No matter what the final result now, this is a very unfortunate outcome for a once great Australian company. It is difficult not to make a comparison with the commitment given to the company and its shareholders by previous managing director and CEO Richard Leupen.
The 50.67 per cent stake now held by CIMIC is just marginally over the line and clearly the offer and the accompanying UGL directors recommendations have not been enthusiastically received by UGL shareholders, many of whom will now be financially disadvantaged. One can only wonder if the financial benefits available to directors might not have in some way influenced them avoid the further hard work of company recovery and the longer term benefit of all shareholders.
UGL Price at posting:
$3.16 Sentiment: Hold Disclosure: Held
