Clive Peeters makes ASX debut

CLIVE Peeters, the Victorian-based electrical retailing group that recently acquired Rick Hart, has successfully listed on the Australian Stock Exchange. The company made a respectable debut on the ASX, listing its shares at a 7 per cent premium to their offer price of $1. Raising $40 million in the share float, local businessman and Fre-mantle Dockers chairman Rick Hart has become an executive director of the company. The group also acquired the Michael King Store, based in Melbourne, with funds raised by the float allowing it to grow in size to 23 stores in Victoria, WA and Queensland. Its prospectus said Clive Peeters was forecasting 2005-06 revenue of $354.1 million and a net profit of $12.9 million. Independence extends mine life NICKEL producer Independence Group has increased reserves at its Long nickel mine by 25 per cent. The reserve increase, which takes into account 2004-05 production, is JORC compliant, Independence said. Since mining commenced at the Kambalda operation in October 2002, Independence has mined more than 18,500 tonnes of nickel metal. At the current production rate of about 222,000t at 4 per cent, the company believes mine life should last until at least 2010. Independence has budgeted for about $6 million on exploration decline development, geophysical surveys and drilling in 2005-06, with the aim of substantially increasing resources and more certain estimates of reserves. View clear for drilling