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Gleeson to shed legacy business

28 Oct 14 MJ Gleeson Group is seeking shareholder backing for a corporate restructuring to hive off its remaining construction interests.

Gleeson used to be well known as a construction and civil engineering contractor but repositioned itself, through disposals, as a specialist in urban housing regeneration and strategic land trading.

Gleeson now plans to its corporate structure by introducing a new parent company and splitting off the rump building contracting and engineering businesses owned and the MJ Gleeson Construction Services subsidiary (the legacy businesses) from what is now considered to be core business.

The proposals will result in no immediate changes in the day-to-day operations of the business of the group or its strategy, the board said.

“The board believes that the proposals will facilitate the board's objective of seeking to ensure that potential future creditors of the legacy businesses are provided for on a prudent and reasonable basis, whilst separating the legacy businesses from the group's on-going business,” the company explained.

Subject to shareholder approval, the restructure is likely to take effect on or around 18th December 2014.

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