Business News

Changes at Clifford Chance

Oil and gas explorer Transerv Energy is back looking for opportunities overseas after failing to achieve commercial success in Australia, announcing today a $4.9 million farm-in agreement over a producing operation in Canada.

Lithium Australia's $23.8 million takeover offer for lithium-focused rival Lepidico looks set to fall short, with the bidder lifting its stake to only 18.28 per cent a week out from the offer's closing date.

Steven Goh is looking at selling his digital media business migme and/or migrating it to a foreign stock exchange as part of an ongoing struggle to pay its creditors.

Logistics and car retailer Automotive Holdings Group has acquired two dealerships in Victoria for $8.5 million plus stock and assets, in the same precinct where it is building a new Jaguar and Land Rover dealership.

Ausgold has appointed Dr Matthew Greentree as chief executive officer.Alan Rule has been appointed chief financial officer of Galaxy Resources.

Iron ore miner Fortescue Metals Group has paid a $25,000 fine to the Department of Environment Regulation over a discharge accident in 2015.

Former Australian Wheat Board chairman Trevor Flugge has been fined $50,000 and barred from managing corporations for five years, after he was convicted in December of breaching his duties as a director while the company was making questionable payments to the government of Iraq.

Global Construction Services hopes to gain more exposure to the commercial construction sector on the east coast through the acquisition of a Melbourne-based business for $18.4 million in cash and scrip.

Hazer Group has appointed Cobus Malherbe to a newly created role of general manager, process development.Ian Finch has stepped down as non-executive director of Orinoco Gold.

Minerals explorer RNI says it has received competing proposals from credible parties for both its assets and the business as a whole.

Homeloans has appointed Chum Darvall as deputy chair.

Broome-based indigenous construction company H&M Tracey Construction has been awarded a $1.5 million contract for the design and construction of an aircraft hangar at Onslow Airport. The hangar contract, awarded by the Shire of Ashburton, follows previous work by the company on two hangars for the Royal Flying Doctor Service.

A joint venture between Sandfire Resources and Talisman Mining has approved plans to spend $72 million on developing a new copper-gold mine north of Meekatharra.

Western Australia has led the rise in national home loan delinquencies, with the state's rate climbing to its highest on record, ratings agency Moody's says.

Change at Wrays

Financial services provider Pioneer Credit has raised $20 million from investors to fund the purchase of a $14 million debt portfolio, with long-term shareholder Banksia Capital selling its 9.75 per cent stake at the same time.

Gold explorer Cardinal Resources has announced plans to raise up to $22.7 million to fund ongoing drilling work at its Namdini project in Ghana, while also putting forward plans to dual-list on the Toronto Stock Exchange.

Gage Roads Brewing has appointed former WACA chief executive, Graeme Wood, as non-executive director.

Perth-based telecommunications company Norwood Systems has tapped the market for nearly $2.1 million to fund ongoing development and commercialisation of its products.

The University of Western Australia will soon be providing students with the option to undertake an online course run by Harvard Business School, under a new collaboration agreement.

Ian Middlemas-chaired coal explorer Paringa Resources has secured a $US20 million ($A26 million) facility to fund ongoing development of its Poplar Grove project in the US.

QEU&S appoints Perth Partner

Perth-based Geopacific Resources has put forward a takeover bid for its joint venture partner, gold-focused Kula Gold, in an all-scrip deal that values the target at about $9.3 million.

Creso Pharma has appointed David Russell as chief operating officer.

Aspiring mineral sands miner Sheffield Resources has entered into offtake agreements for 20 per cent of zircon produced from its planned $348 million Thunderbird project near Derby.

Gold miner St Barbara has taken a 9.5 per cent stake in junior explorer Peel Mining for $3.3 million, with the funds to be put towards development of Peel's copper-gold deposits in NSW.

Startup accelerator Plus Eight has revealed the six finalist companies that are participating in its inaugural program, with four of them originating from Perth.

Stephen Boyle has been appointed non-executive director of Fleetwood Corporation.

Perth Children's Hospital is unlikely to open before the second half of the year, the new Labor state government says, as work continues to find the source of lead in drinking water.

Energy and infrastructure contracting group Valmec has secured $12 million in new contracts, including a $6 million deal with the Water Corporation.

Elizabeth Hunt has resigned as company secretary of Alara Resources. Ian Gregory will remain as Alara's company secretary.