11 July 2008
The Manager
Company Announcements Office
ASX Limited
Level 4
20 Bridge Street
Sydney NSW 2000
SHARE TRADING POLICY
Ausdrill Limited (ASX code: ASL) has previously published a share trading policy entitled "Trading in Company Securities by Directors and Senior Executives".
Ausdrill is currently subject to a hostile takeover bid by Macmahon Holdings Limited ("Macmahon"). The Board of the Company unanimously considers Macmahon's offer to be inadequate and opportunistic and the Board has recommended that shareholders REJECT Macmahon's offer.
Since the takeover bid was announced, Ausdrill's Managing Director and significant shareholder, Mr. Ron Sayers, has made several further acquisitions of Ausdrill shares. These acquisitions were made with the authorisation of Ausdrill's Board. The Board approved the departure from the share trading policy on the basis that firstly it was satisfied that the market was fully informed and secondly it was not appropriate for the share trading policy to apply during a hostile takeover scenario.
Mr. Sayers has publicly stated that he will not accept Macmahon's offer. He continues to be a strong believer in the Company's business and its future and his recent buying is an indication of his commitment to the Company and that he believes (as do the remainder of the Board) that Macmahon's offer does not fully value Ausdrill shares.
Ausdrill's Board advises Ausdrill shareholders to REJECT Macmahon's offer and to continue to ignore all documents sent by Macmahon.
Shareholders who have any questions concerning Macmahon's offer can call Ausdrill's Shareholder Information Line on 1800 104758 or from outside Australia on +61 2 8268 3691.
Yours faithfully,
Domenic Santini
Company Secretary
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Ausdrill Limited
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CODE : ASL.AX |
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Ausdrill is based in Australia. Ausdrill is listed in Australia. Its market capitalisation is AU$ 337.3 millions as of today (US$ 226.2 millions, € 204.1 millions). Its stock quote reached its highest recent level on April 06, 2012 at AU$ 3.37, and its lowest recent point on February 12, 2016 at AU$ 0.18. Ausdrill has 312 280 000 shares outstanding. |