MACMAHON HOLDINGS LIMITED — M&A Activity 2008

Jul 14, 2008

==> picture [107 x 47] intentionally omitted <==

ASX Announcement

Tuesday 15 July 2008

Macmahon to Seek Court Order to Remedy Legal Technicality in its Bid for Ausdrill

Macmahon Holdings Limited (ASX: MAH) confirmed today that it will seek a court order to remedy a legal technicality raised by Ausdrill Limited (ASX: ASL) in relation to the Takeover Offer by Macmahon for that company. This technicality was the subject of a Supplementary Target's Statement released by Ausdrill yesterday.

The technical point raised by Ausdrill in its Supplementary Target's Statement was that Macmahon had not, within 7 days after the start of the bid period, applied to the ASX to have the shares it is offering as consideration under the Takeover Offer admitted to quotation on the ASX. An application within this time is required by section 625(3) of the Corporations Act 2001 (Cth).

Macmahon has since applied to the ASX to have the maximum number of shares to be issued under the Takeover Offer admitted to quotation and ASX has confirmed to Macmahon that quotation of the shares will be granted subject to the fulfillment of standard conditions.

Macmahon will therefore apply to the Federal Court to remedy this timing irregularity, so that the requirement in section 625(3) will be fulfilled notwithstanding that Macmahon did not make the application for quotation within 7 days after the start of the bid period.

Given there has been no prejudice to Ausdrill shareholders, Macmahon sees no reason why it would not obtain the court order.

*** ENDS ***

For further information:

Ausdrill Bid - Investor contact: Ross Carroll Chief Financial Officer Mobile: 0417 096 478 Ausdrill Bid - Media contact: John McGlue Porter Novelli Mobile: 0417 926 915

Macmahon Holdings Ltd ABN 93 007 634 406 Level 3 263 Adelaide Terrace Perth WA 6000 PO Box 198 Cannington WA 6987 Telephone: (08) 9365 1111 Facsimile: (08) 9365 1186 Web: www.macmahon.com.au Email: info@macmahon.com.au