DMS and its subsidiaries will be entering into the financing agreements that Mastermyne Group has in place with Westpac.
As a result, the Mastermyne group is required to hold a general meeting with a special resolution of put to shareholders for approval.
“The board considers the Mastermyne group will benefit from each DMS subsidiary becoming part of the wider group,” it said in its notice of meeting.
“The financing arrangements are expected to be advantageous to the conduct, promotion and attainment of the business of the Mastermyne Group, including the business of the DMS subsidiaries.
“The board believes the execution, delivery and performance of the documents relating to the financing arrangements is in the best interests of the company and each subsidiary.
“The obligations of each subsidiary under those documents are consistent with the obligations assumed by the company.”
Mastermyne will create a new business group to complement the existing production-based mining operations and to support the amalgamation of the company’s existing project-based engineering divisions with the newly acquired engineering and maintenance services.
The Mastermyne group will now operate under two main business groups – Mastermyne Mining Services and Mastertec Products and Services. Mynesight, the company’s training and development business group, will continue to operate as normal.
Mastermyne CEO Tony Caruso said the new company structure would position the business for growth in the resources, mining, industrial, and infrastructure sectors.
