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(L-R) Burdekin MP and LNP candidate for the seat of McMaster Dale Last with Middlemount Race Club Committee President Donald Black and winning trainer Tim Cook. Construction (L-R) Tony, Jackie, Daly, Layla and Ruby Smith. Best Dressed Gent winner Robin Sellar. csg Aboutusgeneric_2 Nicola and Kylie Pickering Port Emily Files (L-R)Tina Vebel, Merill Bulst and Nick Bulst Nicola Wilson and Charlotte Wilson. (L-R) Tiffany Maskel, Senior Youth Girls runner up Maddison Hite, Senior Youth Girls winner Nicola Pickering and Ben Hungerford. Jo-Anne Burke, DB Scaffolding; Susan McGuire, Mayogroup mine Steve Beale and Chris Dunphy, MIPEC
(L-R) Burdekin MP and LNP candidate for the seat of McMaster Dale Last with Middlemount Race Club Committee President Donald Black and winning trainer Tim Cook. Construction (L-R) Tony, Jackie, Daly, Layla and Ruby Smith. Best Dressed Gent winner Robin Sellar. csg Aboutusgeneric_2 Nicola and Kylie Pickering Port Emily Files (L-R)Tina Vebel, Merill Bulst and Nick Bulst Nicola Wilson and Charlotte Wilson. (L-R) Tiffany Maskel, Senior Youth Girls runner up Maddison Hite, Senior Youth Girls winner Nicola Pickering and Ben Hungerford. Jo-Anne Burke, DB Scaffolding; Susan McGuire, Mayogroup

Time to change shirts
SEDGMAN employees hoping that’s the only change after Thiess takeover.
Wednesday 09 March 2016  

The future for Sedgman employees at the Daunia, Coppabella, Dawson, Caval Ridge, Lake Vermont, and Moorvale mines remains in limbo today following the hostile takeover of Sedgman by CIMIC (formerly known as Leighton Holdings ).

Today was the original deadline for Sedgman shareholders to accept CIMIC’s $243 million takeover offer. However despite currently having 86% of Sedgman shares under their control CIMIC have extended that deadline until the 18th March.

CIMIC is the parent company of Thiess Contractors - the largest mining contractor in the world - who has significant mining contracts with BMA, Anglo American, Glencore, and Wesfarmers in Central Queensland.

The only hint as to what the future holds for Sedgman employees was given in CIMIC’s Supplementary Bidder's Statement when it was released last month.

“CIMIC’s intentions are to reconstitute the Sedgman board, review the dividend and capital management policies, and continue with plans for increasing market and commodity diversification,” CIMIC said in the statement.

“CIMIC intends to retain the services of Sedgman's current operational employees in the ordinary course, and in cases where particular roles may no longer be required, CIMIC will attempt to identify opportunities for alternative employment within the CIMIC Group.

“CIMIC recognises the value of Sedgman's employees, brand and operations, and as a consequence, it intends to continue the business of Sedgman.”

The $243 million bid for Sedgman represented a 35% premium to Sedgman’s value before the raid, and was endorsed by the board of Sedgman in the absence of a competing offer.


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