10/04/2007 - 22:00

$75m Chemeq offer by IFCA

10/04/2007 - 22:00

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Beleaguered Rockingham-based animal pharmaceutical products manufacturer, Chemeq Ltd, has announced a $75 million refinancing proposal from a little-known St Georges Terrace banker, International Finance Corporation of Australasia Pty Ltd.

$75m Chemeq offer by IFCA

Beleaguered Rockingham-based animal pharmaceutical products manufacturer, Chemeq Ltd, has announced a $75 million refinancing proposal from a little-known St Georges Terrace banker, International Finance Corporation of Australasia Pty Ltd.

IFCA, which is chaired by David Petersen, will subscribe for around 310 million shares at 19.35 cents each to raise $60 million under the first stage of the deal.

Mr Petersen is linked to the building of the now-defunct Perth Entertainment Centre and the production companies of Michael Edgley during the late 1980s.

The share deal, which would give IFCA a 75 per cent stake in the firm, would be followed by a non-renounceable rights issue to all Chemeq shareholders to raise a further $15 million at the same price.

While the company said it could not guarantee the proposal would be implemented, Chemeq chairman John Hopkins said the board felt signing the subscription agreement and putting the proposal to shareholders was the best option.

IFCA, which represents Florida-based Alps Resources Bankers Inc in Australia, has substantial funding facilities in place, according to a Chemeq announcement.

IFCA managing director Cyril D’Silva is listed as the Australian, Singaporean and Malaysian representative of Alps.

Alps is linked to another group, Amalgamated Resources Group, with which it shares a president in Amal Rampardaruth. Little is known about Mr Rampardaruth or Amalgamated, although there appears to have been some activity in technology investment, including a $US70 million financing agreement two years ago.

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