fruition, and two of the stakeholders set to reap a windfall from the deal will be Ausdrill founder and former managing director Ron Sayers along with his friend, Barminco founder Peter Bartlett.
Mr Sayers sold his 12 per cent stake in Ausdrill in February, before he stepped down in July, and Mr Bartlett sold his shares a month later in March.
Around February and March, Ausdrill’s shares were trading at more than $2.50 but they fell substantially during June after the company released a disappointing project update.
They were yesterday halted at $1.71.
But Mr Sayers and Mr Bartlett both also have shares in Barminco.
The reason why the deal has come together now is because both companies have had a meeting on minds surrounding value, with the industry in past years facing tough conditions.