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Business News

Insolvency appointments Mar 9 to April 10 2017

FirmAppointee/SolicitorRoleCompany NamePublished DateCor CordisDino TravagliniliquidatorTWE Logistics Pty Ltd10/04/2017Cor CordisTony Uri KolkerliquidatorAS Financial Solutions Pty Ltd10/04/2017S

Board Moves April 11, 2017

Cradle Resources has appointed Greg Swan as company secretary, following the resignation of Sam Smart.

People Moves April 11, 2017

Changes at Clifford Chance

Transerv buys into Canadian gas operation

Oil and gas explorer Transerv Energy is back looking for opportunities overseas after failing to achieve commercial success in Australia, announcing today a $4.9 million farm-in agreement over a producing operation in Canada.

Little shareholder interest in Lepidico takeover

Lithium Australia’s $23.8 million takeover offer for lithium-focused rival Lepidico looks set to fall short, with the bidder lifting its stake to only 18.28 per cent a week out from the offer's closing date.

migme considers sale of business

Steven Goh is looking at selling his digital media business migme and/or migrating it to a foreign stock exchange as part of an ongoing struggle to pay its creditors.

AHG buys Melbourne dealerships

Logistics and car retailer Automotive Holdings Group has acquired two dealerships in Victoria for $8.5 million plus stock and assets, in the same precinct where it is building a new Jaguar and Land Rover dealership.

Board Moves April 10, 2017

Ausgold has appointed Dr Matthew Greentree as chief executive officer. Alan Rule has been appointed chief financial officer of Galaxy Resources.

Fortescue fined for water spill

Iron ore miner Fortescue Metals Group has paid a $25,000 fine to the Department of Environment Regulation over a discharge accident in 2015.

Former AWB chair Flugge fined $50,000

Former Australian Wheat Board chairman Trevor Flugge has been fined $50,000 and barred from managing corporations for five years, after he was convicted in December of breaching his duties as a director while the company was making questionable payments to the government of Iraq.

GCS buys Melbourne business

Global Construction Services hopes to gain more exposure to the commercial construction sector on the east coast through the acquisition of a Melbourne-based business for $18.4 million in cash and scrip.

Board Moves April 7, 2017

Hazer Group has appointed Cobus Malherbe to a newly created role of general manager, process development. Ian Finch has stepped down as non-executive director of Orinoco Gold.

RNI receives acquisition bids

Minerals explorer RNI says it has received competing proposals from credible parties for both its assets and the business as a whole.

Board Moves April 6, 2017

Homeloans has appointed Chum Darvall as deputy chair.

Construction contracts and tenders March 22 to April 5

Broome-based indigenous construction company H&M Tracey Construction has been awarded a $1.5 million contract for the design and construction of an aircraft hangar at Onslow Airport. The hangar contract, awarded by the Shire of Ashburton, follows previous work by the company on two hangars for the Royal Flying Doctor Service.

Sandfire, Talisman to develop new copper mine

A joint venture between Sandfire Resources and Talisman Mining has approved plans to spend $72 million on developing a new copper-gold mine north of Meekatharra.

WA home loan delinquencies the nation's worst

Western Australia has led the rise in national home loan delinquencies, with the state’s rate climbing to its highest on record, ratings agency Moody’s says.

People Moves April 6, 2017

Change at Wrays

Pioneer raises $20m as Banksia sells out

Financial services provider Pioneer Credit has raised $20 million from investors to fund the purchase of a $14 million debt portfolio, with long-term shareholder Banksia Capital selling its 9.75 per cent stake at the same time.

Cardinal in $23m raising, TSX listing

Gold explorer Cardinal Resources has announced plans to raise up to $22.7 million to fund ongoing drilling work at its Namdini project in Ghana, while also putting forward plans to dual-list on the Toronto Stock Exchange.

Board Moves April 5, 2017

Gage Roads Brewing has appointed former WACA chief executive, Graeme Wood, as non-executive director. Raymond Tam has been appointed alternate director (for chair Tommy Cheng) of Triple Energy.

Grange backs Norwood raising

Perth-based telecommunications company Norwood Systems has tapped the market for nearly $2.1 million to fund ongoing development and commercialisation of its products.

UWA partners with Harvard for online program

The University of Western Australia will soon be providing students with the option to undertake an online course run by Harvard Business School, under a new collaboration agreement.

Paringa signs $26m facility agreement

Ian Middlemas-chaired coal explorer Paringa Resources has secured a $US20 million ($A26 million) facility to fund ongoing development of its Poplar Grove project in the US.

Geopacific lobs takeover bid for Kula

Perth-based Geopacific Resources has put forward a takeover bid for its joint venture partner, gold-focused Kula Gold, in an all-scrip deal that values the target at about $9.3 million.

Board Moves April 4, 2017

Creso Pharma has appointed David Russell as chief operating officer.

Sheffield signs Thunderbird offtake deals

Aspiring mineral sands miner Sheffield Resources has entered into offtake agreements for 20 per cent of zircon produced from its planned $348 million Thunderbird project near Derby.

St Barbara buys into Peel

Gold miner St Barbara has taken a 9.5 per cent stake in junior explorer Peel Mining for $3.3 million, with the funds to be put towards development of Peel’s copper-gold deposits in NSW.

Plus Eight finalists named

Startup accelerator Plus Eight has revealed the six finalist companies that are participating in its inaugural program, with four of them originating from Perth.

Board Moves April 3, 2017

Stephen Boyle has been appointed non-executive director of Fleetwood Corporation.

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$120m in new work for Monadelphous

Perth-based Monadelphous Group has received a number of contracts with multiple clients including Fortescue Metals Group, BHP Billiton and Chevron, with the work worth a combined $120 million.

FMG appoints Gaines as CEO

Fortescue Metals Group has announced major changes to its leadership, with a new chief executive taking the reins and its directors taking a hands-on role to support an updated strategy that focuses on producing more higher-grade iron ore.

Perth CBD office vacancy hits 25-year peak

Downsizing in the resources sector is outstripping emerging demand from technology, medical and education businesses for CBD office space according to a new report by independent property research firm Y Research.

Gow questions builder's financial status

The building commissioner has put out a public warning against a local building company, saying its financial status warrants questioning.

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EPA rejects MinRes, Sinosteel iron ore mines

The environmental watchdog has recommended rejection of two proposals to mine iron ore in Western Australia because they would cause irreversible damage to the land.

Robert Kennedy passes away

Company director Robert (Bob) Kennedy, who was a director or chairman of four ASX-listed companies, has passed away after a short illness.

Taxi plate buy-back part of transport shake-up

Perth taxi and Uber users may see a 10 per cent fare hike for the next four years to fund taxi plate buy-backs as the state government revamps on-demand transport.

Site found for WA's first open-range zoo

The state government has locked in a location for Western Australia’s first open-range zoo, which is expected to cost up to $100 million to develop.