May 1 (Reuters) - McAleese Ltd MCS.AX :
* Update on strategic process and voluntary suspension MCS.AX
* Transaction under negotiation is expected to involve the current financiers
selling their debt to sc lowy
* Pricing of the placement and rights issue are expected to be materially
dilutive to existing equity
* Transaction is expected to include an equity placement to sc lowy in partial
consideration
* Company expects its voluntary suspension to remain in place until Monday, 9
may 2016
* Negotiations between the company, its financiers and a consortium led by sc
lowy (sc lowy) are continuing
* Says all parties are working towards signing a binding heads of agreement by
Friday, 6 may 2016.
* Source text for Eikon ID:nASX6c4H1R
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