Clough Reaches 31% interest in Forge Group
19 April 2010
Clough Limited (ASX: CLO) is pleased to announce that it has received acceptances from the Directors and certain major shareholders of Forge Group Limited (ASX: FGE) in relation to its proportional takeover offer for 50% of the shares in Forge dated 9 April 2010 (Offer).Clough now holds a 31.24% interest in Forge and has declared the Offer unconditional.
Clough reaching 31% of Forge triggers the proposed Strategic Alliance between the two companies. The Strategic Alliance provides the foundation for long-term strategic co-operation that is expected to generate substantial benefits for both companies in FY11 and beyond. The Company has also determined to provide accelerated payment terms under the Offer so that each Forge shareholder who validly accepts the Offer will receive payment on or before 7 days after receipt of a valid acceptance of the Offer. Clough’s Offer will close at 5pm (Perth time) on Tuesday 11 May 2010 unless extended.
-ends-
For further information please contact:
John Smith, Chief Executive Officer
+61 8 9281 9407
John McGlue/FD Third Person
+61 417 926 915
About Clough
Established in 1919, Clough delivers an integrated Engineering, Procurement and Construction service primarily to oil and gas projects in Australia, South East Asia and the USA. The Group's services range from concept development through design, construction, installation, commissioning, operations and maintenance. Backed by an experienced management team, over 2,000 personnel around the world and sophisticated project management systems, we are recognised for our commitment to safety, sustainable development and the wellbeing of the people, communities and environments in which we operate.