The milestones we have achieved over the past few years have coincided with distinct phases of strategic delivery. In 2011, at the outset of our plans, our immediate challenge was to restore liquidity and profitability. Then came a period of active risk and portfolio management to secure a portfolio of quality assets as a base for future growth. In tandem, we formulated and began to systematically initiate the New Strategic Future plan, which we continue to implement today.

As macroeconomic and socioeconomic realities are difficult to predict and plan for, the Group’s strategy to increase its geographic footprint and to diversify its service offering, aimed at achieving growth but also reducing the impact of market cyclicality on the business, was well considered.

Today, Murray & Roberts has transformed from being a predominantly South African civil and building contractor, to a multinational engineering and construction Group focused on the natural resources market sectors.

Considering the above, there has been hardly a dull moment at Murray & Roberts and the flurry of activity during the 2018 and 2019 financial years, supports this statement.

THE ATON MANDATORY OFFER

In March 2018, we received notification from ATON GmbH (“ATON”), that they were launching a firm intention to make an offer to acquire all of the issued ordinary shares of Murray & Roberts, not already owned by ATON. This is the first time in our history that the company has been placed under offer.

ATON, a corporation established in 2001, is the investment vehicle of the Helmig family and is ultimately controlled by Dr. Lutz Mario Helmig. The portfolio of companies are mainly active engineering, mining, medical technology and aviation. ATON is headquartered in Munich, Germany, and is led by CEO Georg Denoke (appointed in July 2018) and CFO Jörg Fahrenbach.

ATON is today our largest single shareholder with a holding of approximately 44%.

After our August 2018 results announcement, we travelled to Munich to meet with ATON and I am encouraged by the fact that both executive teams want to instil a good working relationship going forward.

WHAT ARE THE NEXT STEPS?
Implementation of ATON’s mandatory offer to acquire up to all of the issued ordinary shares of Murray & Roberts at a cash offer price of ZAR17.00 per share, remains subject to certain suspensive conditions, specifically receipt of the required regulatory approvals in South Africa and a number of other jurisdictions.

The long stop date, or end-date for the mandatory offer is 31 March 2019, a date which may be extended by ATON if they choose to do so. In the event of ATON announcing that the mandatory offer has become unconditional in all respects prior to the long-stop date, Murray & Roberts’ shareholders will still have 10 business days from the date of such announcement to accept the mandatory offer, should they choose to do so. In the event that the mandatory offer does not become unconditional prior to the long-stop
date and ATON electing not to extend the long-stop date, the mandatory offer will terminate in accordance with its terms.

OPERATIONAL UPDATE

LOOKING FORWARD

Despite the challenges still being faced in some of our markets, the Group’s strategy and portfolio of businesses provide market resilience and strong potential for growth. The Group is focused to deliver on its organic and acquisitive growth plans.

Our reputation, as a responsible multinational organisation that aims for the highest standards across all its operations, will continue to be the foundation for stronger relationships with our clients, our
people and other stakeholders.