A sporting bunch

WA Institute of Chartered Accountants of Australia members appear to be keen ball sports followers and participants.

Apart from a certificate presentation ceremony, the Kevin Sheedy business lunch was the best attended WA ICAA event in the year to June 30 2001, attracting 380 members and guests. The federal budget breakfast attracted just 314 people.

The WA ICAA annual regional report also revealed a football carnival attracted just 14 fewer participants than the budget breakfast, in 15 teams, while a netball carnival pulled in 200, from 22 teams.

Golf, cricket and soccer carnivals were also reported as being ‘popular’.

Final year university students sent 1100 resumes to the 15 chartered accountants companies who participated in the WA Institute of Chartered Accountants in Aust-ralia’s tertiary recruitment program.

Share issues

TWO WA-based energy companies have revised share issue plans in response to weakening investor interest. One has withdrawn a prospectus while the other has extended the period of its offer.

Carnarvon Petroleum has withdrawn its August 31 share issue prospectus after what it termed “negative market sentiment” in the wake of the September 11 attacks on the United States and their repercussions.

Company shares have been trading at less than 7c, and while Carnarvon believes its prospects for the target of the fundraising – an oil production interest in Thailand – remain favourable, the 40 million seven-cent-share-with-one-25-cent-option offer is off and would-be investors’ money will be returned.

Carnarvon has announced it will place 6.5 million shares with free attaching options to those Hartley Poynton clients who had expressed an interest through the August prospectus. However the shares will be 5c each with options exercisable at 25c.

The company will also offer the remaining issue to shareholders through a one-for-three renounceable rights issue.

Whicher Range Gasfields Limited has extended the period of its initial public offering by just over five weeks, to the end of November. Whicher Range managing director William Witham said the extension would give investors more time to consider the offer “in the current environment”.

However, the company will close the 50,000,000 20-cent share offer once the target of $10,000,000 has been reached. Whicher Range needs the funds to acquire a 31.54 per cent stake in the Whicher Range gas field south of Perth and advance the drilling of the Whicher Range-5 well. This well is thought to contain high quality gas in commercial quantities sufficient to boost industrial development in the State’s south-west.

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