Financial Services

The $303 million initial public offering by earthmoving company NRW Holdings Ltd has led Western Australia’s strong resources-driven growth in IPO activity for the September quarter.

SHARES in Midwest Corporation Ltd surged last week on the back of Murchison Metals Ltd’s $939 million hostile takeover bid for the iron ore miner.

Business, if opinion polls are a guide, reckons a Rudd win at the November 24 election will be bad for the economy.Rubbish.

Osborne Park-based Solbec Pharmaceuticals Ltd has had a small win, with the United States Food and Drug Administration allowing the use of its Coramsine cancer treatment under a Physician's Investigational New Drug application.

Perth-based NuPower Resources Ltd and South Perth's Northern Mining Ltd have entered into a joint venture for work on a uranium tenement belonging to Northern and situated in the Northern Territory.

Subiaco-based Natural Fuel Ltd has signed a letter of intent for a long-term offtake agreement with GEM BioFuels Plc for the supply of crude jatropha oil as a feedstock for its Singapore biodiesel facility.

UK-based industrial services company Cape plc looks set to complete its third WA-focused takeover in as many months after scaffolding and form-work supplier PCH Group Ltd accepted a sweetened $247 million offer.

Industry and Enterprise Minister Francis Logan has announced funding of $1.5 million to help establish the Centre of Excellence for Plant Metabolomics at the University of Western Australia.

Perth-based alternative energy company Eden Energy Ltd's Chicago-based subsidiary has sold a hydrogen generation unit to float glass manufactuer Pilkington North America and part of the NSG Group of Japan, the company has announced.

West Perth-based Precious Metals Australia Ltd plans to change its name to Windimurra Vanadium Ltd in a move to reflect the company's focus on its mid west project, whit it aims to bring into production next year.

Wembley Downs-based Tanvanth Singh Sandhu has been disqualified from managing corporations for three years by the Australian Securities and Investments Commission, bringing the total to 19 for the first quarter of the 2007-08 financial year.

Howard promises $34b tax cut; PBL defers planned denerger; AGL Energy slashes 2008 earnings outlook; Cape to sweeten $230m bid; Zinifex and Umicore to sell 70pct in Nyrstar.

Consolidated Minerals Ltd bidder Palmary Enterprises Ltd has taken rival bidder Pallinghurst Resources Australia Ltd to the Takeovers Panel in the latest twist in the long-running takeover battle.

Perth-based uranium explorer Atom Energy Ltd has finalised the acquisition of seven uranium exploration licences in the Northern Territory, the company has announced.

The Federal Court of Australia has set November 12 as the date for the directions hearing of the long-running legal battle between West Perth-based intellectual property company ipernica Ltd and Sweden-based Ericsson Inc.

West Perth-based biotechnology company Rockeby Biomed Ltd has raised $1.5 million through a placement, with funds raised going towards covering working capital costs, future research and development of existing products.

Perth-based CityView Corporation Ltd aims to raise $2.3 million for working capital through an entitlements offer of one option for every five shares held, the company has announced.

West Perth-based minerals explorer Resource Mining Corporation Ltd will raise $2.3 million through a renounceable rights issue to shareholders on a one for 10 basis, the company has announced.

Como-based GME Resources Ltd will add will acquire an 80 per cent stake in two nickel projects in the Murrin Murrin region from Wanbanna Pty Ltd for $50,000 and the issuing of 12 million shares and 2 million options, the company has announced.

Stuart Corp and Brian Smith have been sentenced to three years each in prison after being prosecuted for using offshore entities to avoid disclosure of their interests, the Australian Securities and Investments Commission has announced.

Howard promises "right leadership", Rudd "new leadership"; CBH makes big step in shipping sector; Investors preparing for six weeks of uncertainty; Pratt under public scrutiny on price-fixing; Nine and Fox bid record $117m for 2010 and 2012 Olympics right

As the ALP's Robert McClelland had his black armband torn off and the Prime Minister prepared to sport a grey one, WA's CCC euthanised some careers, rail lines were in a coma and voters still don't know how long they have left.

West Perth-based gold explorer Goldstar Resources NL has increased the value of a placement to investors after an Australian funds manager signed on to take 2.5 million shares at 43 cents each, raising $1.1 million.

Perth-based plastic tie fastening company Millipede International Ltd has completed a rights issue worth $1.5 million after underwriter Novus Capital subscribed for 85 per cent of shares offered.

Shareholders in Nedlands-based Dioro Exploration NL have approved the acquisition of Harmony Gold Mines Ltd's South Kalgoorlie Mining Operations as well plans to spin-off of its nickel holdings, list on the Toronto Stock Exchange and raise $70 million.

South Perth-based Pure Energy Resources Ltd has been named the preferred tenderer for two Queensland coal seam gas permits, and will hold both the CSG and rights on granting of the permits, the company has announced.

Perth biotechnology company Imugene Ltd has received notice of grant for patent protection for its Porcine Adenoviral Delivery Vector technology in the United States of America, the company has announced.

Perth-based metals explorer Tasman Resources NL will raise up to $2.5 million through a non-renounceable rights issue to shareholders on a one for ten basis, the company has announced.

South Perth-based energy company Aviva Corporation Ltd will raise $21 million through a placement of 30 million shares at 70 cents each for feasibility studies on coal projects in Western Australia and Botswana.

West Perth-based Jabiru Metals Ltd has refinanced a major debt facility of $US40 million, releasing Consolidated Minerals Ltd from a guarantee it had provided for the original loan.

West Perth-based metals explorer Reed Resources Ltd has raised $16.2 million through a placement, with plans to complete a definitive feasibility study on its Barrambie vanadium project and advance future project development.

East Perth-based Macmahon Holdings Ltd has joined Standard & Poor's All Australian 200 index, after Centro Shopping America Trust was removed from the list after merging with Centro Retail Trust.