ASX Announcements
March 2011
Lynas leads on Wednesday with $50m raising
Lynas Corporation had Wednesday’s biggest capital raising. The company is understood to have enlisted JPMorgan to help to raise about $50 million from institutional investors.
- Updated
- Anthony Macdonald
Companies briefs
A 10.5 per cent rise in earnings during 2010 did not produce a lift in the remuneration for STW Communications Group chief executive Mike Connaghan, which fell 4.7 per cent to $787,500.
November 2009
June 2008
Sinosteel boosts Midwest stake to 40pc
Resource stocks ended the week on a high note, and diversified miners BHP Billiton and Rio Tinto advanced 3 per cent and 2 per cent respectively on Friday. Woodside Petroleum gained 3 per cent and goldminer Newcrest Mining fell 2 per cent. Midwest Corp (MIS) The battle for the Western Australian iron ore producer drew nearer a conclusion as Sinosteel lifted its stake to 40 per cent. The Chinese steel maker is offering $6.38 in cash for Midwest and has declared its bid "final". The offer expires on June 13. Earlier in the week, Sinosteel ordered its broker to buy Midwest shares on market at price below or up to its offer price. Sinosteel had faced a competing offer for Midwest from fellow iron ore group Murchison Metals. The two Australian companies have proposed a merger through a scheme of arrangement, and Midwest has offered 0.575 of a share for each Murchison share. Midwest Corp shares added 7¢ to $6.51 on Friday. Karoon Gas (KAR) The $490 million oil explorer has become the latest energy company to raise fresh capital after its share price advanced 73 per cent the past two months. Karoon, which explores for oil and gas in Australia and South America, went into a trading halt on Friday pending the completion of a share placement. In Australia, the company is exploring in the Bonaparte and Browse basins. Karoon's capital-raising efforts come amid a flurry of placements among small and mid-cap energy companies over recent weeks. Beach Petroleum said on Friday it had completed its $191 million placement, wand joint lead underwriters ABN Amro and Euroz are selling shares at $1.43 a piece. Nido Petroleum, Otto Energy and Elixir Petroleum are other companies that have also raised fresh capital. Karoon Gas shares did not trade on Friday. Emerald Oil Gas (EMR) The US-focused minnow is also tapping the capital markets. It has given the nod to Perth-based boutique investment bank Azure Capital to raise $3 million. Emerald will sell 15 million shares at 20¢ a piece and pay Azure a 6 per cent fee and issue it 2 million options with an exercise price of 25¢ each. The options expire in three years' time. Shares in the explorer have enjoyed a strong advance over the past four months, jumping from a low of 7.1¢ in late February to a high of 25¢ this week. The funds will be used to fund drilling at the company's Appalachian gas development project in Kentucky and West Virginia, in the US. Emerald Oil Gas shares finished steady at 25¢ on Friday.
- Robert Guy
Key sales grab the substantial notice
The quantity of trades made by directors in recent weeks is slowing to a trickle.
- Peter Wells