Dulhunty Power Ltd (DUL) advised the market in late 2010 that it had received an unsolicited, non binding proposal to acquire all the shares owned by the Company in Dulhunty Power International Limited (DPIL). The Company holds 50.82% of DPIL. The Company is pleased to announce that on 24 August 2011 the Company, DPIL and certain subsidiaries of DPIL entered into legally binding arrangements (Transaction Documents) with MacLean Power, LLC and its associated entities (collectively, MacLean Group). The Transaction Documents provide for the sale, subject to the satisfaction or waiver of a number of conditions precedent, of substantially all of the businesses and assets of DPIL to the MacLean Group (Transaction) for cash consideration of approximately A$17 million (subject to a post-completion net asset adjustment).
The Company’s Chairman, Mr Martin Thomas said, “The Transaction is expected to deliver a significant cash return to the Company which will permit the Company to make new investments in the electricity transmission and distribution sector and assist the development of the Company’s existing investments as well as allowing the Company to return some of the proceeds to shareholders by way of a dividend or return of capital”. Mr Thomas noted that whilst the final purchase price will be determined only after completion of the Transaction, the headline Transaction price of A$17 million is expected to equate to a price per share of approximately 4.85 cents, representing a premium to the closing share price of 3.1 cents on 23 August 2011, of more than 55%.
Dulhunty Power Ltd is a global supplier of construction components to the electricity transmission and distribution sector with design facilities in Australia, China and Thailand supported by manufacturing plants in those countries and Malaysia. The company is focused on growth by acquisition and development of companies and technologies that service the electricity supply industry. Dulhunty Power Ltd provides its services through 3 divisions – Dulhunty Power International; Cogenicand Dulhunty Poles Pty Ltd.
MacLean Power, LLC manufactures a wide range of products for electric utility, telecommunications, and civil markets. MacLean Power, LLC is based in York, South Carolina, with operations throughout the United States and a presence in Canada, France and China. It also has representation in Latin America, the Middle East, the Asia Pacific, Africa, and Europe. MacLean Power, LLC is a subsidiary of MacLean- Fogg Company.
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