Financial Services

The market value of listed Western Australian stocks fell in January by 7.6 per cent, its first fall in 12 months, new figures from the Deloitte WA Index show.

Bankwest has returned to profitability, today posting a first-half cash profit of $64 million while its parent company, Commonwealth Bank of Australia, increased its cash profit by 54 per cent.

Shares in Cape Lambert Resources have dropped after it today withdrew the initial public offer of spin-off Q Copper Australia due to "recent adverse market conditions".

Perth-headquartered agribusiness AACL Holdings expects to list on the Australian Securities Exchange later this month as it opens its $11 million initial public offer.

Patersons Securities has today announced its third major expansion in less than two years, recruiting the management team behind the Western Australian arm of RBS Morgans.

Gold outfit CGA Mining says it will raise $C74.8 million ($A78.5 million) through a private placement to pay down debt and ramp up exploration efforts at its Masbate project in the Philippines.

Litigation funder IMF (Australia) says a federal government decision to overturn a High Court ruling on the Sons of Gwalia case will not affect past and present proceedings.

Composites manufacturer Quickstep Holdings has raised more than double its targeted amount with its share purchase plan raising close to $13 million.

Heron Resources has netted nearly $38 million from the sale of its stake in Mineral Resources, which recently acquired Polaris Metals.

Shareholders in West Perth-based Barra Resources will have priority in new float Wild Acre, which is seeking up to $2.5 million in its initial public offer.

Perth-based Carrick Gold has raised $18 million through an oversubscribed placement to advance its Kalgoorlie gold projects toward production.

The market capitalisation of Western Australian listed companies surged 123 per cent, or $93 billion, in calendar 2009, according to the Deloitte WA Index.

Shares in gold explorer Cortona Resources have jumped almost 10 per cent in morning trade following the company's completion of a $10.3 million capital raising which was concluded with the settlement of a $3.6 million shortfall.

Perth-based Amcom Telecommunications has raised $25 million after completing plans to clean up its capital structure outlined in October last year.

Mamba Minerals plans to raise more than $1 million via a placement and non renounceable rights issue for on-going project cost and evaluation, new project acquisition and to provide further working capital.

Port Bouvard has refinanced its existing bank facilities with St George Bank to the tune of $167.6 million, renewed until the end of 2011, allowing the property developer to focus on progressing the development of its flagship assets in Western Australia.

Miner Mirabela Nickel has today unveiled plans for a $65.2 million capital raising which will be used as a working capital buffer.

Subiaco-based Sylvania Resources has conditionally raised nearly $18 million from a new institutional investor, with funds to be used for development and acquisitions.

Cape Lambert Resources has shaved $39 million off the initial raising amount of spin-off Q Copper after a UK investor pulled out at the last minute.

Miner Mirabela Nickel will again tap the market for funds, less than five months after it raised $117 million.

Talison Lithium's $196 million initial public offer has been withdrawn, days before it was due to list on the local stock exchange, making it the second major resources float in less than a week to suffer an eleventh hour setback.

Woodside Petroleum is tapping shareholders for $2.5 billion to bolster its balance sheet ahead of several planned liquefied natural gas developments.

The $203 million offering of the largest resources float for this year, Q Copper, has been delayed after a UK investor, introduced by Cape Lambert Resources, had to pull out.

Perth-based Mantra Resources will raise a total $C67.2 million ($A70 million) from North American and European institutional investors for its Mkuju River uranium project in Tanzania.

Shares in Cape Lambert Resources have entered a trading halt as it prepares to release details of the completed $214 million initial public offer for Q Copper.

A West Perth-based company with mineral assets in Chile and the shell of former explorer Supersorb Environmental will open their initial public offers this week, aiming to raise a combined $18 million.

Galaxy Resources says it $130 million project and plant loan has now been approved after China Development Bank Corporation joined the project finance syndicate led by Austrian bank, Raiffeisen Zentralbank Österreich AG.

Shares in Carnegie Wave Energy have dropped after the company said it had raised $3.5 million, the first part of a total $6 million capital raising to fund its first wave energy plant at Garden Island.

Cazaly Resources has had to terminate a $4 million capital raising after it received indications that it was unlikely to get the funds.

West Perth-based Avalon Minerals plans to raise $6.6 million to fund exploration and feasibility studies at its Viscaria copper project in Sweden.

Northbridge-based Impact Minerals plans to raise $5 million through a placement managed by Hartleys, to ramp-up exploration at its Bostwana uranium project.

Subiaco-based Gryphon Minerals will ramp up exploration work at its Banfora gold project in Burkina Faso after it today said it had raised $20 million through a share placement.