Paying $22M but raising $80?
Why the rumoured $58M extra?
Whatever it is for, MACA looks to me as if it is being run by a man wth big new plans, and they are coming along nicely .
MACA’s mining contracting business includes drill and blasting. Credit: Paul Kane/Getty Images
Mining and civil contractor MACA is said to be closing in on a purchase of Downer EDI’s WA open cut business, with plans for a $80 million equity raising to fund the acquisition nearly complete.
MACA went into trading halt today ahead of an announcement on an unidentified acquisition and associated raising, less than a week after Downer EDI said it was talking with the company about the sale of its Open Cut Mining West Business.
The Australian Financial Review put the purchase price at less than $22m.
Downer EDI suspended the sale of its mining division in March after the arrival of COVID-19.
MACA shares last traded at $1.16, valuing the company at $311m.
