Deals

Macmahon Holdings has criticised CIMIC Group’s proposed $174 million takeover offer, saying its preliminary view was that it does not represent fair value of the business, and has told its shareholders to take no action.

First Graphite has announced plans to raise $3.52 million from investors through the placement of 32 million shares at 11 cents each.

Construction giant CIMIC Group has proposed to acquire all the shares it doesn’t own in Perth-based Macmahon Holdings, with the deal valuing the target at about $174 million.

Subiaco-based lithium explorer Birimian has terminated a $107.5 million cash offer for its Bougouni project in Mali after the Chinese bidder failed to make a deposit in time.

Shares in Aurora Labs were higher on the announcement of a commercial venture with engineering business WorleyParsons to incorporate its metal 3D printing technology into operations across a number of industries.

Perth-based gold exploration company Huntsman Resources is seeking to list on the ASX with the launch of its prospectus for a $4.5 million initial public offering.

Galaxy Resources has secured a $US40 million ($A53 million) facility with BNP Paribas to square off its existing owings to investment group OCP Asia.

Perth-based mining technology firm MiPlan has been bought by US company Hexagon Mining, six years after it was established by Robert and Louise Daw with backing from three local venture capital investors.

Mineral Resources managing director Chris Ellison has sold down a small portion of his stake in the diversified Perth business, netting $21.6 million from the transaction.

SPECIAL REPORT: Nearly 70 WA-connected companies listed on the ASX in 2016, but current prospects indicate there will be substantially fewer this year.

SPECIAL REPORT: There was a big rise in the number and value of completed capital raisings in WA last year, according to data compiled in the BNiQ Search Engine.

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.