UGL Limited (ASX:UGL) announced today that is has entered into a four year Alliance Agreement with the Lend Lease Bouygues Joint Venture (LLBJV) on the NorthConnex Project.
The NorthConnex Project is a $3 billion project by the New South Wales and Federal Governments, Transurban and the M7 Westlink Shareholders to build, operate and maintain a tolled motorway linking the M1 Pacific Highway at Wahroonga to the Hills M2 Motorway at Pennant Hills. The approximate nine kilometre tunnel motorway includes interchanges to the north and south to accommodate connections at either end of the project. When complete it will link Sydney’s north to the Orbital network and form part of the National Highway route.
The LLBJV was awarded the design and construction contract to deliver the NorthConnex Project in January 2015. The LLBJV has engaged UGL in a $476 million Alliance Agreement for the design, procurement, construction and commissioning of the mechanical, electrical, control, fire and communication systems required for the motorway.
Following the announcement UGL’s share price has gained approximately 2 per cent (1400AEST).
Bradken Limited (ASX:BKN) announced today that it has received written notice from a consortium of Sigdo Koppers and CHAMP Private Equity formally terminating merger discussions between the Maggotteaux Group and Bradken.
For the purposes of the Investment Agreement governing the redeemable convertible preference shares, the Merger Termination Date is 5 September 2015 and the conversion period expires on 31 December 2016. The commercial terms of the RPS remain unchanged.
Following today’s announcement Bradken’s share price declined on opening however has since recovered to be flat for the day (1400AEST).
Author: Ben Visser
Sep 07, 2015
Ben is a Wise-owl equity analyst focusing on ASX blue-chips stocks. Ben has a Bachelor of Business in Finance majoring in property valuations and management. In his role at Wise-owl Ben conducts in-depth fundamental and technical analysis which helps him to find profitable investment opportunities on the ASX and abroad.