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Category 2 Disposal Announcement - Insig Technologies
MURRAY & ROBERTS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1948/029826/06
JSE Share Code: MUR
ISIN: ZAE000073441
(“Murray & Roberts” or “Company”)
CATEGORY 2 DISPOSAL ANNOUNCEMENT – INSIG TECHNOLOGIES
1. INTRODUCTION
Shareholders are advised that the Company, through its wholly owned subsidiary Murray &
Roberts United Kingdom Ltd (“MRUK”), entered into a Share Sale Agreement with the AvidSys
Group (“AVID”), in terms of which MRUK will dispose of its 65% shareholding in Insig
Technologies Pty Ltd (“Insig”).
2. OVERVIEW OF INSIG
Insig is a Perth based Australian mining technology company, focused on developing mine
automation services, providing sensor, software, and autonomous solutions by using
equipment and personnel tracking for improving efficiency and quality across the mining value
chain.
3. OVERVIEW OF AVIDSYS GROUP
AVID is an international group based in Perth, Australia. With a presence in Australia and
India, AVID operates across several market sectors, including the metals and mining industry.
The Beneficial owners of AVID are the Gautam family.
AVID is experienced in technology development, product innovation and mining services,
mining and construction infrastructure development. The acquisition supports its strategy to
develop a vertically and horizontally integrated business with investments in mining, raw
material processing, construction, mining services, renewable energy – green hydrogen and
infrastructure development.
4. RATIONALE FOR THE TRANSACTION
Murray & Roberts has over the past few years developed Insig from a small technology
company into a mining technology solutions provider. Insig requires further investment to
support its growth trajectory, which AVID will provide and Murray & Roberts’ multinational
Mining platform will continue to make use of services provided by Insig.
5. CONSIDERATION
The Disposal Consideration comprise a nominal value of A$1, with AVID assuming A$7 million
of Insig’s liabilities.
6. APPLICATION OF THE DISPOSAL CONSIDERATION
The Disposal will reduce MRUK’s liabilities by A$7 million.
7. CONDITIONS PRECEDENT TO THE TRANSACTION
The Disposal was subject to conditions that are usual to a transaction of this nature and
conditions precedent have been met.
8. FINANCIAL EFFECTS OF THE TRANSACTION
Insig had a net asset value of A$2.9m and made a loss of A$1.7m for the year to 28 February
2023.
9. EFFECTIVE DATE
The transaction was effective from the execution date, being 27 March 2023. The completion
date is 31 August 2023.
10. JSE CATEGORISATION
The Transaction is a category 2 transaction in terms of paragraph 9.5(a) of the JSE Listings
Requirements.
Bedfordview
27 March 2023
Sponsor: The Standard Bank of South Africa Limited
Date: 27-03-2023 12:11:00
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