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MURRAY & ROBERTS HOLDINGS LIMITED - Gautrain delay and disruption claim arbitration: favourable ruling

Release Date: 08/07/2015 11:00
Code(s): MUR     PDF:  
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Gautrain delay and disruption claim arbitration: favourable ruling

MURRAY & ROBERTS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1948/029826/06
JSE Share Code: MUR
ADR Code: MURZY
ISIN: ZAE000073441
(“Murray & Roberts” or “the Company”)


GAUTRAIN DELAY AND DISRUPTION CLAIM ARBITRATION: FAVOURABLE RULING

As reported in Murray & Roberts’ reviewed interim results announcement of 25 February
2015, the Gautrain Delay & Disruption Claim legal process against the Gauteng Provincial
Government is progressing. Due to the complexity of this arbitration, the initial hearings were
focussed on addressing the legal interpretation of various clauses in the Gautrain
concession agreement.

Murray & Roberts is pleased to announce that the rulings are largely in favour of the
Bombela Concession Company, which is pursuing the claims on behalf of Bombela Civil
Joint Venture (“BCJV”), of which Murray & Roberts has a 45% shareholding, Bouygues
(45%) and SPG (10%). The legal basis of the claim has now firmly been established. It is
important to note however that the merits and quantum hearings will only be heard as from
the first quarter of calendar year 2016 with financial conclusion only likely the following year.

The significant rulings from these hearings relate to:

   *   The right to proceed with a claim for additional costs incurred on two cantilever
       bridges which has now been confirmed; and
   *   The late handover of land, which was determined to be a project event giving rise to
       an entitlement to an extension of time and compensation for additional costs
       incurred.

These rulings reaffirms Murray & Roberts’ accounting position taken in previous financial
years, when part of the claim was recognised as uncertified revenue. The Company will
keep the market updated as to further developments on any of its current arbitrations.

Bedfordview
8 July 2015

Sponsor: Deutsche Securities (SA) Proprietary Limited

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