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Maritime Industrial Services to be bought by Lamprell

Industry

Lamprell announced that it will acquire Maritime Industrial Services (MIS) for US$336.1mn.

The purchase is to be funded through a combination of equity by way of a rights issue, debt (principally through a newly arranged US$150mn medium term loan facility) and cash.

The proposed $336.1 million deal values the Sharjah-based contractor at US$6.83 a share.

Lamprell CEO Nigel McCue commented:  "This agreement is in the best interests of our shareholders, and the complementary nature of our two businesses provides significant opportunities for the Enlarged Group."

In a statement, Lamprell announced a fully underwritten three for ten rights issue, at a price of 232 pence per share, to raise gross proceeds of US$225.mn and approximately US$213.mn net of expenses.

Following the rights issue, Lamprell expects the acquisition to increase earnings per ordinary share substantially, and deliver return on investment for the first year at least equal to the cost of capital and exceed it thereafter.

The board of directors of MIS has unanimously recommended the Voluntary Offer to the MIS Shareholder. As Kevin Hudson, MIS Managing Director, commented: “this agreement is in the best interests of our shareholders, and the complementary nature of our two businesses provides significant opportunities for the enlarged group”.

McCue added that the deal: “represents a significant step for Lamprell in its evolution as we continue to expand both the breadth and depth of our service offering and the geographical range of our customer base”.

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