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The group is offering $0.25 per share on the market, which represents a premium of 35% to RCR's weighted average share price in the month to April 24.
Prior to its announcement yesterday, MTQ had a stake of about 23% in the multi-disciplined engineering firm RCR. The company believes that leveraging on its technical expertise and relevant experience it can assist RCR in achieving significant growth in its operations, particularly in the provision of engineering services to the oil and gas industry.
The unconditional cash bid, through its newly created MTQ Holdings Pty Ltd, will be made on May 16 and close a month later. The bid will be funded internally.
MTQ's net profit, including a net exceptional gain of $2.8 million contributed by the sale of its marine repair services division, jumped from $1.48 million to $5.39 million for the year ended March 2002. Turnover was $48 million, up from the previous year's $42.4 million.
