Investmet

Perth-based investor group Investmet Limited has agreed to underwrite a complex recapitalisation of Swan Gold Mining, adding to a string of mining deals it has undertaken this year.

MINING veteran Michael Kiernan has emerged from two years away from the limelight with a new manganese business in Indonesia, and plans for a listing on the Australian Securities Exchange next year.

Long-running efforts by Michael Fotios’ investment company Investmet to revive Swan Gold Mining and related companies Stirling Resources and Redbank Copper have hit a major hurdle.

Northern Star Resources shares have slumped sharply on the ASX today, after the gold miner announced that its major shareholder and members of its board of directors had agreed to sell a combined 10 per cent stake in the company to a group of institutional investors.

Redbank Copper shares had a lukewarm return to trading today, closing at 0.4 cents after a major restructuring and recapitalisation led by investor Michael Fotios.

Northern Star Resources has announced that director Michael Fotios has resigned from the company's board and will take up a position as a consultant to the gold miner.

Major private investment player Wyllie Group has cut direct ties with mining dealmaker Michael Fotios’s investment syndicate, Investmet, a significant backer of junior resources companies and other speculative opportunities.

West Perth-based oil and gas explorer Target Energy has tapped its major shareholder Wyllie Group for $3 million through a convertible note issue, and is undertaking an entitlement offer to raise up to $2.9 million.

The Takeovers Panel is at the centre of two disputes, with Indiana Resources having a partial win today while a Melbourne company with Perth-based shareholders fights a board spill of its own.

There have been 18 insolvency appointments to Western-Australian-incorporated companies in the last two weeks.