Deals

SPECIAL REPORT: Investment bank Gresham Partners and law firm King & Wood Mallesons were the top advisers on mergers and acquisitions in WA in 2016.

Padbury Mining has again attracted regulatory attention, with the company acknowledging it should have notified the ASX when it negotiated potential capital raisings worth $106 million with a Hong Kong-based investor last year.

Ahead of a looming April deadline for a $US212 million convertible bond repayment, uranium miner Paladin Energy has announced a proposal to restructure its balance sheet by converting some debt into equity, extending the maturity date of the remaining amount, and undertaking a $US75 million capital raising.

Recently renamed Carnegie Clean Energy has launched a $5 million capital raising to prepare itself for opportunities that may come up through its joint venture with developer Lendlease.

Perth oil and gas hopeful Po Valley Energy is heading to London, with the company planning to list its Sillaro gas asset in northern Italy on the London Stock Exchange’s Alternative Investment Market in a bid to raise up to $3.7 million.

The tail end of the tech stock listing boom will continue tomorrow when two companies start trading on the ASX, with one completing its IPO nearly three years after it first announced listing plans and the other completing an RTO in a relatively efficient five months.

Lithium exploration at Forrestania, north of Ravensthorpe, will be a priority for Marindi Metals after the company completed a capital raising worth nearly $3.2 million.

US-based transport group Watco Companies is seeking further acquisitions and growth opportunities in Western Australia, after buying a majority shareholding in Intermodal Group and winning a contra

Security services provider Threat Protect Australia is considering a move to acquire assets from east coast player Apollo Security for around $6 million, after tying up an option for its two business units.

The last 10 days of 2016 were a busy period for WA corporate deals, with the Rae family attracting a bumper price for its Gull New Zealand business, Chinese group MMG selling the Golden Grove mine, Diploma Group going into receivership and seven new listings on the ASX.

Chinese chemical company Shandong Mingrui Group will buy a lithium project in Southern Mali from ASX-listed Birimian Resources in a $107.5 million deal.

Shares in contractor Tempo Australia were up 24 per cent in morning trade after the company announced a $9.5 million placement to a vehicle controlled by Transfield Holdings co-managing director Guido Belgiorno-Nettis.

Vocus Upstart co-founders Anthony Grist and Robert Nathan have participated in a $300,000 capital raising by Perth-based startup GeoMoby.

Mining and civil contractor MACA has diversified through the purchase of a 60 per cent stake in Maddington-based Interquip for $8 million.

Two days after some of Emeco Holdings’ large creditors blocked a major restructuring, they have reversed their stance after being given an opportunity to acquire more equity in the group.

The planned three-way merger between Perth-based Emeco Holdings and east coast companies Orionstone and Andy’s Earthmovers will not proceed as planned after the deal failed to win sufficient backing from creditors.

Paladin Energy has offloaded its entire shareholding in Deep Yellow, taking advantage of a share price spike after the uranium miner’s former managing director John Borshoff joined the junior explorer.

Perth-based Strike Resources has sold its Apurimac and Cusco iron ore projects in Peru for about $13.5 million, as the company shifts its focus to other commodities.

Eastern Goldfields will immediately draw down on a new $25 million facility to fund refurbishment work at its Davyhurst gold project near Kalgoorlie.

Perth-based recruitment consultancy Harrier Human Capital has acquired an executive search organisation based in Sydney for an undisclosed sum.

Perth-based Orthocell has raised $4 million to fund ongoing development of its regenerative medicine products.

Energy infrastructure company APA Group has entered into an agreement with Synergy for the purchase of power from its Emu Downs solar farm near Cervantes, with construction of the project now set to begin next month.

Loss-making digital media company migme has flagged a wide-ranging review encompassing its board, management and capital strategy after announcing the terms of a new convertible note issue.

NRW Holdings has revealed the price it has paid for the east coast operations of failed company Hughes Drilling, on the same day private equity fund manager Allegro formally acquired Hughes’ Perth-based subsidiary JSW Australia for an undisclosed sum.

After originally blocking the sale of land and cattle empire S Kidman & Co to Chinese buyers, Treasurer Scott Morrison has approved a joint bid with mining magnate Gina Rinehart and her Chinese partners.

Perth-based IT services firm ASG Group is set to be acquired by a Japanese business in a $349 million deal, after shareholders voted in favour of the takeover today.

Leederville-based bicycle accessories maker Cycliq has enjoyed steady gains on its first day of trading on the ASX, after completing a reverse takeover of Voyager Global Group.

Four Western Australian projects will be included in a planned spin-off from energy player Santos in a bid to increase cash flow and cut debt, including facilities at Thevenard and Barrow islands.

Shares in oil and gas explorer Transerv Energy tumbled today as managing director Stephen Keenihan announced his resignation in the wake of news yesterday that the company’s proposal to acquire assets owned by Origin Energy had been terminated.

Perth-based land developer Peet has sold a parcel of land in Victoria for $30.5 million, but it doesn’t expect to receive any proceeds from the deal for nearly a year.

Vocus Communications appears set to deliver the Perth-to-Singapore subsea telecommunications cable after inking a construction agreement with French company Alcatel Submarine Networks.

Social media technology company HearMeOut has closed below its offer price on its first day on the ASX, after completing a $6.5 million initial public offering.