Cease Coverage on MAH

Macmahon has been a mildly successful recommendation. It's time to end coverage.

It is now less than five months since CIMIC lodged an unsolicited bid for Macmahon. That bid, at 14.5c, has failed and, with AMNT soon to be a 44% shareholder, CIMIC is more likely to be a seller than a buyer of the business.

We think Macmahon is worth around asset backing of around 15c per share but the joint venture with Indonesian miner AMNT introduce new risks which we fretted over in our last review.

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