The Austrailian contractor must pay the cash to shareholders over Wembley problems as it faces class action suit
Multiplex is to pay shareholders more than £12m in compensation after failing to reveal problems it was having with the Wembley stadium project.
The payment follows an agreement with the Australian Securities and Investments Commission after the regulator launched an investigation into Multiplex’s disclosures between June 2004 and December 2005.
Compensation payments will begin in early 2007 for shares that were bought on or after 3 February 2005 and not contracted to be sold, transferred or disposed of on or before 23 February 2005. The maximum payment for each share is around 32.36p.
Separately, the Australian contractor has received formal notification of a class action suit against it and its subsidiary Multiplex Funds Management.
Multiplex said it would “vigorously” defend the action but no further details were given. However newspaper reports last week said that Australian law firm Maurice Blackburn Cashman was representing shareholders in a 100m Australian dollar law suit for failing to keep them properly informed about the problems they were having on the Wembley national stadium project.