Tag: UGL

The majority of UGL Ltd’s (UGL) directors have recommended the engineering group’s shareholders accept Spanish-controlled construction giant CIMIC’s $524 million takeover bid.

UGL (UGL) shares closed up 48% at $3.18, three cents above a takeover offer price revealed yesterday by Spanish-controlled construction giant, CIMIC (the new name for serial under performer, Leighton holdings).

Shareholders in engineering services group UGL have had a couple of near death experiences in the past couple of years as its finances have been battered by write-downs and the poor performance generally of contracts in the development of the multi-billion dollar Ichthys liquefied natural gas project off the coast of northern Western Australia.

Shares in Sydney-based contractor UGL were hammered 33% lower yesterday after it shocked the market with another warning about more problems with a big LNG project off the northern Australian coast.

No dividend, as expected, after UGL swung to a $236.4 million net loss in 2014-15 from a $62 million profit a year earlier as the company’s new management team continued cleaning up its balance sheet.

Shares in engineering group UGL (UGL) jumped more than 6% yesterday, resisting the widespread selling from nervous investors after it unveiled plans to cut 200 jobs and warned of the possibility of new writedowns.

The shareholder reaction was easiest understood yesterday to the loss reported by UGL – the shares were sold down by more than 5% to $1.85 after the mooted loss on a huge power station project became a reality.

What is it about Australian contractors and the construction of power stations? When they go wrong, they go wrong horribly.

UGL surprised investors yesterday by choosing to reveal a capital return to shareholders instead of a final dividend after completing the sale of its DTZ property arm later this year.

Contractor UGL (UGL) has finally confirmed the $1.2 billion sale of its struggling property management and servicing arm DTZ to private equity group TPG and the appointment of Ross Taylor to replace long time CEO Richard Lupen from next November.

The reasons for the divorce at engineer and services group, UGL are no different to the separations seen in the Murdoch media empire, at Amcor, the old Fosters, Brambles or a host of other companies.

If it wasn’t for the fact that the mining services sector is facing weakening conditions, you’d be entitled to label UGL Ltd a bit of a serial downgrader and under performer given its form over the past five years. If anything there seems to be the impression that the company has downgraded earnings more than it has upgraded them in that time.

Diversified services business United Group (UGL) today announced UGL Unicco the North American facilities services business it bought in September 2007, was performing strongly and had secured new work worth $US169.5 million since acquisition.

Nervy markets gave contractor and engineer, United Group a hammering yesterday, despite the company turning in a 40% rise in interim earnings to record levels.

Contractor and engineer United Group (UGL) soared 10.2% up to $12 on Tuesday, after hitting a 52-week low yesterday.

A wild day for shares in rail and infrastructure services company, United Group, with a strong rise, and then a very sharp fall in a day when the overall market finished around 1% higher.