May 1 (Reuters) - McAleese Ltd (MCS) : Update on strategic...

May 1 (Reuters) - McAleese Ltd (MCS) :

• Update on strategic process and voluntary suspension (MCS)
• Transaction under negotiation is expected to involve the current financiers

  selling their debt to sc lowy

• Pricing of the placement and rights issue are expected to be materially

  dilutive to existing equity

• Transaction is expected to include an equity placement to sc lowy in partial

  consideration

• Company expects its voluntary suspension to remain in place until Monday, 9

  may 2016

• Negotiations between the company, its financiers and a consortium led by sc

  lowy (sc lowy) are continuing

• Says all parties are working towards signing a binding heads of agreement by

  Friday, 6 may 2016.